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What happens at closing?

Transcript: Closing, or settlement, refers to the meeting where you close the deal on the property and on the loan to buy the property.

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Closing, or settlement, refers to the meeting where you close the deal on the property and on the loan to buy the property. You sign documents, pay fees, complete the transaction, and get the keys to your new home.

Your closing agent, which may be a title company or a closing attorney, will set the date of this final meeting and notify you of what you need to bring.

Before the closing day, conduct a final walk-through of the property to make sure that it's in the condition you agreed upon with the seller, get your homeowners insurance, and gather all the documents and paperwork you've received throughout the home buying process.

You might need to refer to these documents at closing.

The documents required at closing vary from state to state. Your Wells Fargo Home Mortgage Consultant and real estate agent can let you know the requirements in your state.

Here are some common documents that you may be expected to provide or will be provided for you at your closing.

A photo identification, such as a valid driver's license or government-issued I.D.

The Loan Estimate is the document you receive three days after applying for a loan. It estimates the fees and costs you can expect.

Three days prior to your closing, you will receive your Closing Disclosure. This disclosure shows all the finalized fees and costs, and the terms of your loan transaction.

It's important to review your Closing Disclosure very carefully and let your lender know immediately if any of the information is incorrect or changes have been made that you don't understand.

A mortgage note is the loan contract between you and Wells Fargo. It includes all of the terms of your loan, including your repayment obligations for your principal and interest. You'll sign this document, and many others, at closing.

Depending on your situation, you may need copies of required policies and reports such as your homeowners insurance policy including flood insurance, if required.

A cashier's check is a certified check from your bank. Bring a cashier's check for closing expenses, such as the down payment, pro-rated insurance, taxes, and other fees.

Your closing agent will tell you the specific amounts you'll need in advance so you have time to get your funds together.

Finally, make sure you understand the payment schedule and know when your first payment is due.

Your Wells Fargo Home Mortgage Consultant can help you set up automatic payments.

Familiarizing yourself with what to expect at your closing prepares you for all the responsibilities of closing on a house. Once you have the keys to your new home, you can move in.