Understanding Your
Home Closing Process
Congratulations on finding your new home!
Your agent sent your contract to MBH Settlement Group. You’re off to a great start! But what’s next?
What You Can Expect?
A lot will happen between now and your closing date.
Understanding the process and what MBH Settlement Group is doing to protect you in the purchase of your new home will help ensure a smooth transaction! See a quick summary of the process.
Important Information You Need To Know
MBH makes it easy to ensure you always know what’s next and understand your role in ensuring a smooth closing.
Scroll down this page, you’ll see a step-by-step listing of your role in the process including detailed instruction.
Need more information on the terms used?
You’ll find great info in the glossary!
If you have any questions, your MBH Settlement team is happy to answer!
YOU HAVE A RATIFIED CONTRACT, WHAT’S NEXT?
Once your contract is ratified, your real estate agent will send the contract to your MBH team.
Your first step starts right away!
STEP 1: Send Earnest Money Deposit to MBH ASAP
An earnest money deposit (EMD) is money that you put down with a contract. It is a good faith deposit that shows the seller you are serious about closing the transaction.
Most often your EMD money is due within 3 days of the contract! Your contract may note otherwise, check to be certain.
IMPORTANT: Your Earnest Money Deposit
Most often your EMD money is due within 3 days of the contract! Your contract may note otherwise, check to be certain.
If your contract stipulates the MBH is to hold the EMD, you have options to send to MBH:
-
- electronic deposit*
- wire
- check (drop off at office or overnight)
Because it’s so convenient, most buyers now send their EMD (Earnest Money Deposit) electronically!
You’ll find instructions in the Electronic EMD Instructions section below.
NOTE: If you are not able to send the EMD electronically, your check must be received by MBH by the date detailed in your contract.
Ready to send your electronic EMD? The next section provides instructions.
*At this time BankShot does not accept NFCU Cashiers Checks. If this is your bank you will need to choose to wire or drop off/overnight a check to MBH.
Electronic EMD Instructions
1. Download the BankShot App at the App Store or Google Play Store
2. Follow the Instructions to Send your EMD to MBH
NOTE: Bank Shot does not accept NFCU Cashiers Checks. If this is your bank, you may to wire or drop off/overnight a check to MBH.
Instructions download instructions (pdf)
STEP 2: Log In To Your Secure Portal
After MBH Settlement Group opens your contract, you will receive an email from our secure closing document portal.
How To Log In To Your Secure Document Portal
1. Using the link in the email from MBH regarding your Secure Document Portal: Create Your Account.
2. Review the files in the Documents tab and complete the Tasks as outlined in the portal.
3. Track your closing progress online OR in the Qualia app
You can log in to the portal here.
OR
Download the Qualia App at the App Store or Google Play Store
Read The Wire Fraud Notice
Wire Fraud: Safeguard your information
To our Valued Clients,
In an effort to advise you of the rise in real estate transaction-related email hacking and fraud we are providing you with this notice.
At MBH, we will NEVER request that you use any wiring instructions other than those received in the initial and official correspondence from one of our branch offices. In an effort to further secure any funds received via wire from our offices during the course of this transaction, we will also NOT accept any alteration of any pre or post-closing email delivery of wiring instructions that differ from those provided in original form in the presence of an MBH Settlement Agent.
Should you EVER receive an email correspondence appearing to be from an MBH representative asking you to initiate a wire to an account (either matching the account noted or not matching the account noted in this correspondence), please contact that office and representative using a number from a verified source (not one provided in the body of an email you receive) and verbally confirm the validity of the request. We understand that this may sometimes be inconvenient, however, it is for your protection.
While we at MBH have taken all measures currently available to us to secure our systems, we can’t confirm or be responsible for the security of any other system that parties participating in the transaction use to communicate. Below you will find a summary of our wire policy noted above that will also appear on email correspondence that you receive from an MBH representative:
WARNING-FRAUDULENT WIRE INSTRUCTIONS
Email hacking and fraud are on the rise to fraudulently misdirect funds for real estate transactions.
Please call this office immediately, using the reliable contact information found from an independent source, to verbally verify any wire or funding instructions received. We are not responsible for any wires sent by you to an incorrect bank account.
WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX.
Thank you for your business and your partnership in our efforts to safeguard your information.
If you receive suspicious communications please call your MBH representative.
Didn't Get Your Invitation Email?
Check Your Spam or Promotional folders!
Occasionally important emails are confused for Spam.
- Check Your Spam or Promotional Folder
- Still Cannot Find It? Give your MBH representative a call.
You’ll want to receive every email from MBH during this time! Take a few steps to ensure they don’t end up in “junk” files with these steps:
- Mark emails “Not Junk”
- Add the Email address to “Safe List”
- Check to see if any filter Is affecting the destination of incoming emails
- Make sure you haven’t marked MBH’s email domain (@mbh.com)email as “Spam”
- Make sure that MBH (the Sender) is not blocked
It’s still a good idea to check your junk folder daily.
STEP 3: Gather Important Information
Before you start packing, you’ll want to be sure to have a safe place for everything you need for your closing.
Info You'll Be Asked for Through The Secure Document Portal
Before you start packing, you’ll want to be sure to have a safe place for everything you need for your closing.
What Information Will You Be Asked for Through The Secure Document Portal?
- Social Security Number
- Drivers’ License or Legal Form of Identification
- Date of Birth
- HOA Information
- Confirm Lender Information
- Marital Status
- Citizenship
- How Will You Take Vesting
- Property Survey Preference
- Current Address / Forwarding Address
- Notification Of Closing Using a Power of Attorney (NOTE: Let your MBH representative know this right away!)
Don't Pack That!
In addition to the information you’ll need to input into the secure document portal, you may need to bring the following to your closing:
- All settlement documents and title policies from any properties you’ve owned (Including the property you are currently selling)
- Legal Photo Identification NOTE: Your lender may require 2 forms of identification
- Check Book
- Copy of checks written for your earnest money deposit
- Canceled checks for your mortgage or rental payments (last 12 months)
- Bank statements for all accounts; savings, investments, retirement (last 12 months)
- Separation agreements or divorce decrees
- Pay statements for the last three months
- Completed tax returns for the last two years (with W2s)
- Buyer Key Contact List
Purchasing as a Trust, LLC or Corporation?
Make sure to have your documentation available to be reviewed by your MBH team!
STEP 4: Check Your Portal To Maintain Communication
Regularly check for email (or App) notifications that the portal has been updated.
- Qualia Portal Login
- Download the Qualia App at the App Store or Google Play Store
STEP 5: Complete the Mortgage Loan Process
Be sure to follow up regularly with your lender to ensure there is no missing information.
Follow Up On Loan Application With Lender
Be sure to send all info requested by your lender ASAP.
NOTE: Delays in your lender receiving all necessary information can impact your closing date!
Lender Runs Credit Report
Your lender is responsible for checking your credit report.
Have questions? Your lender will be happy to answer them.
Loan Underwriting
NOTE: Missing info can hold up your closing date!
Buyer Approved
Be sure you’ve checked the secure portal to see if anything is needed from MBH!
STEP 6: Protect Your Investment
Your home is likely to be the biggest investment you will make.
Title Insurance is how you protect it.
MBH is a licensed agent for some of the nation’s largest and most trusted title insurance underwriters. Delivering the best protection against unknown risks, MBH has you covered!
Your MBH team is available to discuss the best options for you.
Title Insurance
PROTECTION
Title insurance is your best protection against defects (a potential risk) to a current owner’s full right or claim to sell a property. It protects against defects, which could remain hidden, despite the most thorough search of the public land records.
Lender’s Title Insurance, which covers your mortgage lender, is typically paid for by the homebuyer. It is required by the lender and protects the lender’s interest.
Owner’s Title Insurance is purchased by the home buyer. It is the best way to protect your property rights, as well as your inheritors, beneficiaries, and trustees.
DEFENSE
In the event of a claim or lawsuit challenging ownership, Title Insurance covers the policy owner for:
1. Legal Defense of your ownership interest
2. Claim Settlement if it proves valid
Owner’s Title Insurance can be your primary defense.
Your MBH team is available to discuss the best options for you!
Learn more about Title Insurance and review Policy Comparison
Property Survey
What is a Survey?
A survey is a drawing showing the boundary lines, fence locations, possible encroachments onto or from neighboring properties, and easements on the property you are intending to purchase. The survey can make you aware of major issues concerning the property in time to have them remedied by the seller prior to closing.
Why do You Need a Survey?
It is generally thought to be in your best interest to have a survey done, even if it’s not required. If you have a survey, the title insurance policy will contain an exception for anything that shows up when the survey is done.
STEP 7: Get Ready For Closing
One of the most important things you can do is to gather all of your documents and secure your closing funds.
Check out the details below to ensure you’re prepared and don’t delay your closing!
Closing Funds
Your Lender will send your Closing Disclosure (CD) to you 3 days before closing. Look at this right away!
This document Includes:
- Your loan terms
- Your projected monthly payments
- How much you will pay in fees and other costs to get your mortgage (closing costs).
Your closing costs cannot be paid with a personal check.
AHEAD of your closing date, you will need either a cashier’s check or wire transfer.
It takes time to wire funds. Be sure to contact your bank immediately to understand their process and timing.
- Cashier’s Check: This is not a regular check. Your bank may require time to process this contact your bank several days in advance to understand their process.
- Wire Transfer: It takes time to wire funds. Be sure to contact your bank several days in advance to understand their process.
Gather Your Documents
- A valid, legal photo ID (your lender may require 2 forms of ID)
- Social security number
- Separated or Divorced? Bring these legal documents with you.
- Closing Funds (for the amount specified in the most recent Closing Disclosure form you received from your loan officer or lender)
- Wire Transfer Receipt (you will have needed to wire funds ahead of time; you can get your wiring instructions from MBH)
- Cashier’s Check (no personal checks)
- Checkbook (there can be variances in the amount noted on the Closing Disclosure or incidental charges)
Power Of Attorney Closings
IF you have pre-approval for a POA Closing talk with your MBH representative about your next steps.
You MUST have approval for a POA Closing well in advance of your closing date!
You will need the ORIGINAL POA at the time of closing!
The original POA will be returned to you after closing.
At Your Closing
For all of us, this is a GREAT DAY!
Expect to Read & Sign several pages of documents, including your mortgage documents and all of the paperwork you’ve received and reviewed.
Don't Forget Your Documents!
- A valid, legal photo ID (your lender may require 2 forms of identification)
- Social security number
- Separated or Divorced? Bring these legal documents with you.
- Purchasing as a Trust, LLC or Corporation? Have your documentation available for review.
- Closing Funds (for the amount specified in the most recent Closing Disclosure form you received from your loan officer or lender)
- Wire Transfer Receipt (you will have needed to wire funds ahead of time; you can get your wiring instructions from MBH)
- Cashier’s Check (no personal checks)
- Checkbook (there can be variances in the amount noted on the Closing Disclosure or incidental charges)
- Original POA (for pre-approved POA Closings only)
Celebrating The Moment
At MBH we love celebrating closings!
Whether it’s your first home, vacation dream, rental property, right-sizing, or the business you’ve always wanted, it’s time to CELEBRATE!
Don’t forget to bring a big smile – we’ll be ready with the camera!
After Closing
MBH is honored to have been with you on The Road Home!
What To Expect After Closing
MBH is honored to have been with you on The Road Home!
After closing, MBH will upload copies of all the documents you have signed to the secure portal after closing. You will also receive (in the mail) the original deed for your property and your title policy.
Be on the lookout for this and be sure to keep it in a safe place!
Congratulations!
The Closing Process
The Lender's Process
The lender’s process happens simultaneously and in conjunction with the title and settlement process.
Loan Application
Sending Requested Info
Make sure you send all info requested by your lender ASAP.
NOTE: Delays in your lender receiving all necessary information can impact your closing date!
Credit Report
Your lender is responsible for checking your credit report.
Have questions? Your lender will be happy to answer them.
Title Underwriting
Still Missing Info?
Check to be sure your lender has everything they need in order to process your loan.
NOTE: Missing info can hold up your closing date!
Buyer Approved
Your approved loan is a big step in getting the keys to your new home!
Be sure you’ve checked the MBH secure portal to see if anything is still needed in order to make your closing date.
MBH Receives Contract
Once your offer has been accepted, you or your real estate
agent can begin the process by sending your contract to MBH!
If the contract states MBH is holding the Earnest Money Deposit, most buyers can send their EMD electronically! Contact your MBH team for instructions.
Receive Secure Portal Email Invite
Check your email! You’ll receive an invite to the portal. You can follow the process in MBH’s Secure Online Portal!
Log In from the MBH Buyers And Sellers Resource Hub
Contract Review
Our team of experts meticulously reviews your contract to ensure details
are in order and that the terms are fully carried out at your settlement.
Title Search & Examination
Abstractors research 40 – 50 years of records in the “chain of title.” MBH follows up with a thorough review and examination to ensure accuracy and completeness.
Clear Title
MBH confirms any underwriting requirements are satisfied and the property is suitable for transfer of title.
Title Insurance
Your home is one of your biggest investments.
Title Insurance Is How You Protect It!
MBH is a licensed agent for some of the nation’s largest and most trusted title insurance underwriters. Your MBH team is available to discuss the best option for you.
Schedule Closing
Mark your calendar! MBH is coordinating the final details with buyers, sellers,
lenders, & agents regarding closing time, date, location, etc.
Prepare Closing Documents
MBH and your lender facilitate the documents for the closing of your
choice: traditional in-person, e-Closing (as allowed by lender), or remote!
Closing Disclosure to Buyer
This comes from your Lender!
NOTE: Lender sends 3 days before closing.
Look at this right away!
Get your cashier’s check or wire BEFORE CLOSING.
NOTE: Cashier’s Check: This is not a regular check. Your bank may require time to process this contact your bank several days in advance to understand their process.
Wire Transfer: It takes time to wire funds. Be sure to contact your bank immediately to understand their process and timing.
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