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5.
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The
closing will occur after all conditions are cleared
and the lender issues a full loan approval. At the closing,
the lender "funds" the loan with a cashier's
check, draft or wire to the closing agent who disburses
funds in exchange for the title to the property. This
is the point at which you finish the loan process and
actually refinance or buy the house, subject to the
lender's loan. Closings occur at different places in
different states. For instance, some states require
that the closing take place at a closing attorney's
office, while others use a title or escrow company.
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