How thrilled you must be to "close" on your new home. If you live in an attorney state, these tips will still apply but, if you're in California, you're not "closing" on the home--you are signing the loan documents and preparing to close. California is an escrow state which means that an escrow company handles the closing. Your Residential Purchase Agreement will probably state that ownership of the home transfers at recordation (which means when the grant deed is recorded)
Sorry to bum you out. You're actually pretty close to "closing" so be happy. The deed record the day after your loan funds. The mortgage lender funds your loan 1-3 days after you sign the loan documents. You're probably 2-5 days from receiving the keys. Still, this is the most important day of the transaction because you'll be siging the mountain of paperwork, required to get a loan.
Here's what you should bring to the loan signing:
1- Directions to the escrow company or my office. In some cases, a mobile notary will bring the loan documents to your house but I like home buyers to sign in either the the escrow office or our office. That way, if there are any problems, we can fix them on the spot. I attend at least 90% of the loan signings, in San Diego County, and at least half of the loan signings in Orange or Los Angeles counties. I hate to leave a first-time home buyer unattended at the loan signing. If I'm not attending, make sure you punch my phone number, (858)-777-9751, into your cell phone.
2- A driver's license and another form of identification. The notary, conducting your signing, will require positive proof that you are who you say you are. Unfortunately, I can't "vouch" for you.
3- A copy of the signed good-faith estimate, we issued you at application, and any and all estimates we issued thereafter. We always try to narrow down the numbers, so that there are no surprises at the signing table.
4- A copy of the estimated settlement statement, Debra will usually secure that for you as little as 3 hours or as early as 24 hours from your scheduled signing. If you can compare that against the most recently issued good-faith-estimate, ahead of time, you'll have precise questions for me, In a perfect world, you'll understand every good faithe estimate you were issued and the settlement statement will match up perfectly.
5- Bring the items requested, from Debra or the escrow agent, along. Oftentimes, we were able to get a condition waived, because it was clerical, so that you could sign loan dicuments in a timely manner. If we ask for something, we need it to fund the loan.
Plan on the loan signing time to be 45-75 minutes, The most important items to check are (a) the NOTE, to insure the interest rate and loan term are exactly what we agree upon and (b) the settlement statement. Most of the other forms are disclosure items and forms to transfer title. They're all important but the aforementioned two are most important.
Make sure to sign your name exactly as it appears on the loan documents. The notary will tell you this (most likely) but, if she doesn't, tell her I said this will be a requirement. The other thing to remember is that you need to sign your name consistently, throughout the signing. If the loan documents say "Steve Smith", thjat's how you sign. If they say "J. Stephen Smith, Jr" you sign every document that way.
Relax! We're in the home stretch. I just want you to cross the finish line, looking as strong and confident as you did, when we started the race. Comgratulations!
