When you are purchasing a home, signing day can be an exciting experience – but it can also cause some anxiety if you don’t know what to expect.
Signing day comes after your loan team has cleared your loan for closing. Once cleared, your loan will be sent in for processing to compile the documents that you will sign at a title company on a specified date and time.
On signing day, you will go to the title company and sign your loan documents, which may include a mortgage or deed of trust, mortgage promissory note, truth-in-lending statement, hud-1 settlement statement (details of your loan), affidavits and a deed, which transfers ownership of the home from the seller to the buyer.
When working with Premier Mortgage Resources (PMR), clients can coordinate the closing date and time for signing, their real estate agent or their transaction coordinator. If you’re unable to attend signing day in person, a courtesy signing can be arranged, or you can choose to have a specific power of attorney drawn up, which allows someone you choose to sign on your behalf.
Funds to close is the most important thing you need to have with you on signing day. You should also bring a government-issued photo ID.
You will be told the final amount of funds needed to close in advance of closing. Some title companies may ask for a cashier check. However, in some cases you can have funds wired from a bank account. A loan processor will need to know which account the money will be coming from.
If you need a same-day sign and fund, you should alert your loan team ahead of time. Keep in mind: If you sign your loan documents after 10:00 a.m., your loan may not fund until the following day.
Now to the fun part: The day of funding is typically when you get your keys! If it isn’t brought up, make sure to ask your agent how you’ll take possession of the keys.
After the title company receives the funds, they will then take the deed to the county to be recorded. After the deed is recorded, you can start the adventure of moving into your new home!
Team Mandi loves helping people achieve the dream of homeownership and reach their individual financial goals. Let us help you get your dream home in Boise. For more info about the loan process, click here.