The short answer
In the day or two before closing you do a final walk-through to confirm the home’s condition and any agreed repairs. On closing day you sign the loan and transfer documents, your funds are wired, and once the deed is recorded the keys are yours. Afterwards, change the locks, transfer utilities, update your address and, if your state offers one, apply for a homestead exemption.
Between offer and closing, do not open new credit, change jobs or move large sums of money. Any of them can delay the loan.
What is the final walk-through?
The final walk-through is your last look at the home, usually within 24 to 48 hours of closing. It is not a second inspection – it confirms that the home is in the condition you agreed to buy it in. Check that:
- Agreed repairs are complete, with receipts
- Appliances, heating, cooling, plumbing and lights work
- Nothing has been damaged during the seller’s move
- Items included in the sale are still there, and everything else is gone
If something is wrong, tell me before you sign. It is far easier to solve before closing than after.
What happens on closing day?
You review and sign the closing documents – the promissory note, the mortgage or deed of trust and the Closing Disclosure – with the title or escrow officer, and in some states an attorney. You will have received your Closing Disclosure at least three business days earlier, so compare it with your Loan Estimate before the appointment. Once all funds are received and the deed is recorded, the home is officially yours.
What do I bring to closing?
- A government-issued photo ID
- Your closing funds, sent by wire (confirmed by phone with the title company) or by cashier’s check if allowed
- Proof of homeowner’s insurance, if the title company has not already received it
- Your co-borrower, if you have one – everyone on the loan must sign
What should I do after moving in?
- Change or rekey the locks and garage codes on day one.
- Transfer utilities – electric, water, gas, trash, internet – effective your closing date.
- Update your address with USPS, your bank, employer, insurer and the DMV.
- Apply for a homestead exemption if your state offers one; deadlines are strict and it can lower your property taxes.
- Keep your closing documents in a safe place – you will need them for taxes and when you sell.
- Find the main water shut-off and electrical panel before you need them in a hurry.
- Replace HVAC filters and smoke-detector batteries, and start a maintenance calendar.
When can I remove mortgage insurance?
On a conventional loan, you can ask your lender to cancel private mortgage insurance once your balance reaches 80% of the home’s original value, and it ends automatically at 78% if you are current on payments. FHA mortgage insurance usually lasts for the life of the loan unless you put down at least 10%, so many owners refinance once they have enough equity.
Common questions
How long does closing take?
The signing appointment usually takes about an hour. Depending on your state and when the loan funds and the deed records, you may get the keys the same day or shortly after.
When do I get the keys to my new house?
Usually once the sale has funded and recorded, which is often the day of closing. Your contract may set a different possession date, for example if you agreed to let the seller rent back.
Can I move in before closing?
Generally not. Early possession is possible only with a written agreement between buyer and seller, and it carries insurance and liability risks.
What is a homestead exemption?
A property tax break that many states offer on your primary residence. You usually have to apply by a set deadline, so check with your county property appraiser or assessor soon after closing.
I will be there on closing day
I check every number on your Closing Disclosure beforehand, attend the walk-through and closing, and stay a phone call away after you move in. Still working out the budget? Try the mortgage calculator, or go back to the buying overview.