You're in the homestretch of owning your home. Here's what to expect in the final meeting, the closing.Finally, you've reached the closing on your property. In this chapter, we'll detail the documents you'll have to sign, what money you have to pay and who will most likely attend your closing and what documents you will be taking away for safekeeping. We'll also explain what an escrow account is and what the ramifications might be if you try to avoid it.What you can expect to learn from this chapter:Understanding the closing process There's a lot of paper signing at a closing. Here's what you'll be signing, what money you'll be paying and who will be present at your closing.Understanding escrow accounts Property taxes and insurance premiums are held in an escrow account by the lender so that the lender is sure they get paid.Chapter 6 quiz Did you learn enough about closing and escrow? Take our quiz. advertisementRelated Links:Rates at 50-year lowRate Roundup: March 26Skip biweekly mortgageRelated Articles:Rate recordCost of fleeing mortgageRate Trend Index
You're in the homestretch of owning your home. Here's what to expect in the final meeting, the closing.
Finally, you've reached the closing on your property. In this chapter, we'll detail the documents you'll have to sign, what money you have to pay and who will most likely attend your closing and what documents you will be taking away for safekeeping. We'll also explain what an escrow account is and what the ramifications might be if you try to avoid it.
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