Before you become a full-fledged homeowner, you must complete the closing process. A lot will be happening when you close-- you’ll be signing paper after paper to make your deal "official". Here’s what you need to know to make your closing procedure as smooth and painless as possible. Closing happens at the company which will insure the title to your new home. You’ll write a check for the down payment and your lender gives a check for the loan amount. The title Company takes those two checks and pays off the existing mortgage on the home you’re buying. Now the title is in your name instead of the seller’s. You’ll pay the interest remaining in the month you close. Your first monthly payment comes later. You will also verify some important figures. Know before you close how much money you’ll spend each month on taxes and insurance. You’ll confirm these amounts with the title company’s figures. And you’ll also make sure your monthly payment amount is close to what your lender estimated. Last, but not least, verify any pre-determined fees are correct.

Preparing for closing will take a small chunk of your time, but it’s time well spent to ensure your loan is exactly the way you want it