When preparing to purchase a home you’ll likely hear the term “closing.” Closing, often referred to as settlement, is the completion of the real estate transaction between you as the buyer and the seller. At the closing meeting, the buyer signs the mortgage documents and the closing costs are paid.
Closing is exciting because it’s the final step in purchasing your home… but it can also be overwhelming. Your real estate agent will be there to guide you, however, it’s important to understand what the closing process entails so that you’re prepared come settlement date. As Robert mentioned in the video, you should feel free to ask questions and take as much time as you need to review the documents carefully.
Check out the infographic below which outlines the traditional closing process.
Source: Freddie Mac
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