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It’s Time To Make It Official!

The last step in your home-buying journey is closing on your mortgage—also referred to as settlement. After you complete the process, legal ownership will be transferred to you.

Preparing for Closing

Closing Costs: About 3 days before closing, you’ll receive your Closing Disclosure, which will list your closing costs. Typically, these equal 2-4% of your loan amount and can be paid through a wire transaction or cashier’s check.

To estimate your closing costs in advance, use our Closing Costs Calculator.

Final Walkthrough: Make sure the home’s condition hasn’t changed since your last visit, and that any agreed-upon repairs have been made.

Choose Your Closing Experience: Navy Federal offers 3 different ways to close on your home. Make sure you discuss them with your loan officer or processor! You can opt for: 

  • the traditional in-person signing experience with paper documents
  • the Hybrid eClosing experience, where you can electronically sign some of your documents and execute the ones that need to be notarzied in person with your settlement agent
  • the Remote Online Notary (RON) eClosing experience, where you can electronically sign all of your documents, including those that need to be notarized with a virtual notary 

The Hybrid and RON eClosing options were designed with you in mind! You'll typically spend less time signing documents, which means more time doing what you enjoy best.

Just remember to let us know your preference no later than 3 days before your closing, so we can provide the best experience possible.

Closing Day

Who Attends

Depending on where you live, who attends your loan closing will vary. Here are some of the people who could be present:

  • Buyer’s real estate agent
  • Seller’s real estate agent
  • Lender or lender’s representative
  • Title agent
  • Attorney
  • You (the buyer)
  • The seller

Sign Documents

You’ll review and sign many documents, so take your time and read through everything. If you choose the Hybrid eClosing option, you’ll have an opportunity to review the documents prior to meeting with your settlement agent. Feel free to ask questions when you have them. Some of the documents you’ll sign include:

  • Closing Disclosure. An itemized list of your final credits and charges, based on the terms of your contract.
  • Mortgage Note. A legal agreement to pay your lender, including when you’ll make your payments and where you will send them.
  • Mortgage or Deed of Trust. This document puts a lien on your property as collateral for your loan.
  • Certificate of Occupancy. If your home has been built brand new, this document shows that it complies with all building codes and other laws and is in suitable condition for occupancy.
  • Uniform Residential Loan Application (URLA). Also called a 1003 form, this document is used by the lender to determine the creditworthiness of the borrower. It includes basic identifying information, such as:
        1. borrow's address, marital status and dependents
        2. the type of credit of credit being applied for—whether         it’s a joint or individual application
        3. Social Security Number and date of birth
        4. current employer and address, as well as employment         income
  • Initial Escrow Account Disclosure. This disclosure provides details on the specific charges (homeowners insurance, property taxes, etc.) that you’ll pay into your escrow account each month as part of your mortgage payment.  
  • Affidavit of Identity.  This is a document in which you certify all names you've used to date, as the borrower. The name affidavit may include maiden name, married name and other names used by the borrower, as well as all variations of the names that appear in other documents.
  • First Payment Letter. A statement showing the amount of the monthly principal and interest payment due on the loan, along with the tax escrow and hazard insurance escrow that the lender will be holding.    

Pay Fees

Your down payment and any fees you’re required to pay will be collected. You may have already wired these costs to your closing or settlement company.

Get Keys

After you've paid your fees and signed all the documents, the house keys are yours and you’ll officially own your new home.

If you closed via RON eClosing, you can schedule a celebratory meeting with your agent to obtain your keys!

More About the Mortgage Process