This tip provides Buyers with a few suggestions on how to make the loan document signing appointment more comfortable and less time-consuming. This part of the escrow process involves a significant commitment for Buyers. It is a busy time as the closing approaches. Anticipation is growing, moving plans are being made, and tensions may run high. As a Buyer, there are a few things you can do to smooth your way through your document signing appointment.
If possible, avoid last-minute surprises and review the loan documents prior to the signing appointment. This saves you time during your appointment and gives you a chance to make a list of any questions you may have.
Bring proper photo identification to your appointment, such as a Driver’s License. This will be a requirement for the Notary Public who will acknowledge your signature.
Allow sufficient time for the appointment. Typically, this means setting aside one to one-and-a-half hours. Expecting very young children to sit quietly during the signing is difficult. You might consider making some child care arrangements so that you can focus attention on the important financial documents.
Be sure that your loan officer or another knowledgeable representative will be available in person or by phone during your appointment. Understanding the complexities of the lender’s forms and disclosures can be overwhelming, even for the most experienced Buyer. Ready access to an expert will provide quick answers to your questions.
Your Escrow Officer is qualified to manage the escrow process, but he or she is not a lending expert and will not be able to answer all of your questions about the lender’s loan documents. Your loan officer is a qualified professional who can make certain that you understand your new financing.
The new Note is the most important document in the lender’s document package. It is your promise to repay the loan and describes the terms of that repayment. Read it carefully.
Be sure to sign, date, or initial in all the spaces provided for these purposes. Your Escrow Officer (or other signing person) will help you with this. Missed items can cause unwanted closing delays.
If you discover an error in the lender’s loan documents, the lender must give prior approval for any corrections or revisions. Many lenders will not permit alterations of their documents. If you are permitted to make a change, all Buyers should place their initials next to it.