You are likely to hear the term “closing” frequently in buying or selling a home. That short word captures most of the final steps involved in finishing the transaction and financing, and becoming the owner.
Many of these steps have costs, so you’ll hear the term “closing costs” as well. Closing may be a small word, but closing costs can become sizable. Buyers are well advised to understand the cash that will be needed for closing costs as early as possible.
Required forms and steps in the mortgage process, such as the Loan Estimate form covered in other videos here, will help you know the range of costs to expect.
This short video will help you relate various closing costs and processes to understand them more clearly.