Definition
Closing is the final stage of buying a home. It's when you sign the legal documents and transfer the funds to officially take ownership of the property.
Understanding the Closing Stage
Closing happens near the end of the mortgage process. It's when you sign final papers and officially get the home. In simple terms, it's like the last step before homeownership. Example: If your loan is $300,000 and you pay $10,000 in closing costs, you'll bring that amount to the table. It's not just about signing; it's also about verifying details like loan terms and payments. A common misconception is that closing means immediate move-in. It doesn't always mean you'll have keys the same day. But it does mean the home is almost yours.
