Buying a Home

Closing Facts

At the closing meeting, you'll be asked to sign a number of papers, as well as pay closing costs . Each situation is different, so the closing costs may be part of your mortgage or they may be paid by the seller or the builder of the home.

Remember, the closing process varies from state to state, and even within the same county or city. Certain activities are standard, and it is to yours, the sellers, and the lenders benefit that you understand all of the activities.

Your primary role at the closing meeting is to review and sign documents related to the mortgage loan and to pay the closing costs.

Many of the people involved with the purchase of your home will be at the closing. The meeting takes about one hour and is usually held at the closing agents office. If you live in an area of the country where there is no formal closing meeting, an escrow agent processes the paperwork, arranges for the documents to be signed, and collects and disburses the required funds.

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