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What is the final step in the loan process?
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Closing
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Pre-approval
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Application
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Processing
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Closing is the final step in the loan process. It is the point at which all necessary documents are signed, funds are disbursed, and the loan is officially completed. During the closing, the borrower and lender review and sign the loan documents, including the promissory note and mortgage or deed of trust. The closing also involves the transfer of ownership from the seller to the buyer. Once the closing is complete, the loan is considered finalized, and the borrower is responsible for making the agreed-upon payments.
