Things to do Before & During Your Loan Doc Signing Appointment
When it's time to sign your loan documents, there are a few things you should keep in mind. Your escrow officer will receive the loan documents from your lender, and he/she will need some time to prepare the documents for you. The escrow officer will contact you to schedule a time for you to meet with a notary to sign the documents. Typically, the notary can come to you, so think ahead about the most convenient place you'd like to meet (a place that has a couple chairs and a large desktop/table-top area that will be comfortable for signing a large amount of documents). Another option that is often available is to meet the notary at the escrow office (but the convenience of that will depend on where your escrow office is located). I like to attend these appointments with my clients, so please include me during the scheduling phase (hopefully we can find a time that works for the notary, you, and me). If you schedule the appointment at a time that doesn't work for me, you can call my cell phone if questions arise during the appointment.
Here are some things to remember to bring for the appointment:
1. Bring two forms of identification (driver's license, Costco card, passport, etc.).
2. Bring your Good Faith Estimate (GFE) from your lender.
3. Bring your loan officer's contact info (in case there is a question about the loan documents), and coordinate with your loan officer beforehand to make sure he/she will be available to take your call if something comes up.
4. Bring a copy of the estimated HUD (closing statement) from your escrow officer.
Here are some things to be sure to do during the appointment:
1. Review the Estimated HUD / Closing Statement paperwork to make sure that all the charges make sense and are correct. If something needs to be changed on these, it is typically OK to continue signing the loan documents, as the closing statement paperwork can be changed separately from the loan documents.
2. Double-check with the notary how your signature is supposed to look on the documents (some lenders care if you include your middle name, if the signature is unreadable, etc.).
3. Double-check the vesting instructions. Be sure that the names, spellings, and how you are taking title to the property are all correct.
4. Be sure that your name and the subject property are spelled correctly on the loan documents.
5. Compare your Good Faith Estimate (GFE) to the estimated closing statement/Estimated HUD. You will read on the GFE that some estimates are allowed to change to a certain degree. If you feel that something is being charged incorrectly, then bring it up to your loan officer and your escrow officer (and me, of course).
Most loan document signing appointments go relatively smoothly, and often there are no corrections to be made. As your buyer's agent, I feel it's important for you to double-check these things now, so that you don't accidently get overcharged for something, etc. If you do catch a mistake, you will be glad that you took the time to look! The appointment will last about an hour.
Once this appointment is finished, the notary will return the documents to the escrow company. The escrow company will send the documents to your lender, and your lender will review the documents. If everything looks good, they will fund your loan the next day (by wiring the money to the escrow or title company). The escrow company may still need an extra day to process the recording, depending on what time escrow receives the wire from your lender.
If you have not already done so, be sure to wire your closing funds to the escrow company right after signing your loan documents. Contact me or your escrow officer if you do not already have the wiring instructions. Escrow needs your funds and the lender's funds before escrow can complete the transaction. As usual, let me know if you have any questions about any of this!
Justin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage.
Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home. They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.
If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. More about Justin Gramm on Google+. Call Justin at (858) 437-2662 or E-mail.