Closing time....

What’s Next with Your New Mortgage?

Your mortgage funds won’t be officially transferred until the closing date (you’ll provide your down payment through your lawyer before then). Be sure to mark the date of your first mortgage payment, which will be set based on the closing details.

Need to make any last-minute changes (like adjusting your payment frequency)? Be sure to ask your lender what’s possible before finalizing everything.

Almost to the finish line tasks checklist

From firm purchase to closing day

1. Firm Purchase

   Once all conditions have been removed, both you and the seller are legally bound to the deal. However, the home isn’t truly yours until the closing date. That’s when your mortgage loan is funded and paid to the seller, and the ownership (home title) is officially transferred to you.

2. Is a walk-through included in your contract?

   If so, you and your realtor will do a final walk-through of the home within 24 hours of your closing date. This gives you a chance to check for any major issues. If anything significant is found that needs attention, it could lead to a price adjustment or even a delay in closing.

3. Closing Costs

   You’ll need to pay the necessary closing costs on time—if you can’t, the deal could still fall through. While some costs, like a home inspection, may be incurred earlier in the process, most closing costs are paid through your lawyer on the closing date.

4. Closing Date: It’s Official—You Own Your Home!

   Mortgage funds are typically released at 12pm (local time to the lender). Your lawyer will handle transferring the funds to the seller and registering the title change. Once everything is finalized, your realtor will arrange for you to get the keys.

Final Walk-Through Checklist

• Ensure the property is in the agreed-upon condition (no damage or missing items).
• Confirm that all inclusions (e.g., window coverings, appliances) are present.
• Verify that any agreed-upon repairs have been completed.
• Check that the home is clean and free of the seller’s personal belongings.

The keys are yours!

Congratulations on your new home! You’ll probably find yourself wandering around, amazed that it’s all yours.

As you explore, take note of anything that needs attention or things you’ll want to bring before your move—like light bulbs, paper towels, bathroom essentials, water glasses, and a trash can.

When you head out, turn on a couple of lights (safely!) upstairs and don’t forget to lock your brand-new front door.

Enjoy your new place!

Click here for the changing your address checklist