STEPS TO A SMOOTH CLOSING
No New Credit
The first step in securing a new mortgage is to have your credit run by the bank. The bank will re-check your credit the day your loan is set to close. Should any new inquiries or new credit appear the bank will require an explanation, and it may hold up the closing of your loan.
Delay The Cruise Until You Close…
When possible, hold the celebratory vacation until after you close escrow. Please review the closing calendar we provided you for important dates that you may need to be present for. We can accommodate your out of town needs with a mobile notary, if necessary.
Show Me The Money
The bank will require a thorough explanation of how your money ended up in your account. Keep a record of all deposits to your bank accounts that are not the result of a direct deposit from payroll, social security, or other income. Transfers to your bank accounts from your other accounts will need to be documented with statements from the originating accounts. Yes, it is a bit of a scavenger hunt that the banks are putting your through.
Understand Before You Commit
It is very important you understand what you are signing before you meet with the notary at the closing table. We will provide you with a copy of the mortgage note, closing statement, and deed of trust to review before your closing appointment.
Bullet Proof Your Vesting
How you hold vesting in your property determines who has rights to your property. The loan documents and the deed of trust will display your vesting. Consult with a Real Estate attorney for your options on vesting. You will need to provide a copy of your trust if you are opting to hold title in your trust.
Renew You
The notary who will be assisting you with signing loan documents will require a copy of your valid state issued drivers license or other state or federally issued photo identification. Make sure it is not expired. Otherwise, get it updated now.
Whose John Hancock?
Keep your signature consistent throughout the loan process so as not to create any discrepancies on all the signed documents. Sign the documents exactly the way they have your name printed (Todd A. Ross, not Todd Ross) The bank routinely compares your signature on the various documents you sign from application to the closing paperwork. Now is not the time to change how you sign your name.
