Christian Community Mortgage Resource Network
Loan Settlement and Closing Process
Settlement
Settlement is the signing of all pertinent documents and the deposit of funds with the title company. Settlement precedes the actual closing and usually takes place at a title company.
Closing
"To close on a house" simply means to transfer ownership of a property from the seller to the buyer of that property. It occurs when the deed is recorded and the funds are disbursed to the seller by the title company.
Closings go more smoothly when the requirements for the loan application are completed in a timely manner with accurate information. The time between signing and recording is usually one to two days depending on whether the buyer is paying cash or getting a loan.
Buyer Costs
Buyer(s) costs include: down payment, loan costs, escrow (or attorney) fees, tax prorations, recording fees, title insurance and prepaid interest. Actual costs will vary and if the down payment is less than 20 percent, money for mortgage insurance may be required.
Seller Costs
Seller(s) costs include the escrow (or attorney where applicable) fee, title insurance, recording fees, tax pro-ration, Realtor fees (if applicable) and payoff of any existing loans on the property.
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