Shop For A
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 will typically take place in front of a notary or an escrow officer. Ask your mortgage broker if there is anything you need to do to prepare for this, such as bringing a photo ID. Allow yourself enough time to review the documents for accuracy.
|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 and checked for accuracy by both the sender and recipient of the wire. It is critical that these instructions be exact, and even so, delays are all too common.
BEWARE! Cybercrime is on the rise! Hacking, Phishing and online attacks are on the rise. It is in your best interest NOT to rely or act on wire instructions sent to you by any party other than your escrow/title company. In all instances, it is highly recommended that you call the escrow office to verify our wire instructions prior to initiating a wire transfer.
Your mortgage broker or real estate agent will probably call you to confirm that the money has been transferred and the loan has closed. Always follow up with a phone call to confirm that your loan funds went where they were supposed to go. It is a good idea to keep records of this critical phase of the transaction once completed.
Joel Blumenfeld, Blumenfeld Group and Berkshire Hathaway HomeServices California Properties does not endorse any of the products or vendors referenced on this material. Any mention of vendors, products, or services is for informational purposes only.