The closing day is when all the hard work pays off. After several weeks of completing loan applications, undergoing inspections, having your house appraised, and going through the underwriting process, it’s only a matter of time before you hold the key to your new house. However, being ill-prepared when attending the closing table could mean a delay, or, worst-case scenario, delay the whole process.
For this reason, our team prepared this comprehensive guide on what you need to take to your mortgage closing day. Whether you are buying your first home or a homeowner who wants to refinance his/her property, you’re in for some help.
What to Bring to Your Mortgage Closing: A Simple Guide
- Photo Identification Issued by Government
One of the very first things you will need to bring to your mortgage closing is a current and valid government-issued photo ID. The reason why this is needed is that lenders and title companies are obligated to prove your identity through proper document processing.
Some examples of what would be considered valid IDs include:
- Current driver’s license
- Passport or passport card
- State-issued ID
- Military ID
Tip: If possible, have two valid IDs on hand. Some title companies and closing agents require an additional ID just in case. It also pays to make sure that your ID has not yet expired.
- Verification of Cashier’s Check or Wire Transfer
Unless you are getting a zero-down mortgage, you will need to bring cash for your closing and down payments. Personal checks will not be accepted. So, you will need either of the two items below:
- Cashier’s check payable to the closing agent or title company
- Evidence of a wire transfer already done in advance to the title company
You will receive a Closing Disclosure (CD) at least three business days before your closing date. This document outlines the exact amount of funds you will need to bring to closing. Review it carefully and consult your mortgage provider to ensure you are prepared with the correct amount.
Important: One of the most common scams affecting homebuyers is wire fraud. Always verify wire transfer instructions directly with your title company or closing agent by phone. Do not rely on email instructions alone.
- Your Closing Disclosure
The Closing Disclosure is a five-page document that breaks down all the financials of your mortgage transaction. It outlines your terms of the loan, your breakdown of payments each month, your estimated tax and insurance payments, and all closing costs.
You should have gotten your Closing Disclosure at least three business days before closing. Make sure to bring it with you so you can cross-check the numbers at the table with what you’ve been told. Any difference – no matter how small – will need to be reported to your loan officer immediately before you sign.
Here at Reliance Financial, we go over every one of our clients’ Closing Disclosures with them before closing day.
- Proof of Homeowners Insurance
Your lender will ask for proof of a valid homeowner’s insurance policy before issuing your loan proceeds. This means that you should obtain and bind the homeowner’s insurance policy before the day of your closing, along with the proof.
What you will need to show:
- The declaration page (“dec page”) of your insurance
- Evidence that you have paid for your one-year premium, or that it is included in the closing costs
- The contact information of your insurance agent
For those who are buying a condo or an HOA property, proof of an HOA insurance policy may be necessary.
- Outstanding Documents that Your Lender Needs
During the mortgage process, your loan officer may request additional documents based on underwriting requirements. All outstanding conditions must be satisfied before closing can take place.
Some of the documents that might be required at the last minute are:
- Updated salary slips or proof of income (in case closing date is 30 days after first request)
- A letter explaining the large deposits made in the bank account
- Gift letters in case of gifts made for a down payment
- Updated bank statements
- Divorce settlement papers, if any
- Documents related to the sale of your previous house, if any
Talk to your Reliance Financial loan officer one week before the closing to make sure that all conditions are fulfilled and no other documents are required.
- Contact Information of All Relevant Persons
Not strictly a document itself, but you should have contact information of all the persons involved in your transaction at your fingertips. Things could happen on closing day that require immediate action.
These include the contact information of:
- Your loan officer at Reliance Financial
- Your real estate agent
- The title or escrow company
- Your homeowners insurance agent
- The seller’s agent
- Your Social Security Number
You may be required to disclose your Social Security Number when closing your loan due to identity verification needs. Although you already provided it on the loan application form, some closing agents will still request its confirmation.
Please note that it is not necessary to present your Social Security card while closing the deal.
Extra Tips to Make Your Mortgage Closing Effortless
Check the closing disclosure
Carefully compare all figures in your Closing Disclosure with the Loan Estimate you received at the beginning of the mortgage application process. The interest rate, loan terms, and all charges should match within the permitted tolerance levels.
Reach early or do it remotely
Mortgage closings may take from one hour to two hours. Reaching early would give you time to go through all the papers without being pressed for time. Many financial institutions, like Reliance Financial, allow their clients to use RON (remote online notarization) and e-closing services.
Avoid Altering Your Finances Until the Closing
One of the most common mistakes buyers make is changing their financial situation after loan approval and before closing. You should avoid opening new credit accounts, making large purchases, taking on new financial obligations, or changing jobs in the weeks leading up to closing.
Pack a pen and allow enough time for the process
At closing, you will be required to sign a large number of documents. The closing attorney will guide you through each step,, but the process can still take time. Plan for at least 60 to 90 minutes to complete the closing.
Checklist for Mortgage Closing Day: Quick Reference
- Government-issued photo ID (bring two IDs if you can)
- Check or money transfer receipt for closing costs and down payment
- YOUR Closing Disclosure (given to you within 3+ business days before closing)
- HOMEOWNERS INSURANCE (declaration page)
- Any documents needed from your lender
- Loan Officer’s phone number and realtor contact
- Social Security Number
Close Ready? Let Reliance Financial Help You Out
The mortgage closing process need not be a stressful one at all. Given the proper preparations and a good lending partner beside you, closing will turn into the celebration that it should be.
Our team at Reliance Financial will see you through each phase of your home purchase process, from pre-qualification until the time when you get your keys. We give you the most up-to-date information so that you always know what is going on.
No matter if you are buying your very first house or want to refinance an existing loan, we are here to help you out. We work for homebuyers in California, Texas, Florida, Colorado, Michigan, Virginia, and Washington.
Conclusion
Closing day is the final step in purchasing the home of your dreams. With proper preparation, including having all required paperwork, sufficient funds, and a clear understanding of your Closing Disclosure, you can ensure a smooth and efficient closing process.
Contact Reliance Financial, our professional loan officers are here to guide you every step of the way, from pre-approval through to closing. Start your journey toward homeownership today.
FAQs
Q1. Which document should be brought during a mortgage closing?
A: Your photo ID from the government is the most critical one. Without a valid form of identification, the closing agent will not be able to verify your identity.
Q2. Am I allowed to bring my personal check to cover the closing costs?
A: No. Personal checks are usually not accepted during the closing process. Instead, you need to have a cashier’s check or proof of a completed wire transfer for the total amount listed on the Closing Disclosure form.
Q3. When should I get my Closing Disclosure?
A: Under federal law, your lender needs to give you at least three days before the closing date to review the Closing Disclosure.
Q4. Does my spouse or co-borrower have to be at the closing?
A: Yes. All borrowers named on the mortgage usually have to be present and sign their names in person. All co-borrowers will need to bring along a government-issued ID card that contains their photograph to the closing appointment.
Q5. What if I do not bring one of the needed documents at the time of the closing?
A: Your closing may be delayed or postponed due to forgetting to bring one of the needed documents. Inform your loan officer right away about this issue.
Q6. Can I go through with the closing process online, or does it have to be done in-person?
A: Yes, depending on which state you live in. Remote online closing allows you to sign all necessary documents from home. Consult with your Reliance Financial loan officer on this matter.
