The VA Loan Closing Process in Colorado

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After 30 – 45 days of signing a sales contract, you’ll close on your VA loan. At the closing, you’ll sign many documents, make your down payment (if applicable) and pay your closing costs. Money exchanges hands between you, the lender, and the seller.

The closing agent handles everything during the process, but here’s what you should expect.

The Closing Disclosure – 3 Days Before Closing

Three days before you close, I’ll send you a Closing Disclosure. This shows all the details of your loan, including the money you owe at the closing. It also shows your loan’s details including the loan amount, interest rate, and payment.

We’ll go over the document and you have three days to ask questions or make changes. If you agree to everything, the closing will take place three days later.

The Closing

At the closing, a closing agent discusses the closing documents. You’ll sign a promissory note, deed of trust, and other disclosures. I’m always there to answer questions or clarify anything you don’t understand.

After the closing, your closing agent sends the deed of trust (mortgage) to the county for recording. This gives the lender first lien on your property should you default. The lien remains there until you pay the loan in full.

The promissory note isn’t recorded, but it gives the lender the right to sell, assign, or transfer your loan to another lender. This doesn’t change your loan’s terms, it only changes who collects your payments and possibly how you make them (where you mail them or what website you use).

After the Closing

The VA requires veterans to move into a home bought with VA financing within 60 days of the closing. If this isn’t possible, we’ll discuss your options/obligations.

You’ll make your first VA loan payment on the first day of the month 30 days after your closing. For example, if you close on August 18th, your first payment is due October 1st.

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