Tips for an Easier Closing

Thank you for the opportunity to assist you with your financial needs.  Purchasing or refinancing a new home can be a very exciting but often intimidating experience especially if it’s your first time.  LDS Lenders hopes these suggestions will take some of the mystery out of the process and help make this important event in your life a pleasant one.

 

  • Throughout the course of the loan process, you may be contacted to provide additional documentation.  Please respond as soon as possible to these requests to minimize any delays.

 

  • If you will be out of town prior to the escrow closing date, contact your loan officer, realtor and escrow officer to discuss scheduling.

 

  • Do not incur any additional debt; change your employment status, etc., without first consulting your loan officer.  Your credit and employment may be verified again as late as the escrow closing date.  Continue to make timely payments on all of your loans including your rent or existing mortgage loan.

 

  • Complete “vesting” for the title on your new property is required before closing documents can be prepared (i.e. Joint Tenants, Community Property, Tenants in Common).  Marital status is also required for title insurance (i.e., single unmarried, married); spousal consent is required for a “married person” to purchase as “sole and separate property”.   Please contact your escrow officer/closing agent to indicate your preference on these items.

 

  • Apply for homeowner’s insurance coverage right away; give your agent’s name and phone number to your escrow officer/closing agent (does not apply to condominiums with blanket coverage through the association).

 

  • Loan documents are typically signed at the escrow/closing agent’s office several days prior to your closing date.  Please be flexible with your schedule during this period.

 

  • “Recording” is the official “close of escrow”.  The recording is the public records posting of the change in ownership at the County Recorders Office.  The escrow officer/closing agent will authorize the recording after the loan is funded and will contact your realtor with the confirmation.  CONGRATULATIONS!  At this time it’s officially your new home!  Please contact your realtor for the release of your keys.

 

  • The escrow officer/closing agent will complete the final settlement reconciliation.  Your closing statement, along with any refund check, will be mailed to the property address within 2-5 business days after the closing date.

 

Please be assured that we will be in contact with your realtor and escrow officer/closing agent to help coordinate a timely escrow closing.  Your loan processor may also be in contact with you.

 

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