What Homebuyers Get Wrong About Closing (And How It’s Costing Them Thousands)

If you’re buying a home in North Carolina, especially around Lake Norman, there’s a lot more happening behind the scenes than just signing a stack of papers.

I’m Tiffany Webber, real estate attorney near Lake Norman and closing veteran (5,000+ properties closed and counting!). Today, I’m answering the questions homebuyers wish they had asked before closing day — so you can save yourself some serious money (and headaches).

Why Your Mortgage Payment Looks Higher Than Expected: Meet Your Escrow Account

You might notice your mortgage payment is more than just principal and interest. That extra chunk?
It’s your escrow account — a forced savings account set up by your lender to cover your property taxes and homeowners insurance.

Why You Want an Escrow Account:

Instead of scrambling for a $6,000 tax bill once a year, you’re paying smaller amounts monthly. Your lender uses your escrow funds to pay those bills for you — stress-free.

A few key points about escrow accounts:

• At closing, lenders collect a “cushion” — usually 3 months’ worth of taxes and insurance.

• An “aggregate adjustment” may show up on your statement to ensure they don’t collect more than legally allowed.

• If your taxes or insurance rates go up, you might have a shortfall — and your lender will offer to either:

  • Pay the difference in a lump sum, or

  • Spread it across your future payments.

Pro Tip: Open those escrow analysis letters you get each year. They’re not junk mail — they’re your early warning system!

When Is My First Mortgage Payment Due?

Good news: You usually get a month off after closing.

Example:

• Closing date: March

• First payment due: May 1st

Here’s why: Mortgage interest is paid in arrears (after it accrues).
At closing, you prepay the interest for the remainder of the month you close. Your normal payments start after a full month has passed — avoiding weird partial payments and confusion.

It might feel like a free month, but you’re just paying differently!

When Do I Get the Keys to My New Home?

Spoiler: Not right after signing your closing documents.

In North Carolina real estate closings, you officially get your keys only after the deed is recorded with the county.

Before recording can happen:

• All money must be in the closing attorney’s trust account (your funds, your lender’s funds, and sometimes even the seller’s).

• All funds must be cleared (wires are faster than checks — another reason attorneys love them).

• A title update must be completed to make sure no new liens, judgments, or surprises popped up since the original title search.

And about e-recording: It’s convenient, but it’s not instant. It just means you’re virtually standing in line at the Register of Deeds office instead of in person.

Only after recording is complete will you officially own the property and get your keys!

Bonus Tip: Sellers and Agents — You’re Waiting Too!

If you’re selling a home, your sale proceeds are not released until after the deed records.
Same goes for real estate agents — commissions aren’t paid out until everything is finalized.

No recording = no payouts. Period.

Thinking About Buying or Selling in the Lake Norman Area?

At Thomas & Webber, we love helping buyers and sellers have smooth, stress-free closings across Mooresville, Huntersville, and Denver, North Carolina.

Whether you’re buying a home or selling a property, you need an experienced team that keeps everything on track — and keeps your money protected.

👉 Ready to close with confidence?
Send your contract to [email protected] — and we’ll take it from there.
We’ll see you at the closing table!