What is settlement,
The Settlement Process Is the Final One Before
OwningGet Ready to Be an Owner!
By the time you
reach settlement, your loan is approved and your contract is signed. The process
of purchasing a home is an exercise in delayed gratification. In order to get
a mortgage loan, you had to cough up tons of personal documents and expose your
finances in excruciating detail. You had to survive the agony of contract negotiations
with the seller and arrived at a price. So, now it's time to simply sign the dotted
line and finally move in, right? Not yet!
just one more important step before you get the keys to your new home. It's the
last meeting between you and the seller, chaperoned by an attorney or settlement
agent, when you sign your loan papers and take official ownership of the property.
Hard on the Nerves So keep your head.
Closing on a home can be a little nerve wracking-it's easy to wonder what might
go wrong at the last minute. But there's no reason to worry, especially if you
arm yourself with the right information beforehand. You need to know what closing
costs are, what to expect, and how the whole settlement process works. You'll
feel better with a clear understanding of where the money's going and what services
you're buying with it. Most of all, you'll be able to cut your closing costs.
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