After you've successfully negotiated terms and navigated piles of paperwork, closing day on a house can seem like the light at the end of the tunnel.
Getting that new set of keys is going to feel good, but first, here are a few ways you can make sure you're ready to rock your closing day.
Before your closing day on a house arrives, make sure you're adequately prepared.
Review your closing documents
Your BB&T mortgage loan officer will provide a Closing Disclosure at least 3 business days before your closing date, outlining your loan terms, payment and closing costs. Familiarize yourself with this information and make sure it's correct.
Prepare your closing-day payment
Determine how much you're required to pay and how you'll be required to pay it (cashier's check or wire transfer). If you opt for a wire transfer, make sure it will arrive a day or two before closing, to avoid delays.
Do a final walk-through
You may want to do a final walk-through of your soon-to-be home to ensure that the owners (or renters) are out of the house and the issues they agreed to fix during the inspection have been addressed.
The closing-day checklist
Avoid costly delays and unnecessary headaches by bringing these five items to the closing:
- Cashier's check or proof of wire transfer – The closing table is where you part with the funds for your down payment and other closing costs.
- Your checkbook – There's always a chance you may need to pay a small fee on closing day that wasn't factored into your money transfer or cashier's check. So bring your checkbook just in case.
- Driver's license or ID – Forms will need to be signed and notarized on closing day, so having a valid driver’s license or state-issued ID is a necessity. In some cases, a second form of identification, such as a credit card or membership card, may be required.
- Proof of insurance – Homeowners insurance is generally required as a condition of loan approval. You'll need to purchase insurance before closing and show proof of coverage at closing (or even before).
- Additional required paperwork – BB&T's underwriter may request additional paperwork, such as the Closing Disclosure from the sale of your previous home. Confirm what you need to provide and include this in your closing-day checklist.
What to expect at closing day on a house
Depending on state requirements, your closing day could include participation from you (the buyer), the seller, the seller's real estate agent, a title company representative, attorneys (for you, the seller or both), a closing agent and your BB&T mortgage loan officer.
During this process, you'll hand over your closing costs and read, sign and receive final paperwork. It may feel overwhelming, but this is the time to ensure all information is correct, every question you have is asked and the answers are satisfactory.
Then, the final step: Getting the keys to your new home!
Keep it up. You're getting smarter about home buying.
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