Video: Keys to Successful Closing for Mortgage

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Stick with a closing date once you set it up with your loan agent. Learn how much you need to pay up front for a mortgage in this free personal finance video from a loan officer and mortgage closing specialist.

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Video Transcript

The loan closing is the last step in the mortgage loan process, and where all the final loan documents are signed. Mortgage loans can be closed by title companies, escrow companies, real estate agents, or attorneys, it's going to depend on the state that you reside in. It's important that borrowers and sellers are available on the same day for loan closing, but typically they close at different times. The closing agent will ask that you provide proper documentation of your ID, so it's important to remember to bring this. It's also important to remember to contact your closing agent ahead of time. They'll ask for the down payment or any other funds that they require in the form of an official check that will need to be made out a certain way. It's important that the closing date not be changed and that you adhere to the closing date as much as possible, there is much riding on this date. The financial figures that are determined are specific to the day of closing. If you prolong the closing even one day, the financial figures will have to be reworked. It's also important to remember that carpet cleaners, movers, the seller's availability, all of this is at stake and is important.

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Keys to Successful Closing for Mortgage

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