203b Loan Closing Checklist
While closing requires fewer steps and hoops than starting the loan process, there are a few things you need to know. Below, we’ve included a checklist to help ensure that your closing goes as smoothly as possible. However, your title company should explain exactly what documentation you need to bring to the closing itself.
Go Over Your Closing Disclosure: Before closing actually arrives, you will receive what’s called a closing disclosure. This document will show you all the closing costs you are responsible for, your down payment amount, any concessions on the part of the seller (paying a percentage of closing costs, for instance) and the like. Make sure you bump this disclosure against your estimate. If you encounter things that don’t match up, speak with your lender immediately.
Walk Through: You should have the right to conduct one more walk through of the home within 24 hours of the closing date. Take advantage of this. If the seller was living in the home at the time you started the buying process, make sure they have vacated the home. Check to ensure that nothing was damaged during the move-out, as well. Finally, make sure that the home is in the condition that you agreed on with the seller and that any problems found in the home inspection have been remedied.
Insurance: Make sure you bring proof of homeowner’s insurance to the closing unless you were required to provide proof of this during the lending process.
Contract: You should have a copy of the contract that you signed with the seller handy during the closing process. You may not need it, but it is helpful.
Identification: You’ll need a state-issued driver license or other government-issued identification.
Inspection Reports: In some instances, you will need to bring copies of your inspection reports with you to the closing.
Additional Documents: The lender may require that you bring additional documents to the closing. Ask if there are any necessary papers before closing day rolls around.