Closing: When all parties sign their documents ** all parties: Buyer, Seller, Closing agent
The quality of the experience is largely based on
A closing agent can explain documents or fees but cannot negotiate rates and terms.
Settlement types:
Wet Settlement: The ink is still wet, funds are disbursed at the closing table, typically used for purchase transactions.
Dry Settlement: The ink is now dry, funds are disbursed at some point after closing, typically used for refinance or reverse transactions, allows for rescission period to elapse prior to funding.
Funding:
Table
Warehouse
Direct
Recording: Loan docs are filed in the county where the property is located. Deed - shows home ownership
security instrument - Deed of trust/Mortgage - tethers lender to home until it's paid off.