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Closing on Your First Home

 Closing on Your First Home

November 6th, 2017 | First-time Homebuyers, Home Buying or Selling

Have an appointment with a title company to close on the purchase of your home? Here’s what you’ll need to bring with you on that big day:

Money:  At closing, you’ll be paying for your share of the closing costs and any down payment. Since cash and a personal check won’t do, you’ll need to bring a certified check or cashier’s check up to $9,999, if you are required to bring in $10,000 or more Utah law requires you wire your funds to the title company. You’ll get the amount you need to bring or wire a few days before closing.

Be Ready to Sign: You’ll be doing a lot of signing and initialing. None of the numbers you should see at closing should be a surprise. They should be spelled out in your Closing Disclosure, also known as the CD, which you received at least three days before closing. This document spells out all the financial details of your home purchase, including your closing costs and who – the buyer, seller and lender – pays what.

Your Identification: You will be required to show proof of identification, such as your driver license or passport. Another less formal source of identification may also be required.

Once you’ve completed the process of closing, the funds will be requested and released to the title company. At this point, your mortgage will be recorded with the county and the home is now officially yours. Then, you get the keys and you’re officially ready to move in!