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Okay, so here's what happened last month. A first-time buyer—a really prepared person—had everything organized in color-coded folders (honestly made me feel a little inadequate about my own filing system). They'd done all the research, saved for years, got preapproved without issues. Then three days before closing, they realized they'd missed one tiny document request from their lender. Just one form. That delay? Cost them their locked interest rate and added almost $200 to their monthly payment.
At AmeriSave, we see situations like this more often than we'd like. That's why our loan officers proactively reach out to borrowers throughout the process, making sure every document gets submitted on time.
Let me simplify this for you. Closing isn't just "the day you sign papers and get keys." Think of it like this: it's more like the final exam after months of studying. You've toured houses, made offers, negotiated terms, survived the inspection. Closing is where all that work either comes together smoothly or falls apart over details you didn't see coming.
According to ICE Mortgage Technology (accessed October 28, 2025), the average timeline for closing on a home purchase is 42 days for purchases with mortgage financing. That's from offer acceptance to the day you're holding your new house keys. But here's the human side of this: those 42 days aren't just calendar pages flipping. They're 42 days of document gathering, waiting on third parties, coordinating schedules, and honestly? Probably some stress-induced late-night Google searches about what "subordination clause" means.
The closing process, also called settlement, represents the final legal transfer of property ownership from seller to buyer. Every obligation gets resolved, every party gets paid, and you officially become a homeowner. In my MSW program, we learned about how major life transitions create both opportunity and vulnerability. Buying a home is exactly that kind of transition - exciting and overwhelming at the same time.
Let me walk you through what actually happens during those 42-ish days. This isn't just theory - this is what I watch people navigate every single day, and what our AmeriSave team helps borrowers manage from start to finish.
The textbook answer is that you should have all your documents ready immediately. But really? Most people spend the first week or two scrambling to gather everything. You're pulling together:
Pro tip from someone who's seen this go wrong: Don't just collect these documents—actually read them. I had a client last year whose bank statement showed a $10,000 deposit they'd forgotten about (gift from parents for the down payment). Took us three extra days to document it properly because they didn't catch it first.
We help AmeriSave borrowers organize everything upfront with a personalized document checklist that tracks submission deadlines and confirms receipt of each item in real-time through our digital platform.
The lender reviews your loan application during this period. They're verifying employment, running credit checks, and confirming your financial situation hasn't changed since preapproval. Any changes - new job, new debt, missed payments - can impact your loan terms or even your approval.
While you're gathering documents, the appraisal gets ordered. According to Bankrate (accessed October 28, 2025), this typically takes one to two weeks. The appraiser evaluates the home's market value, and here's what I've learned: appraisals can make or break deals. If the appraised value comes in lower than your offer price, you've got decisions to make. Maybe renegotiate the price, bring more cash to closing, or walk away entirely.
Simultaneously, a title company conducts a title search. They're looking back through years (sometimes decades) of property records to confirm the seller actually owns the property free and clear. They're checking for liens, unpaid property taxes, boundary disputes, easements - anything that could complicate your legal ownership.
When we acquired our process systems through a merger, I remember learning about all the ways title issues can surprise people. One property had an old lien from renovation work done fifteen years earlier. Seller had forgotten about it completely. These things happen more than you'd think.
This is where your loan goes to underwriting for serious scrutiny. Think of underwriting as the lender's risk assessment. They're verifying every claim you've made, checking every document, and calculating whether lending you this money makes financial sense.
The underwriter might request additional documentation. Maybe they want explanation letters for credit inquiries. Maybe they need proof that gift funds actually transferred. This stage can feel invasive - because honestly, it kind of is. They're looking at your entire financial life.
Here's what this means for you: be responsive. When underwriting requests something, send it same day if possible. Every delay here extends your closing timeline. Our team at AmeriSave assigns dedicated underwriting coordinators to each loan file specifically to avoid these delays.
At least three business days before closing (this is federal law), you'll receive your Closing Disclosure. This is the most important document you'll see before closing day. According to the CFPB (accessed October 28, 2025), this document details your final loan terms, monthly payment, and all closing costs.
Compare this to your original Loan Estimate. Some costs can't change at all. Some can increase by up to 10%. Some can change by any amount under specific circumstances. Know which category your costs fall into.
During this final stretch, you're also:
Let me give you the comprehensive breakdown of what needs to happen. Not just the highlights - the actual detailed steps I guide people through.
Start by creating a tracking system. (I use spreadsheets. My colleague swears by apps. Use whatever works for your brain.) You need:
Closing Disclosure: You'll receive this from your lender three business days before closing. It replaces the Loan Estimate and shows final numbers. Read every line. I mean every single line.
Seller's Disclosure: This document lists known defects or issues with the property. It's legally required in most states, though requirements vary. What sellers must disclose differs by state, so check local laws.
Title Documents: The title company provides these showing clear ownership and no liens. Your attorney or escrow company reviews them to ensure smooth transfer.
Loan Application: Your lender provides a copy of your original application. Review it for accuracy.
Proof of Homeowners Insurance: You'll need the declarations page showing coverage is active on closing day.
Government-Issued ID: Bring your driver's license, passport, or state ID.
Funds for Closing: Arranged as certified check or wire transfer (more on this later).
Here's something I learned during my Master’s of Social Work (MSW) studies about human behavior: we tend to procrastinate on tasks that feel overwhelming. Break this down. One document per day if needed. Just don't wait until the week before closing.
I've seen situations where people's financial circumstances changed between application and closing. Got a raise? Great, but tell your lender. Took on new debt? Less great, but definitely tell your lender. Your lender needs to know about:
Failure to report changes can delay closing or even cause loan denial at the last minute. I know someone whose loan got denied two hours before closing because they'd bought a new car the week before and didn't tell their lender. Don't be that person. At AmeriSave, we run a pre-closing verification check 72 hours before your scheduled closing to catch any last-minute issues early.
Seller disclosures can save you thousands of dollars or prevent massive regrets. Depending on your state's requirements, these disclosures cover:
Read these carefully. Not all states require seller disclosures, so talk to your real estate agent about local requirements. If something raises concerns, dig deeper. Ask for receipts, inspection reports, or contractor names.
If you spot red flags, you have options: request repairs before closing, negotiate a price reduction to cover future repairs, or walk away if issues are severe enough. Remember, buying a house typically comes with a no-return policy.
The law requires lenders to send your Closing Disclosure at least three business days before closing. This waiting period exists for a reason - it gives you time to identify problems.
Line by line, compare these numbers to your Loan Estimate. The CFPB (accessed October 28, 2025) has raised concerns about increasing closing costs, noting that some costs rose sharply from 2021 to 2022 - median total loan costs increased by 21.8 percent on home purchase loans during that single year.
According to Lodestar Software Solutions' 2025 data (accessed October 28, 2025), the national average for closing costs is $4,661 including recording and taxes, or approximately 1.6 percent of the average sales price. Without recording and taxes, typical closing costs come to $3,042.
If you spot errors, contact your lender immediately. Yes, this might delay closing. But signing incorrect documents costs you more in the long run.
Before finalizing the purchase, you need various inspections to identify potential problems. Schedule these early - inspector availability can delay your timeline, especially in active real estate markets.
General Home Inspection: A licensed inspector examines the property's physical structure, systems, and components. They check:
General inspections typically cost $300-500 depending on home size and location.
Pest Inspection: Identifies infestations or damage from termites, carpenter ants, rodents, or other pests. In some states and for certain loan types (like VA loans), pest inspections are mandatory. Even when not required, they're worth the investment. Termite damage repair can cost tens of thousands of dollars.
Radon Inspection: Tests for radon gas accumulation. Radon is a naturally occurring radioactive gas that can accumulate in basements and lower levels. The EPA estimates radon causes about 21,000 lung cancer deaths annually, making it the second leading cause of lung cancer after smoking.
Once inspections are complete, review results with your agent. If significant issues appear, negotiate with the seller for repairs, request credits toward post-closing repairs, or reassess whether you want to proceed. We help AmeriSave borrowers understand inspection reports and evaluate whether repair costs affect the value proposition of their purchase.
Most lenders require proof of homeowners insurance before closing. You can't close without it. Shop around for coverage - rates vary significantly between companies.
Your insurance premium depends on:
According to the National Association of Insurance Commissioners (accessed October 28, 2025), average homeowners insurance costs vary widely by state, ranging from around $800 annually in some states to over $3,000 in others.
Don't just buy the minimum required coverage. Make sure your policy actually protects your investment. Replacement cost coverage is typically better than actual cash value, though it costs more. And understand what's not covered - most standard policies don't cover floods, earthquakes, or maintenance issues.
AmeriSave partners with multiple insurance providers to help you compare quotes and find coverage that meets lender requirements while fitting your budget.
Your Closing Disclosure specifies exactly how much you need to bring to closing. Let me break down the various expenses:
Closing Costs (typically 2-6% of Purchase Price, averaging $4,661 nationally): These fees go to the lender and third parties involved in your transaction:
Down Payment: Typically 3-20% of purchase price depending on loan type:
Our AmeriSave loan programs include FHA loans with down payments as low as 3.5%, making homeownership more accessible for first-time buyers and those with limited savings.
Prepaid Items and Escrow Deposits: You'll prepay certain costs and fund your escrow account:
Earnest Money: Your earnest money deposit (typically 1-3% of purchase price) was paid when you made your offer. This amount gets applied toward your down payment or closing costs, so you don't pay it twice.
Potential Credits: You might receive credits that reduce what you owe:
Before closing, if you haven’t already, work with your lender to lock your interest rate. Mortgage rates fluctuate daily based on economic conditions, and locking protects you from increases. At AmeriSave, we lock your rate at application, so you’d already be covered here.
Your rate lock typically lasts 30-60 days. If your closing gets delayed beyond the lock period, you might need to extend the lock (sometimes with a fee) or accept the current market rate.
Important considerations:
Some lenders offer float-down provisions where if rates decrease significantly after you lock, you can capture the lower rate. These typically have conditions like "rates must drop by at least 0.25%." Ask about this option.[BA1] [SA2]
At AmeriSave, we offer rate lock periods from 30 to 60 days with transparent extension policies, and our loan officers monitor market conditions to recommend optimal lock timing based on your closing timeline.
Before closing day, prepare the funds for your down payment and closing costs. This typically involves a wire transfer or certified/cashier's check.
CRITICAL WARNING: Wire fraud is rampant in real estate transactions. According to the FBI's Internet Crime Complaint Center (accessed October 28, 2025), real estate wire fraud cost victims hundreds of millions of dollars in recent years.
Scammers impersonate title companies, real estate agents, or lenders via fake emails with altered wiring instructions. They create email addresses that look nearly identical to legitimate ones. They may even reference your real transaction details to appear legitimate.
Protect yourself:
If you're using a cashier's check instead, obtain it from your bank 1-2 days before closing. Make it payable to the title company or escrow company (they'll tell you the exact name).
Create a physical checklist of items to bring to closing. Pack these the night before.
Don't forget, closing involves signing your name dozens of times. Your hand will cramp. Take breaks when needed.
Schedule your final walk-through within 24 hours of closing - ideally the morning of closing day or the day before.
If you find problems - whether repairs weren't completed properly or new damage appeared - address them immediately with your real estate agent. You may need to delay closing, require money be held in escrow for repairs, or negotiate a credit.
I worked with a buyer last year whose final walk-through revealed the seller had removed the washer and dryer that were supposed to convey. We had to delay closing two hours while attorneys negotiated a credit. These situations are stressful but fixable if you catch them before signing.
Let me explain what you're actually paying for in those closing costs, because honestly, until I studied these transactions in detail, even I found some of these fees confusing.
The CFPB reports (accessed October 28, 2025) that about 50.2% of home purchase borrowers paid discount points in 2022, up from 32.1% in 2021. The median discount points paid was $2,370 in 2022, up from $1,225 in 2021. This increase largely reflects borrowers trying to secure lower rates in a rising rate environment.
We provide AmeriSave borrowers with a detailed cost breakdown tool that categorizes every fee and explains what you're paying for, eliminating confusion and ensuring transparency.
Closing day typically takes 1-2 hours of signing documents. Here's what actually happens.
Not all parties attend every closing. In some states, buyers and sellers don't even meet - they sign at different times.
The closing agent explains each document. Don't hesitate to ask questions. This is a legally binding transaction - you need to understand what you're signing.
Congratulations - you're a homeowner! But you're not quite done yet.
You have specific legal protections during the closing process. Understanding these rights helps you identify when something's wrong.
Three-Day Cancellation Right (Refinances Only): For refinances (not purchases), you have three business days after closing to cancel without penalty. This doesn't apply to purchase mortgages.
Right to Shop: You can shop for certain settlement services like title insurance, surveys, and attorney services. Your lender must allow this.
Right to Accurate Closing Disclosure: If your Closing Disclosure contains errors, you have the right to demand corrections before closing.
Right to Explanation: The closing agent must explain every document. If you don't understand something, demand clarification.
Let me share what I've learned from watching hundreds of closings go smoothly and watching dozens hit problems.
One of the most common delays is financial documentation submitted late. Your lender might request:
When your lender asks for something, provide it same day if possible. Every day you delay extends your closing timeline. Set up a system where you check email multiple times daily during the closing process. Our AmeriSave borrowers receive text alerts whenever their loan officer needs additional documentation, ensuring nothing gets missed.
Changes in your finances can derail your closing. Avoid these mistakes:
I know it's tempting to buy furniture for your new house. Don't. Wait until after closing. I've seen deals fall apart days before closing because someone financed a couch.
This deserves extra emphasis because the consequences are devastating. Once you wire money to scammers, it's almost impossible to recover.
If your rate lock expires before closing, you might face difficult choices.
Option 1: Pay a fee to extend your lock (typically 0.125-0.25% of loan amount per 15-day extension)
Option 2: Float to current market rate (risky if rates have increased)
Option 3: Renegotiate if rates dropped (some lenders allow this)
Most delays aren't your fault - appraisals run late, title issues appear, sellers miss deadlines. But protect yourself by locking for slightly longer than your expected timeline. If closing is scheduled for 40 days out, lock for 45-50 days.
We build buffer time into every AmeriSave rate lock to protect borrowers from delays outside their control, and we proactively monitor your closing timeline to alert you weeks in advance if extension might be needed.
According to ICE Mortgage Technology data (accessed October 28, 2025), closing timelines vary significantly by loan type.
Conventional Loans: 42-46 days average
These loans from private lenders typically close fastest among mortgage options. You'll need:
FHA Loans: 52-77 days average
Government-insured loans require additional property standards and inspections:
AmeriSave specializes in FHA loans and has streamlined the process to help first-time buyers close faster with less hassle. Our FHA expertise means we catch potential issues early before they delay your closing.
VA Loans: 71+ days average
Available to eligible military members, veterans, and spouses:
We're proud to serve veterans through our VA loan program, offering dedicated support from loan officers who understand the unique needs of military families.
USDA Loans: 45-60 days average
For eligible rural properties:
Cash Purchases: 7-10 days
No mortgage means no loan processing:
According to HomeLight research (accessed October 28, 2025), all-cash purchases accounted for 32% of home sales in January 2024—a decade high. Cash remains appealing for its speed and simplicity.
How to Deal with Common Problems When Things Go Wrong
Let me tell you about some problems I've seen and how they were fixed. These aren't just made-up situations; I've helped people through these kinds of things before, and our AmeriSave team helps borrowers deal with them all the time.
The problem is that the appraisal value is $15,000 less than the purchase price.
What usually happens? The buyer and seller come to an agreement. No one wants to go through the process again.
The problem is that a title search shows an unpaid contractor lien from three years ago.
Solution: The seller must settle the lien before closing. Either:
This pushes back the closing, but it usually gets worked out. Title companies won't close if there are clouds on the title.
The Problem: The lender does a final credit check three days before closing and finds a new inquiry and more debt.
Solution: The buyer must say:
If ratios still work, close the deal. If not, you may need to pay off debt or change the terms of your loan.
The issue is that the seller isn't ready to leave by the closing date.
You have signed the last paper. The person who closes the deal gives you the keys. What now?
Closing on a house is one of the most important financial deals you'll ever make. What all successful closings have in common is...
Preparation: Buyers who are organized, get their paperwork in order early, respond quickly to requests, and keep their finances stable close without any problems.
Communication: Buyers who keep in touch with their lender, agent, and lawyer on a regular basis find problems early on, when they are easier to fix.
Be flexible and know that things can go wrong. Add some extra time to your plans. Don't hire movers until you've signed the closing papers.
Pay attention to the details: Read everything. Check everything. Ask questions about anything that doesn't make sense. It's not polite to ask questions right now.
Financial Discipline: Don't give in to the urge to make big purchases or changes to your finances until after you close.
The closing process can be very stressful, especially for people who are buying their first home. But every day, thousands of people successfully close on homes. You can join them if you get ready, be patient, and have the right support team.
Do you remember the MSW class I told you about that was about big changes in life? Here's what I learned that has to do with buying a home: big changes are stressful, but they also help you grow. Buying a house is more than just a money deal; it's a big step in life. It's okay to be both excited and scared at the same time. You can ask questions that seem obvious. You can take your time reading papers.
You can't skip steps or think that everything will be fine. In my experience, people who prepared well, stayed involved throughout the process, and never thought anything was too small to check were the ones who had successful closings.
You can do this. Keep moving forward, stay organized, and take it one step at a time. You'll be holding your house keys in six weeks and wondering what you were so worried about.
Consumer Financial Protection Bureau. (2024). "CFPB Launches Inquiry into Junk Fees in Mortgage Closing Costs." Retrieved October 28, 2025, from https://www.consumerfinance.gov/about-us/newsroom/cfpb-launches-inquiry-into-junk-fees-in-mortgage-closing-costs/
Consumer Financial Protection Bureau. (2024). "Junk fees are driving up housing costs." Retrieved October 28, 2025, from https://www.consumerfinance.gov/about-us/blog/junk-fees-are-driving-up-housing-costs-the-cfpb-wants-to-hear-from-you/
Consumer Financial Protection Bureau. (2025). "Can my final mortgage costs increase from what was on my Loan Estimate?" Retrieved October 28, 2025, from https://www.consumerfinance.gov/ask-cfpb/can-my-final-mortgage-costs-increase-from-what-was-on-my-loan-estimate-en-172/
ICE Mortgage Technology. (2025). "Time to close data." Referenced in multiple industry publications. Retrieved October 28, 2025.
Bankrate. (2025). "Closing on a house: What to expect." Retrieved October 28, 2025, from https://www.bankrate.com/mortgages/understanding-the-closing-process/
Bankrate/Lodestar Software Solutions. (2025). "Average Closing Costs By State In 2025." Retrieved October 28, 2025, from https://www.bankrate.com/real-estate/average-closing-costs-by-state/
HomeLight. (2024). "How Long Does It Take to Close On a House With Cash in 2025?" Retrieved October 28, 2025, from https://www.homelight.com/blog/buyer-how-long-does-it-take-to-close-on-a-house-with-cash/
MoneyGeek. (2025). "How Long Does it Take to Close on a House?" Retrieved October 28, 2025, from https://www.moneygeek.com/living/home/average-time-to-close-on-a-house/
CNBC Select. (2025). "How long does it take to close on a house?" Retrieved October 28, 2025, from https://www.cnbc.com/select/how-long-does-it-take-to-close-on-a-house/
Federal Bureau of Investigation Internet Crime Complaint Center. (2025). "Wire Fraud Statistics." Retrieved October 28, 2025, from https://www.ic3.gov/
National Association of Insurance Commissioners. (2025). "Homeowners Insurance Data." Retrieved October 28, 2025, from https://content.naic.org/
You can negotiate some closing costs, but once you get the closing disclosure, your options and time are limited. Fees for things like appraisals, title insurance, and government recordings are mostly set by the service providers and don't change much. You could have bought some services earlier, like title insurance, lawyers, and surveys, but once you order them, the prices are set. If you catch high lender fees early, you might be able to negotiate them, but three days before closing, you don't have much power. Before you sign a loan, you have the best chance to lower your costs. But if you see real mistakes or fees that shouldn't be there, you should definitely question them right away. I've seen charges show up on closing disclosures that were real mistakes. Just because something is in an official document doesn't mean it's right. When you're looking for lenders and comparing loan estimates, that's when you should really be negotiating closing costs, not a few days before closing. At AmeriSave, we give you upfront cost estimates and lock in our fees early, so you won't see any surprise charges on your Closing Disclosure.
If you find problems during your final walk-through, you have a few choices, depending on how bad they are. If the seller forgot to bring small things like light bulbs or other small things, you can still close and ask for a small credit or have the closing agent hold the money in escrow until the repairs are done. If there are moderate problems, like repairs that weren't done right, you can hold off on closing until the repairs are done right, ask for money to be held in escrow, or work out a credit at closing. If there are big problems, like a lot of new damage or the seller taking things that were supposed to stay, you may have to cancel or put off closing for a long time while the problems are fixed. The problem is that everyone is ready to move: movers are coming, your apartment lease is up, and sellers have their own plans for moving. But don't let pressure make you agree to things you didn't want to. I worked with someone whose last walk-through showed that the furnace had stopped working since they last came. The seller had to replace it, so we had to wait three days to close. Was it hard? Yes, for sure. But it's better than buying a house in December that doesn't have heat. Take pictures of the problems and call your real estate agent right away. They'll work with the seller's agent to find a solution. It's true that time is short, but accepting a damaged property is worse.
An interest rate lock guarantees your interest rate for a set amount of time, usually 30 to 60 days from the date of the lock. This protects you from rate hikes during the closing process. Your rate stays the same during this time, no matter what happens in the market. You're safe if rates go up. The lock period should last longer than your planned closing date to give you some extra time. You have a few options if closing takes longer than your lock expiration. You can pay a fee to extend your lock, which is usually 0.125 to 0.25 percent of the amount of your loan for every 15 days. For a loan of $3,000, that's $375 to $750 for each extension. You could also float to the current market rate, but this is risky if rates have gone up since you first locked in. Some lenders offer float-down options that let you get the lower rate once rates drop a lot after you lock. Most of the time, these have rules like rates must go down by at least 0.25 percent. This isn't something that all lenders do. Here's what I've learned about rate locks: always lock for longer than you think you'll need. Lock for 50 days if closing is set for 40 days away. It's worth paying a little extra for a longer lock to avoid the stress of having to close before the deadline. Most of the time, delays aren't your fault, so give yourself some extra time. AmeriSave helps you avoid problems with lock expiration by offering flexible rate lock periods and proactive monitoring. If we see any potential timeline issues, we let you know weeks in advance.
You need 2 forms of ID and payment to close. Bring a current government-issued photo ID, like a driver's license, passport, and/or state ID card, to prove who you are. Your ID must have the same name as the loan documents. If you recently changed your name legally, such as through marriage, bring both your old ID and proof of the name change. You can only pay for closing costs and the down payment with a wire transfer, cashier's check, or certified check. Because it takes time for the money to clear, personal checks are almost never accepted. When done right, wire transfers are the most common and safest way to send money. Call your title company at a verified phone number to get wiring instructions directly from them. Don't trust wiring instructions you get by email unless you can check them yourself. Real estate deals often involve wire fraud. Scammers send fake emails with changed banking information. Once you send them money, it's almost impossible to get it back. Get a cashier's check from your bank one to two days before closing if you plan to use one. Pay the title company or closing company exactly as they say to. Don't just show proof that you got the check; bring the check itself to closing. If you have more than one account or are paying for different things separately, some closings will require more than one check. Due to banking rules and paperwork needs, cash is not an acceptable way to close. To avoid problems at the last minute, plan how you will pay at least a week ahead of time.
The closing process is very different from state to state, especially when it comes to who does the closings and whether lawyers are needed. Some states are "attorney states," which means that only attorneys can handle closings. Massachusetts, New York, New Jersey, and a few other states are among them. In attorney states, you hire a real estate attorney to look over papers, do title searches, and handle the closing. This adds the cost of hiring a lawyer to your closing costs, which are usually between $500 and $1,500 or more. In other states, like escrow states or title company states, title companies or escrow agents can close deals without needing an attorney. States like California, Arizona, Nevada, and others are among them. The way the closing process works is also different. Some states use deeds of trust, while others use mortgages. Some states require buyers and sellers to meet in person to close the deal, while others let them sign separately. Some states have short periods for redemption, while others have long ones. The costs of title insurance, transfer taxes, recording fees, and other things vary from state to state. Even for properties with similar values, closing costs can be very different from state to state. Before you close, make sure you know what your state needs. Talk to your real estate agent about what is normal and required in your area. Don't think that your friend's closing experience in a different state will be the same as yours. It's important to have experienced local professionals on your team because of these differences between states. They are familiar with the rules in your area and can help you navigate your state's unique process. Our AmeriSave loan officers are licensed in many states and know how things are different in each one. This makes sure that they follow all local rules.
If you find a mistake on your closing disclosure, call your lender right away, even if it means closing will be delayed. You are signing a legal document, so the closing disclosure needs to be correct. Some common mistakes are giving the wrong loan amount, interest rate, or down payment amount, adding fees that weren't talked about, making math mistakes in calculations, giving the wrong property address, misspelling names, or not giving you the credits you were promised. Some mistakes are small, like misspellings that don't matter for the deal. Some are serious, like wrong interest rates or fees that come up out of the blue. If certain important terms change, your lender must give you a corrected closing disclosure and wait three more business days before closing. Yes, this makes your closing date later. But signing the wrong papers will cost you more in the long run, either because you have to pay more than you agreed to or because you might have to deal with legal problems. I've seen mistakes that range from numbers being switched to whole fees that shouldn't have been there. Just because something is in an official document from your lender doesn't mean it's true. Look over each line carefully. Look at it next to your loan estimate. If the numbers don't match what you thought they would, ask why. Sometimes the change is real and can be explained. It can be a mistake. No matter what, you should know what you're signing. Before you close, make copies of all the paperwork for your records. It's much harder to fix mistakes after closing, so make sure you find them before you do. Before sending the Closing Disclosure, we call each borrower at AmeriSave and go over the information line by line to find any mistakes early.
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