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What Happens at Closing?

The actual closing process varies from place to place, but usually includes the following steps:

  1. A closing agent (such as a lawyer, title agent or Home Loan Counselor) reviews the settlement sheet with you. This document includes all the final costs for the purchase transaction or refinance loan.

  2. You sign loan documents such as the mortgage or deed of trust, note and Truth-in-Lending statement.

  3. For a purchase loan, you provide a certified check or cashier's check to the closing agent to cover the down payment and closing costs. If you're refinancing, your closing costs may be paid from cash out of your new loan.

  4. For a purchase loan, the mortgage company gives a check for the home loan amount to the closing agent. For a refinance loan, the agent receives a check for the balance of your old loan. The "cash out" from a refinance may be paid directly to creditors by the mortgage company, if you wish, or you can choose to receive a check for this money.

  5. If the monthly payments will include amounts paid toward the payment of property taxes and insurance, the escrow account is set up.

  6. You receive the keys to your new home, along with copies of all the closing documents.


How can I get help after my loan closes?

Call or e-mail whenever you want:

  • Answers to questions about your loan account
  • To explore refinancing or a second mortgage
  • To refer friends or family for loans
  • More information or referrals for improving your credit

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