The final step in buying a home is the closing. When you close on a home, you are finally making the home yours.

What's Going to Happen?  

To close on your house, the listing agent will set up a meeting to finalize everything between you, the seller, and the mortgage lender. The seller is transferring ownership of the property to you, and you are finalizing your loan with the lender.

When you attend the settlement meeting to close, you will most likely be meeting with your real estate agent, the title company’s representative and any attorneys involved. The closing agent may be an attorney or someone from the title company, and he or she will conduct the meeting.

What is Expected of Me? 

There are many signatures required for this meeting, and most of your time will be spent going over the documents and signing them. This is also when you make any final payments to close on the house, including down payment, closing costs,  and fees. You will need a certified or cashier’s check to make these payments (a personal check will not suffice), so it is a good idea to ensure any money used for closing is available two days prior to the meeting so the check can be issued by your bank.

Before you go into this meeting, be sure you ask your lender what documents you will be expected to sign, what the documents will say and what you will be agreeing to. You will most likely not be able to absorb all of the information at closing, so become familiar with the documents in advance of the meeting. Some of the most important documents you’ll be signing include: the closing statement, Truth-in-Lending Statement, mortgage note and mortgage/deed of trust. You will receive copies of all these documents, and you will receive a settlement sheet, known as a HUD-1, which itemizes all of the final closing costs.

After the meeting, which can take an hour or more, you will then be given the keys to your new home and the only thing left to do is move in.

For those first-time home buyer's who are looking for more advice on the home buying process, be sure to download our Easy Keys for Guiding the First-Time Home Buyer ebook. It's got all of the information you will need to navigate the home buying process. And don't worry, it's a quick read.

And if you are interested in buying a home, be sure to check out our Arkansas mortgage rates for the best deal in the state and also check out our online home loans prequalified.