After your loan is approved, it will take at least a week or two to complete the transaction. The lender will draw up formal loan documents and handle the details. Whether you're buying or refinancing, the closing itself will probably take less than an hour.
Closing procedures vary throughout the country. If you are refinancing a loan, the lender will probably call you into the office to sign the documents. If you are buying a home, the closing will likely take place in the office of the escrow agent or attorney who oversees the transaction.
If you are buying a home, be prepared to:
- Bring a certified check or money order for your down payment and closing costs. The seller won't exchange the house keys for a personal check. The escrow officer or closing attorney will have a check from the lender for the amount you have agreed to borrow.
- Review the final loan documents. Don't be afraid to ask questions or to refuse to sign them if they contain an error. Once your signature is on the loan papers, you are committed to abiding by their terms.
- Sign the note and trust deed. After they're signed, you'll endorse the bank's check and give it to the seller in exchange for the deed to the property.
- Celebrate! Enjoy the feeling of owning your own home, and try to remember that sensation each time you write your monthly mortgage check!