Closing
The final step is the closing, where you sign the mortgage documents and pay closing costs, such as origination fees, appraisal fees, title insurance, and
Reviewing and signing the Closing Disclosure:
A Closing Disclosure is a document that provides detailed information about the final loan terms and closing costs. It should be reviewed carefully to ensure all the terms are accurate and acceptable before signing.
Title search and title insurance:
A title search is conducted to ensure the seller has clear and marketable title to the property, and title insurance is obtained to protect the buyer from any title defects that may arise in the future.
Payment of closing costs and down payment:
The closing costs and down payment are due at closing, usually in the form of a cashier’s check or wire transfer.
Transfer of ownership:
At closing, ownership of the property is officially transferred from the seller to the buyer, and the mortgage is recorded with the local government. The buyer receives the keys to the property and the mortgage becomes active.
Closing Resources!
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