Closing day is the culmination of a weeks-long process that could include financial drama, tense negotiations and a lot of discussions with real estate professionals, lawyers and mortgage lenders.
Here’s a guide to navigate what happens after you sign the purchase contract until the day you get the keys to your new home—or complete your mortgage refinance.
A real estate closing is when you finalize the paperwork to purchase your new home or complete your refinancing arrangement. Once the paperwork is complete, you are the homeowner and responsible for what’s contained in every document you’ve signed, including a commitment to pay the mortgage installments for the entire term of the loan.
Although federal law allows for a right of rescission for people who are refinancing—giving them until midnight of the third business day after the transaction to cancel the mortgage—there is no such provision for new home purchases. Once you’ve signed the documents to buy a new home, they are official.
Click here for more information: https://www.forbes.com/advisor/mortgages/real-estate-closing/