A mortgage or deed of trust – Secures the note and puts a lien on your property as collateral for your loan.The promissory note – States your promise to repay the mortgage, and includes when you’ll make your payments and where you’ll send them.The main items you’ll review and sign during closing include: However, you’ll also need to pay your down payment and closing costs, show proof of homeowner’s insurance and set up an escrow account. There’s no question that a significant portion of your closing will be dedicated to reviewing and signing your closing documents. What can you expect the day you close on a home? If your home is financed, the mortgage note is signed.Īs the buyer, your primary concerns will be the agreement between you and your lender regarding the terms and conditions of the mortgage, and the agreement between you and the seller transferring ownership of the property.The proceeds of the sale are distributed to the seller.Your home’s title is transferred from the seller to you and you get the keys!.The three most significant events that occur during a closing are: Simply put, a closing is the process by which you finalize all the details of your real estate transaction. What is a home closing and why is it important?Ī home closing is the last chapter in the months-long process of buying a home. Read on to learn what a closing entails and how you can make the most of this milestone event. We also take pride in keeping you informed and updated throughout the entire process, so there are no surprises on closing day. At Vanguard Title, we’ve helped thousands of homebuyers close on their new homes. While you likely expect a closing to include documents, signatures and fees, you may not be aware of all the ingredients required for a smooth, successful closing. You’ve planned, researched and budgeted, and now it’s time for the long-awaited final step in the home-buying process-closing on your home.