Preparing for Your Closing Date
Now that your contract is executed, it's time to plan ahead for closing. Be sure to mark the closing date on your calendar and arrange to take time off from work. However, you likely won’t need a full day off—just half a day should be sufficient.
Here are key things to keep in mind about your upcoming closing:
Your Closing Date Could Change
While we hope to close on the scheduled date, unforeseen circumstances may cause a delay. If the timeline is tight—especially for contracts with a 30-day or shorter closing period—the mortgage company may require more time to finalize loan approval. However, for planning purposes, you should assume the closing date remains firm unless you’re notified otherwise.
Where and How Closing Takes Place
Your closing will take place at the title company and typically lasts 30-90 minutes. However, unexpected issues could extend the process, so it's important to plan accordingly.
Loan Approval and “Clear to Close” (CTC)
Closing cannot occur until your mortgage officer issues Clear to Close (CTC)—a final confirmation that your loan has been fully approved with no outstanding conditions. This usually happens two days to one week before closing.
Attending Closing in Person vs. Using a Mobile Notary or Power of Attorney
We strongly recommend attending closing in person, as it allows you to review and understand the documents, including details such as when your first mortgage payment is due and how to make that payment.
If you cannot attend in person, the most common solution in our area is to arrange for a mobile notary to meet you at a location of your choice to sign the documents. This arrangement should be made so that you sign papers with the notary few days in advance of closing to ensure there is enough time for the signed documents to be overnighted back to the title company before closing.
A Power of Attorney (POA) is a third, less common option that allows someone else to sign on your behalf. If this route is necessary, it must be completed at least two weeks in advance to allow time for lender approval and document processing.
Wire Transfer Instructions for Closing Costs
The day before closing—or preferably two to three days before—you must wire transfer your down payment and closing costs to the title company. Only follow wire instructions directly from the title company—never from any other source, as wire fraud scams targeting homebuyers are increasingly common.
Keep in mind:
- Some banks have daily transfer limits, so check with your bank ahead of time.
- Wire transfers typically have a mid-afternoon cut-off time, so initiate the transfer sooner than you think you need to.
- To avoid complications, we recommend sending slightly more than required. If fees change at the last minute or a calculation error occurs, you’ll be covered. Any excess funds will be refunded to you via check at closing.
Moving into Your New Home
If you plan to move in on the day of closing, schedule your move for at least three to four hours after closing ends, if possible. Legally, you cannot take possession of the home until:
- The bank funds your loan.
- The funds have been transferred to the seller.
- The sale has been recorded at the county courthouse.
Final Steps: Receiving Your Keys!
At the very end of closing, you'll receive the keys to your new home—your official welcome to homeownership!
If you have any questions, please don’t hesitate to reach out to me. I'm here to ensure a smooth closing experience.
