What happens during a loan closing?

During a loan closing, the finalization of the mortgage transaction takes place. This is a critical point in the home buying process, where all necessary documentation is signed, which typically includes the mortgage agreement, promissory note, and various disclosures. Additionally, this is the stage at which funds are transferred, often including the down payment and other closing costs. The involvement of both the buyer and seller, along with the lender, is crucial, as they all play a role in the completion of the transaction by signing necessary documents.

This option encompasses the core functions of a closing, including the execution of documents that bind the parties to the terms of the loan and the release of funds to facilitate the purchase of the property. It's integral in ensuring that the buyer receives the legal title to the property and that the lender has secured their interest in the mortgage.