Short Answer
At closing, you sign all the legal documents to finalize the home purchase, including the mortgage note, deed of trust, and closing disclosure. You pay your remaining down payment and closing costs via cashier's check or wire transfer. The process takes about an hour, and after signing, you receive the keys to your new home.
Your closing day walkthrough
Closing day is the exciting finish line of the home buying process. Here is exactly what to expect so you can walk in confident and prepared.
Before closing day
A few days before closing, you will receive the Closing Disclosure from your lender. Review this document carefully. It itemizes your loan terms, monthly payment, closing costs, and the total cash you need to bring. Compare it to the Loan Estimate you received earlier to make sure nothing has changed significantly. You will also schedule the final walkthrough of the property, typically 24 to 48 hours before closing, to confirm the home is in the expected condition.
What to bring to closing
Bring a valid, government-issued photo ID such as a driver's license or passport. You will need a cashier's check or proof of wire transfer for your down payment and closing costs. Bring your copy of the purchase contract and any prior correspondence with your lender. Your real estate agent and attorney will also be present or available by phone to review documents with you.
The documents you will sign
You will sign several important documents at closing. These include the mortgage note, which is your promise to repay the loan; the deed of trust or mortgage, which secures the loan against the property; the closing disclosure, which summarizes the final terms and costs; the affidavit of title, which confirms there are no liens or judgments against you; and various escrow and tax documents. Your title company or closing agent will guide you through each document and explain what you are signing.
How payment works
Your earnest money deposit has already been held in escrow and will be credited toward your purchase. At closing, you pay the remaining balance of your down payment plus closing costs. These funds are typically paid via cashier's check or wire transfer. Personal checks are generally not accepted. The title company will provide wiring instructions in advance. Be cautious of wire fraud and always verify wiring instructions by phone using a known number.
After signing
Once all documents are signed and funds are transferred, the closing agent records the deed and mortgage with the county recorder's office. This makes the transfer official. The seller receives their proceeds, and you receive the keys to your new home. Congratulations, you are now a homeowner.
For a complete overview of costs, read my Closing Costs in Northwest Indiana blog post and the Buyer's Guide for the full process.
Liz's Advice
I walk my clients through every document before they sign so there are no surprises at the closing table. I want you to feel confident and informed, not overwhelmed. Closing day should be exciting, and I make sure it is.
The most important thing to remember: do not buy ANYTHING on credit between your offer being accepted and closing day. No new furniture, no car, no new credit card. Lenders re-check your credit right before closing, and any change to your debt-to-income ratio can delay or derail your loan. Wait until you have the keys, then celebrate.
Have more questions?
I would love to hear from you. Contact me at relizstate@gmail.com or call (219) 670-3704.