Pre-Closing FAQs for Borrowers
Wayne Wallace • Mortgage Loan Officer • NMLS #745186
Homewood Mortgage, LLC • NMLS #294974
18170 Dallas Pkwy, Ste 304, Dallas, Texas 75287 • wayne-wallace.com • wayne@homewoodmortgage.net • 903‑815‑0327
Quick tip: You’ll receive and acknowledge your Closing Disclosure (CD) at least three business days before closing. Review it carefully and reach out with any questions.
Do I need to send any more documents after “clear to close”?
Possibly. Final verifications (e.g., employment, insurance binder, appraisal & title updates) can still be requested up to funding. Please respond quickly to avoid delays.
What exactly does “Clear to Close” mean?
It means underwriting has issued final approval and authorized preparation of your closing package. You still must receive and acknowledge your Closing Disclosure (CD) and complete any final conditions prior to signing.
When will I get my Closing Disclosure (CD)?
Your lender must ensure you receive the initial CD at least 3 business days before consummation (closing). If certain terms change (APR becomes inaccurate, product change, or prepayment penalty added), a new 3‑day review may be required.
How much do I need to bring to closing and how do I pay?
Your exact cash‑to‑close appears on the final CD and settlement statement. Most title companies require a wire transfer or cashier’s check from an approved account—personal checks and credit cards are typically not accepted.
When is my first mortgage payment due?
Typically the 1st day of the second month after you close (because mortgage interest is paid in arrears). Example: close May 10 → first payment due July 1. Your closing package will show the exact date.
Who do I make my first payment to?
Your closing documents will list the servicer and where/how to pay. If servicing is transferred after closing, you’ll receive a formal “good‑bye/hello” letter with new payment instructions.
Do I need homeowner’s insurance before closing?
Yes. Please provide your insurance binder and invoice with the correct mortgagee clause to the lender and title company before closing so we can fund on time.
Can I review documents before the appointment?
Yes. You’ll receive your CD and a preliminary package to review. Bring questions to closing or contact us in advance for a walkthrough.
When do I get the keys?
After funding and recording. In Texas, closings are typically “wet funded”—the title company disburses after lender approval and receipt of funds, then records the deed. Keys are released once funded/recorded per the contract.
Any last‑minute do’s & don’ts?
Avoid changing jobs, opening new credit, making large undisclosed deposits, or moving funds between accounts without a paper trail. Keep paying all bills on time. Tell us immediately if anything changes.
What documents will I receive after closing?
Signed Closing Disclosure, Promissory Note, Deed of Trust, and your Title Policy (mailed/emailed after recording). Keep these in a safe place.
Disclaimers & Helpful References
• Closing Disclosure timing (TRID): See CFPB guidance requiring delivery at least 3 business days before consummation.
• Texas closings typically fund & record before keys are released; confirm exact timing with your contract and title company.
• First payment timing: Mortgage interest is paid in arrears; your exact due date is shown in your closing documents.
• Always follow your specific lender, title company, and contract instructions.
• Closing Disclosure timing (TRID): See CFPB guidance requiring delivery at least 3 business days before consummation.
• Texas closings typically fund & record before keys are released; confirm exact timing with your contract and title company.
• First payment timing: Mortgage interest is paid in arrears; your exact due date is shown in your closing documents.
• Always follow your specific lender, title company, and contract instructions.