Mortgage Closing Day Checklist
Mortgage Closing Day Checklist
Mortgage closing day is the final date on which you can close your mortgage. While there are several things to consider in preparation for this important day, you will most likely only need two checklists: one for pre-closing and one for closing itself.
Pre-Closing Checklist
The following items may not apply to every transaction or circumstance. Therefore, you should write your own list of tasks that need to be completed before closing day.
- Gather all documentation including credit reports, underwriting documents, appraisal report, etc.
- Ensure the title company has correct contact information for upcoming transactions (phone number(s), email address)
- Be sure everything is in order with your home's physical inspection
- Get all of your funds in place for closing
- Read over the HUD-1 settlement statement carefully
- Ensure you have enough money to make this purchase
- Gather any final items you need before closing day (extra house keys, garage door openers, etc.)
- Ensure you have the proper identification to close
Closing Checklist
The following items may not apply to every transaction or circumstance. Therefore, you should write your own list of tasks that need to be completed before closing day.
- Review your mortgage statements for the last month before closing day
- Gather all loan related documents
- Gather all documentation including credit reports, underwriting documents, appraisal report, etc.
- Review closing disclosure and read it carefully. If you have any questions about the disclosures speak with your real estate agent or lender before closing day.
- Ensure everything is in order with your home's physical inspection
- Ensure the title company has correct contact information for upcoming transactions (phone number(s), email address)
- Review your HUD-1 settlement statement carefully
- Ensure you have enough money to make this purchase
- Gather any final items you need before closing day (extra house keys, garage door openers, etc.)
- Ensure you have the proper identification to close
- Ensure that your insurance is active if you are paying for any loan related expenses with your savings account, you will need proof of insurance at closing.
Mortgage Closing Day Checklists All transactions are different and there are many moving parts especially when purchasing a home. There are two checklists to help you prepare for closing day: pre-closing and on closing day.
Advantages of a Mortgage Closing Day Checklist
As a first time home buyer, you may not necessarily know what to expect on closing day. A list of items will help you prepare for the big event as well as ensure nothing is forgotten. Additionally, a checklist can help keep everyone on your team, whether it be your real estate agent, lender or even title company, accountable for items that need to be taken care of.
Framing Your List Of Tasks
While there are numerous things you should consider when creating your list of tasks, it is important to write down only the items that you will actually need before closing day. The pre-closing checklist should include all the essentials you will need before you can close on your home. For example, you will need to gather several pieces of documentation before the day is over including credit reports, underwriting documents and an appraisal report.
Additionally, you may want to write down items that are specific to your transaction such as the contact information for the title company or physical inspection notes. By making a list specific to your transaction, you can ensure each item is taken care of in the most efficient manner.
On Closing Day Checklist
After you have successfully negotiated all of the paperwork for your home purchase and paid any remaining funds needed, closing day will be here before you know it. On this day, there are several items that need to be completed in order for you to close on your new home.
How people typically use a checklist
People often use a list of tasks as a way to keep track of their daily errands and work-related projects. For example, someone might make a grocery list that includes all the items they need at the store to prepare meals for their family or create a list of things they want to accomplish around the house. In short, a checklist is essentially an outline, list or guide to certain tasks.
How to use this template for your own purposes
- First, review the list of items that need to be completed before closing day. Sometimes the title company will provide you with their own specific checklists; however it may be helpful to make your own list as well.
- Then, review the list of items you will need to complete on closing day and determine which ones you likely won't be able to accomplish until after your purchase closes. For example, if your insurance policy goes into effect immediately after closing, you may not need proof of insurance until the next day or week. Additionally, once you close, you will not need to bring your identification or any other documents you gathered beforehand.
- Finally, update the master list on this page with anything that you might have missed in the checklists above. As more items become evident throughout your home buying process, you can add them to this checklist accordingly.
As with most things in life, it is helpful to be prepared for the day you are making a major purchase. Whether you are buying your first home or adding another home to your portfolio, knowing what needs to be done before and after closing can help make the process go more smoothly.
If you haven't begun looking for homes, check out our guide on where to begin . You can also use our mortgage calculator to estimate your monthly payments before you even begin looking.
In conclusion,in Canada many legalities need to be taken care of before closing day.These days a good checklist is a home purchase necessity.As think of more items that need to be taken care of before closing day,just do enough research to make them into a complete list.Have a clear mind on what you need,by then your list will be complete.
