By the time you are scheduled for closing you should start feeling a sense of confidence. You have complied with a process, sometimes it felt like a voluntary process and other times you might feel like it was an involuntary process because of all the hoops you had to jump through in order to reach this stage in the transaction. Finality is the end goal and the new home or cheaper mortgage payment that you have been praying for. Of course the perception of your experience thus far will be evaluated based upon how your loan officer handled each hurdle or how he or she made your journey seem effortless.
At Beacon Point Mortgage you will find that we take client collaboration seriously, we are patient in understanding that not everyone fits into a particular mold and that finding the right loan product in the first instance and anticipating and preparing for underwriting's challenges ultimately achieves customer satisfaction.
In retrospect you will see that it helps to have a few trusted professionals in your corner.
Of the closing process arguably the most critical part of a real estate transaction closing day is the most critical.
This is where your team of professionals will prove their worth.
If all of the initial questions, concerns, documents and contingencies were addressed early in the mortgage approval and home shopping process, then you should feel confident about walking into the closing with all bases covered.
Here are a few checklist items to make sure your closing day goes smoothly and your deal gets funded by our lender the same day. Please address logistics of final viewing of the property , issues of moving, the condition of the property and possession of the property with your lawyer and realtor. If issues arise at closing involving the above logistics and broken contractual promises mandate that the settlement agreement be changed to add credits or post closing escrows, then the lender will need to approve these changes after receiving a copy of a rider to your purchase contract and supporting documentation. Ultimately the lender's closing department will not permit the title company to fund your transaction and make any disbursements without its approval. Keep in mind that the title company acts as the lender's closing agent. After they receive the lender's wire, the title agent must strictly follow the lender's disbursement instructions .
What happens at your closing?
1. Execute your Closing Disclosure
Prior to your closing we will deliver to you the document named a Closing Disclosure. Your closing disclosure shouldn't vary dramatically from the initial Good Faith Estimate or Loan Estimator. It is required by law that we send you the Closing Disclosure document generally three business days prior to your closing if delivered electronically or hand delivered and five days prior to closing if delivered by mail. This demonstrates that your closing charges do not exceed government limits for qualified mortgages. We cannot close before the appropriate time has elapsed.
2. Source funds required to close.
The amount to bring.
Your bottom line can be ascertained by contacting the Title Company directly on the day of closing or a few days prior to closing. We at Beacon Point can surely assist at giving you an estimate of the amount needed to close based upon your closing. However, the exact figures are not known until the Title Settlement Agent constructs the closing statement. A closing statement is a combination of the seller's figures and the lender's figures. You will be given this document to sign at your closing.
Presently, any transaction with a sales price of $50,000 or more, must be funded by sending a wire to the title company. Therefore, you will need the title company's wiring instruction. Otherwise if the sale price is less than $50,000 you may bring in a cashier's check.
If processing your loan concluded days prior to the closing date established in your purchase contract then usually we will have the final figures from the Title Company a day or two before the closing date.
There is always a possibility, depending on your loan program and real estate contract that money may be due to you, hence a refunding of your earnest money. It is up to the lender's guidelines as to how much money you can receive as credits to offset money due from you at closing. Its a beautiful day when you don't have to come out of pocket or walking away with a check. Of course if you are refinancing and approved for a cash out, you are one step closer to fulfilling your ultimate objective.
As stated on our "6 Tips to Avoid Delays of Closing," It is critically important that you source funds for your closing from the depository or financial accounts that you designated on your loan application.
Proof of Identification.
because a closing involves large sums of money and is federally regulated, you will undoubtedly need to bring proof of identification. This can come in the form of a state I.D., a state issued driver's license, or a passport. Please make sure all proof's of identification are unexpired.
Physical Presence and Excusable Absence.
You must be physically present for your closing and at the settlement agent's location unless remote closing accommodations or a power of attorney has been worked out long before the day of closing. All powers of attorney must be approved by the Lender. If the lender doesn't permit an agent to sign for you as a power of attorney, then you must appear at your closing.
Proof of Cancelled Checks. Earnest Money and Insurance Premium Paid along with declaration. page.
Focusing on two main objectives.
When at your closing, if you are like most people you will be nervous and excited all at the same time, but remain focused to the task of signing documents in the manner you have been instructed and now is a good opportunity to ask the Seller any questions you may have regarding the property and get to understand how some fixtures or gadgets operate.
Your first mortgage payment and all future payments will be due on the 1st of each month. The 1st payment will be due a full calendar month after your closing date.
We aim to provide you with excellent customer service realizing that your purchase and financing of real estate is a major life event. After funding and closing your deal we are hopeful to be your ‘Lender for Life" at Beacon Point Mortgage Solutions.’