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 typically takes place in front of a notary or an escrow officer. Ask your mortgage broker if there’s anything you need to do to prepare, such as if you should bring your photo ID or if you need a cashier’s check, in case you’re purchasing real estate. Allow yourself enough time to thoroughly review the documents to ensure all the information is accurate.
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 as well as checked for accuracy, by both the sender and recipient. It is critical that the instructions are exact, however, delays may still arise.
Congratulations!
You will most likely receive a call from your mortgage broker, confirming that the money has been transferred and the loan has closed. It’s important to follow up with your broker to confirm that your loan funds went where they were supposed to go. Keeping a record of this critical phase in the transaction is extremely beneficial.
