After all the looking, the offer, the contract, inspections, getting a mortgage, finally you are going to close on your first home. What happens at closing? It can seem very daunting especially to the first time home buyer.  However, if the closing has been properly prepared, you will sign a number of documents and celebrate the purchase of your first home.

Closing can occur anywhere, but it normally happens at the closing attorney’s office.  You will sign multiple copies of the the HUD statement.  You will also sign the loan documents for your mortgage, starting with the note that says you will pay back the loan, how much the loan is and the interest rate.  After the attorney reviews all the paperwork with you and you sign everything, you will give the attorney the certified check that you brought to pay your down payment and closing costs.  The closing attorney will give you copies of all the documents.

When everything is signed and all the lender requirements are satisfied, your lender will wire the money to the attorney for your mortgage.  Most of the time you will receive the keys to your new home, so you walk out of the closing with the keys to your first home. However, the home is not technically yours until the deed has been recorded at the courthouse, so some sellers, such as relocation companies and banks,  will not let you have the keys until after confirmation of the recording.

Once you complete this step, you are now a homeowner.   Congratulations!

For a more detailed discussion on this topic, please go to http://solonglandlord.com/steps-for-first-time-home-buyers-to-take/closing-the-purchase-of-your-first-home.