
What is a settlement statement in real estate?
The document that used to be called a settlement statement is now known as a closing disclosure.
Michele Petry is a senior editor for Bankrate, leading the site’s real estate content since January 2022. Before joining Bankrate she was a writer and editor for StreetEasy, Zillow’s New York City real estate site. Before that, she amassed 20 years of experience on staff at national magazines, honing her skills editing home-based content at House Beautiful, Elle Decor and Veranda (among other titles). Michele earned her journalism degree from Syracuse University’s Newhouse School of Public Communications and is a member of the Society for Advancing Business Editing and Writing (SABEW) and the National Association of Real Estate Editors (NAREE). She lives in Manhattan.
Buying your first home is scary, stressful and thrilling all at once. I couldn’t believe a bank was willing to lend a young, clueless me what seemed at the time like SO. MUCH. MONEY. The fact that it was a New York City co-op apartment, with all the esoteric rules and nerve-racking interviews that includes, made it even more surreal. I know firsthand how important it is to have a knowledgeable real estate agent to guide you through the journey — mine specialized in my neighborhood, knew the building I was buying in specifically, and saved me from making a million naive missteps. I’m happy to use my experience and skills to help others achieve their real estate dreams.
Hire a real estate attorney for any home sale or purchase, even if your state doesn’t require you to. The contracts are complex, and the stakes are high — it’s worth the extra cost to make sure everything is legally buttoned-down.
— Michele Petry
With an exclusive agency deal, you don’t pay a commission if you bring in your own buyer.
Mortgage lenders usually require an appraisal, but in some cases, they may let you skip it.
Whether or not it cuts rates, the Fed may not be able to reset the market.
The housing market isn’t immune from outside economic forces, including inflation.
Selling your home, while often emotional, is a business transaction.
Determining home value is an inexact science. AVMs can help you get the whole pricing picture.
The answer depends on what state you live in, and that state’s legal age of majority.
Calculate how much house you can afford with our home affordability calculator. Factor in income, monthly debt and more to better understand your ideal loan amount.