The Loan Closing Process

Congratulations! You have made it to the fourth part on my series about Demystifying Lending. Join Sheryl and I as we discuss getting to the closing table.

As you prepare for closing, there are a few final things you need to know about the loan process.

Three Day Rule

The three day rule means that the borrower must sign their disclosure AT LEAST THREE DAYS before closing. If you fail to sign your loan disclosure in this period, your closing could get delayed. Do not worry though! If you work with Sheryl, she will be on top of getting that signature. She tries to get you the loan disclosure at least a week ahead of time so you have sufficient time.

If the closing disclosure is not signed three days prior to closing, the closing will be delayed.

The loan numbers can still change ever so slightly. As a buyer, you have to have at least three days to see the closing disclosure. This will be more finalized than a loan estimate and will tell you how much you need to wire the attorney. Keep in mind, in the state of Georgia, anything over $5,000 must be wired. Do not bring a cashier’s check to closing if your amount is greater than $5,000.

As a reminder, when waiting to finalize your loan, avoid making any large purchases like a new car. This is also not a good time to leave or change jobs as this can impact your source of funding for securing the loan. Also, do not have anyone pull your credit during the loan process. This can impact your credit score. Be sure to continue paying your current mortgage. Not making your payments will be detrimental to your new loan.

Now that you are knowledgeable about the lending process, contact me so we can go look at some beautiful homes! If more question on loans arise, feel free to call or email Sheryl for all of your mortgage needs.

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