You've found your home, agreed on a price with the seller, had the home inspected, and now you're ready for the closing, where you will officially take ownership of the property. Welcome to the end of the homebuying process - and the beginning of your homeownership journey.

The closing date will depend on when the seller is ready to move out, when you are ready to move in, and when all of the mortgage details have been finalized. You may want to request a closing date near the end of the month in order to minimize the amount of interest you have to prepay on your mortgage.

Closing practices vary based on location, but attendees may include the following:

• Buyer and seller
• Real estate agents for the buyer and seller
• Closing agent
• Title company representative
• Mortgage company representative
• Attorneys

Despite all the new technologies that are streamlining the mortgage process, the closing phase remains very paper-intensive. You will have to review and sign a hefty stack of documents. You will also have to pay for any closing costs, including:

• Lender fees, such origination fees and discount points and fees paid by the lender to third parties, such as an appraisal fee, credit report fee, etc.;
• Third-party fees for services not provided by your lender, which may include a settlement fee, title insurance and attorney's fees; and
• Pre-paid items that must be paid to your lender, such as pre-paid interest, hazard insurance and deposits to set up an escrow account.

You should review the mortgage promissory note carefully at the closely. If you do not understand the note or if you believe it does not reflect what you were told, do not close the loan. Do not allow mortgage brokers, mortgage lenders or real estate agents press you into closing the loan with promises that they will "fix" the note later. The promissory note is a legally binding document and you will be obligated to make payments as stated in the note. If you cannot make those payments, plus the taxes and insurance on the property that are not reflected on the note, you may lose your home.

At the closing, you will receive a HUD-1 settlement statement, showing the fees that you will pay in connection with your mortgage loan. You should also review the HUD-1 carefully to make sure that it reflects the fees that were disclosed to you on your Good Faith Estimate of Settlement of Closing Costs. If you are using a mortgage broker, the fee that the lender is paying the broker should be reflected as a yield spread premium, or YSP, on the HUD-1 Settlement Statement. If you have not already done so, ask the broker how the yield spread premium affects the interest rate that you are paying. Typically, a higher yield spread premium means that you are paying a higher interest rate.