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Steps for Buying a Home
Life as a Homeowner






 
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Module 4
Steps for Buying a Home
Closing the Loan
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Getting the Keys

The Home is Yours the Day of Settlement
After you leave the settlement table, the settlement agent will pay off the seller’s existing loan, deduct the seller’s closing costs and prepare a check for the proceeds that go to the seller. As soon as the deed and mortgage are recorded, the seller will receive the check. You will be given a copy of the deed at settlement but you do not receive the actual document for several weeks. However, the home is yours as of the day of settlement and the seller will turn over the keys to you.


Helpful Links

Sites with More Information
To learn more about settlement costs and the process of closing, visit the following sites:

Appraisal Institute’s Commonly Asked Questions
Fannie Mae’s HomePath
HUD’s Settlement Costs and Information
National Foundation for Credit Counseling

These helpful links are also available in the Resources area.

Next Step
Congratulations — you have finished Steps for Buying a Home! Use the Key Points Summary to review the topics you learned, and then test your homeowner knowledge with our Quick Quiz.

When you are finished, continue to Life as a Homeowner to learn how to become a successful homeowner and maintain your valuable investment.

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