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The Signing: When
the lender is ready to ”close”
your loan, or “fund” it,
your real estate agent and your mortgage
broker will have you sign the final
loan documents. Signing will typically
take place in front of a notary or
an escrow officer. Ask your mortgage
broker if there is anything you need
to do to prepare for this, such as
bringing a photo ID or perhaps a cashiers’
check if you are purchasing real estate.
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, and
even so, delays are all too common.
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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.
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