I’m about to close on a mortgage. What should I do before, during, and after the mortgage closing?
Make sure you’re prepared for each step of the closing.
Before the closing
Make sure you receive your closing documents in advance (either electronic or paper copies) so that you can review them. Your lender is required to send you your Closing Disclosure at least three business days before closing, and you can request the rest of your closing documents in advance. It’s especially important for you to review the Closing Disclosure,
Carefully review all documents that you receive to make sure that the terms of your mortgage have not changed without your knowledge. For example, compare the closing cost items listed on your Loan Estimate to those on the Closing Disclosure.
Make sure your closing costs have not increased by more than what is allowed. Ask your lender or settlement agent about any fees you do not understand.You should also review the Closing Disclosure to ensure that the payments are what you expected. Your promissory note further describes your legal obligations.
Make any arrangements to transition from your current home to your new home. This includes signing up for essential services like gas, electric, or water connections. You don’t have to do this at closing, but may want to contact the providers a few days prior to closing.
During the closing
Review the documents for accuracy and ask any questions you have.
Tip: Learn more about what to expect during the closing.
After the closing
You’ve agreed to make your mortgage payments on time each month. Understand when your first payment is due and whether you’ll be paying it online or with a check.
Make sure to file a change of address with:
- Your bank
- Credit card companies
- Investment or retirement account companies
- Student loan servicers
- Car loan servicers
- Department of Motor Vehicles for car registration
- Health insurance company
- Car insurance company
- Cell phone company
- Newspaper and magazine providers
- Any other services that may need to send you bills or statements
You may not always receive a Loan Estimate or Closing Disclosure
You won’t receive a Loan Estimate or Closing Disclosure if you applied for a mortgage prior to Oct. 3, 2015, or if you're applying for a reverse mortgage. For those loans, you will receive two forms – a Good Faith Estimate (GFE) and an initial Truth-in-Lending disclosure – instead of a Loan Estimate. Instead of a Closing Disclosure, you will receive a final Truth-in-Lending disclosure and a HUD-1 Settlement Statement. If you are applying for a HELOC, a manufactured housing loan that is not secured by real estate, or a loan through certain types of homebuyer assistance programs, you will not receive a GFE or a Loan Estimate, but you should receive a Truth-in-Lending disclosure.
How to get help
If you have a problem with your mortgage closing process, you should discuss the problem with your lender. You can also submit a complaint to the CFPB online or by calling (855) 411-CFPB (2372). We’ll forward your complaint to the company and work to get you a response, generally in 15 days. You may also wish to get your own attorney to take a look at your issue.
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