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What do you need to be prepared for closing day on your FHA mortgage? There are some important issues to keep in mind when it comes to mortgage closing. The first is that when your closing date is set, consider scheduling your moving truck for any day besides closing day.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

Closing Day on Your FHA Mortgage

December 28, 2021

Closing Day on Your FHA Mortgage
What do you need to be prepared for closing day on your FHA mortgage? There are some important issues to keep in mind when it comes to mortgage closing. The first is that when your closing date is set, consider scheduling your moving truck for any day besides closing day.
 
The reason? You may experience a delay after that date is initially set that requires you to change the date you sign the papers and get your house keys. Those delays aside, what does a buyer need to anticipate on closing day?

You’ll need a cashier’s check or wire transfer receipt for the amount of money you need to close--discuss the lender’s payment requirements in this area as you may have to provide a specific payment type.

You’ll want to have your closing disclosure with you on closing day Compare the disclosure with the final paperwork. If you have a co-borrower they will need to be present on closing day, too. You’ll both need to bring a valid, unexpired state ID.

There is a list of documents you should expect to have or see at closing time:
 
  • Closing Disclosure
  • Promissory Note
  • Mortgage/Deed of Trust
  • Deed to the Home
When buying your home, is your lender requiring you to use escrow for the payment of property taxes or other costs? If so, you’ll need an initial escrow disclosure. The disclosure should show both how much you are obligated to pay, and how that money will be used.

Mortgage transactions are increasingly becoming the target of scammers, many of whom use wire transfer fraud to accomplish their scams.

If you are required by the lender to initiate a wire transfer, discuss the specific procedures for doing so with the lender and establish a set of safe practices to protect you from falling victim to a wire transfer scheme.

Some of these involve a request sent by text, email, social media, or phone call asking you to send a wire transfer. But your lender should establish the specific procedure to use in advance of needing to make the transfer. Do not deviate from the agreed-upon plan no matter how urgent the email, SMS message, or other communication might be.

Instead, contact your loan officer directly using the main number of the bank. This will protect you from making hasty choices that could lead to a serious loss of funds due to a con game. Always check in with your loan officer before transferring any money as part of the transaction.

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