Refinance vs purchase

I have done a lot of HELOC and refinances but I just accepted my first purchase signing (buyers only) is there any thing special about it? when it comes to loan documents how is purchase differ from refinance?
Thank you.

Really no differnce,

Less paperwork; about the same time at table as there is no RTC. Unless they slide in a loan with the ‘purchase’, then more paperwork/time.

There are two ways purchases are done. In some states, there is escrow funding; the papers are signed and the funds are given to the escrow agent. Over the course of a few days the escrow agent sends out all the checks or wire transfers to the people who are owed money, then the buyer gets the keys.

In other states, like Vermont where I live, there is table funding. Everybody gets around the table, including the buyer, seller, and attorneys for the bank that holds the old mortgage and the bank that holds the new mortgage. The buyer and buyer’s lender give funds to the escrow agent. The escrow agent cuts checks or makes wire transfers to those who are owed money right there at the table. The deed gets signed and handed to the buyer’s title insurance company. The buyer gets the keys, drives to the new property where the moving van is waiting, and moves right in the same day.

I leave purchase signings to attorney, unless it’s an out-of-state property where they do escrow funding…


I find them to be a lot easier and quicker than the refinances. Less doc’s.

Thank you all for responding. I finished the signing and it was not bad at all.