Are you hoping to close on a new home in the near future? While closing is a very exciting time and a major milestone, it can also be a complex process. Luckily, DaMore Real Estate Law gives you all the expertise, knowledge, and care you need. One component of the closing process is settlement statements. Let us take a look at 3 things to know about settlement statements before closing.
When you are in the process of closing, you will receive a settlement statement. They arrive three days before closing from your lender. This document is commonly known as the “closing disclosure.” Essentially, this is for buyers to review in advance before closing.
This closing disclosure walks you through everything important in your home purchase. This includes mortgage payments, the terms of the loan, and any additional fees that require payment. Hence, these are called “closing costs.”
Cash For Closing
Sometimes, cash is required in the closing process. The settlement statement you receive will let you know how much if any, cash is needed at the closing table. However, the term “cash for closing” can be a little misleading. It does not necessarily mean bringing paper money to the closing. In fact, it usually requires a check. Instead, “cash for closing” refers to the actual amount of money you pay at the closing to complete the purchase.
Peace Of Mind While Closing
These are just 3 things to know about settlement statements before closing on your home. At DaMore Real Estate Law, we know the world of real estate can be complex. That is why we are here to give you peace of mind in your closing process. Contact us today to learn more about how we can help you with all things real estate!