The Signing
When the lender is ready to “close” your loan, or “fund” it, your mortgage broker in coordination with the Closing Attorney will have you sign the final loan documents. Signing will typically take place in front of a notary or at Closing Attorney’s office. Also, approximately 55% of all Closings are completed remotely now days where the Closing Attorney will mail documents to you….you sign in front of a Notary… and overnight the papers back to the Closing Attorney. It is a very easy process and seems to be the way of the future as opposed to “physical Closings” at an Attorney’s office. Ask your mortgage broker if there is anything you need to do to prepare for Closing, such as bringing a photo ID or perhaps a cashiers’ check. Documents are typically emailed out 2 days prior to Closing….allow yourself enough time to review the documents for accuracy.
If funds are being wired: “Wiring instructions” direct the electronic transfer of money between financial companies. If possible, arrange to have the wiring instructions in place ahead of time and checked for accuracy by both the sender and recipient of the wire. It is critical that these instructions be exact. If you are the Buyer it is best to have funds wired the day before Closing.
Congratulations!
Your mortgage broker will probably call you to confirm that the money has been transferred and the loan has closed. Always follow up with a phone call to confirm that your loan funds went where they were supposed to go. It is a good idea to keep records of this critical phase of the transaction once completed.