Blog

Your Next Step - Preparing for Closing

To ensure a smooth and efficient closing, it is helpful to understand the necessary actions by all parties to complete your home purchase. Prior to your closing date our team will combine your loan information with information from the closing agent to produce a Closing Disclosure (CD). The CD will detail your loan terms, projected monthly payment, fees and other mortgage costs. Click here for more detailed explanation of the CD.

What happens next?
  • Based on the current fees/charges provided by the closing agent, the Premia Relocation Mortgage team will issue an initial CD 3-5 business days prior to closing.
  • Please eSign this initial CD utilizing our DigitalMove™platform as soon as possible. Law requires it to be signed 3 business days prior to closing.
  • The closing agent will collaborate with us and as fees/charges are finalized, an updated CD will be provided to you. If a CD cannot be finalized 2 days prior to closing, Premia Relocation Mortgage will provide an estimate of funds you will need to bring for closing.
Are you prepared for closing?
  • Contact the closing agent to determine their requirements for funds to close. Always call the closing agent at their published telephone number to obtain wire instructions to avoid fraud.
  • Contact your financial institution to coordinate the transfer of funds for closing (i.e., cashier’s check or wire transfer). Note: Typically, financial institutions require wire transfer requests be made in person.
  • Ensure all required parties (buyers/borrowers) are available to attend closing with two forms of identification. If not, please contact your Client Loan Specialist to provide guidance as to how to obtain a power of attorney document.
What can delay closing?
  • Large purchases or co-signing a loan as your credit is monitored through closing.
  • Moving funds between accounts or large nontypical deposits that cannot be verified.
  • Executing a last-minute purchase contract addendum.
  • A change in the status of any owned real estate during the loan process.
It is Closing Day!
If the closing agent can utilize our DigitalMove™ eClosing technology, you may be able to sign many documents prior to the closing appointment. This will save you time at the closing appointment. Once you and the seller have executed all the closing documents, the closing agent will take the necessary actions to legally transfer ownership of the property to you.

- Aug 19, 2021



 
1