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The closing date for your new residence is a pivotal moment in the homebuying process. Closing marks the culmination of a process that began with the dream of owning your first home.

Especially if this is your first time navigating the home loan process, you’re likely wondering what will happen on your first home’s closing date.

Let’s demystify the closing process and equip you with the knowledge you need to confidently take ownership of your first home.


What is the closing date?

Closing refers to the final step in the homebuying process—the moment when legal ownership of the property is transferred from the seller to you, the buyer.

Before you can officially call the house your own, this process will involve:

  • The completion of the paperwork
  • The transfer of funds
  • The resolution of any remaining details


How to prepare for closing

As the excitement of owning your first home builds, it’s important to be well-prepared for the final stretch.

Let’s go through:

  • The timeline leading up to closing
  • The key players involved
  • The materials and information you’ll need to gather for a seamless closing


Timeline for the closing date

The closing date is typically set during the negotiation phase of your home purchase— the day when all parties involved gather to finalize the transaction.

This date is usually scheduled within 30 to 60 days after the seller accepts your offer, during which time various tasks need to be completed, such as home inspections, mortgage approval, and title searches.


Required materials and information for each step

To facilitate a seamless closing, there are certain materials and information you’ll need to provide at different stages of the process, including the following.


Mortgage documentation

Your mortgage lender will require specific documents, such as income verification, credit history, and employment details. Be prepared to provide these materials promptly to avoid delays.

Title search and insurance

Title companies will perform a title search to ensure there are no legal claims or liens on the property. You may need to provide information about the property’s history or past ownership.

Homeowner’s Insurance

Before closing, you’ll need to secure homeowner’s insurance and provide proof of coverage. This is crucial to protect your investment.

Down payment and closing costs

You’ll need to prepare funds for the down payment and closing costs. Ensure these funds are readily available to be transferred when needed.

Legal identification

You’ll need government-issued identification, such as a driver’s license or passport, to verify your identity during the closing process.

Final walk-through checklist

Create a checklist for the final walk-through of the property to ensure that any agreed-upon repairs or modifications have been completed to your satisfaction.

By having all the necessary materials and information ready, you can expedite the closing process and prevent any last-minute hiccups.


What happens on closing day?

Closing day is the BIG DAY—the moment when all the hard work, planning, and anticipation finally come together. But what do you actually do?


Final walk-through of the property

Before diving into the formalities of closing, a final walk-through of the property is conducted—an opportunity to ensure the property’s condition matches your expectations and that any agreed-upon repairs or changes have been completed satisfactorily.

Signing legal documents

A central aspect of closing day: signing a lot of legal documents.

These documents establish your legal rights and responsibilities as the new homeowner.

Among others, they might include:

  • The mortgage agreement
  • A promissory note
  • Various disclosures related to the property

It’s essential to read each document carefully and ask questions if you encounter any unfamiliar terms or concepts.

Paying closing costs and escrow

Closing costs encompass various fees associated with the homebuying process, such as loan origination fees, title insurance, and appraisal costs.

On closing day, you’ll be required to settle these costs. Review the Closing Disclosure provided by your lender to compare the estimated costs to the actual costs.

Transferring funds from escrow

The funds you’ve set aside in an escrow account are used to cover property taxes, homeowner’s insurance, and, in some cases, mortgage insurance. On closing day, any funds in the escrow account will be transferred to the appropriate parties to ensure these expenses are covered for the upcoming months.

Updating the deed of the house to your name

The final step in the closing process involves the transfer of the property’s deed into your name. This document legally confirms your ownership of the property.

The title company or attorney handling the closing will facilitate this transfer, ensuring that the property’s title is free from any claims or liens. This step solidifies your status as the new homeowner and marks the successful conclusion of the homebuying journey.


Who to expect on closing day

Remember: you’re not alone on closing day—it brings together a group of individuals, each playing a specific role in facilitating the transfer of ownership and ensuring a successful closing process.



You, the buyer. Naturally, you play a central role in the closing process as the individual acquires the property and officially becomes its owner.


The current owner of the property and their presence (or representative) is customary during the closing to finalize the sale and transfer ownership.

Real estate agent

Your real estate agent, who has guided you through the homebuying process, may be present to offer support and answer any last-minute questions.

Title company representative or attorney

A representative from the title company or an attorney will oversee the closing process, ensuring that all legal requirements have been met and that the property’s title is transferred appropriately.

Lender representative

A representative from the mortgage lender could be present to ensure that all necessary documentation is signed and that the loan details are accurately recorded.

Closing agent

This individual coordinates the signing of documents and ensures that all necessary paperwork is completed accurately and in compliance with legal standards.


Tips for a smooth closing day

  • Review all documents carefully
  • Compare the actual closing costs to your good faith estimate
  • Gather all necessary paperwork before they’re due
  • Always feel free to ask questions and seek clarification whenever needed


The Federal Savings Bank can help you get to closing day

In the journey of homeownership, the closing process marks the exciting transition from aspiring homeowner to proud owner.

We hope this article provided you with a comprehensive understanding of what to expect on closing day, from the final walk-through to signing legal documents and transferring ownership.

Remember, knowledge is your greatest ally during this pivotal moment.

If you have any questions or uncertainties, don’t hesitate to reach out to one of Federal Savings Bank’s dedicated loan officers, who can guide you through the process.

To continue your learning journey about the mortgage process, explore our comprehensive Learning Center for further insights and resources.

With the right information and support, you’re well-equipped to confidently navigate the path to your first home.


Subject to credit approval. Terms and conditions may apply. Property insurance is required on all loans secured by property.

This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.