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Mortgage glossary
Closing
The final stage when required documents are signed and the transaction is completed according to the contract and applicable law. Money and ownership are transferred when all required conditions are met. The place, timing, and process can vary.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.