Please take a chance to browse the frequently asked questions below if you are not able to find your answer, please feel free to call us.
What happens at a closing?
The documents are signed to complete the loan. This involves a review of the settlement statement (the document showing the flow of all funds in the transaction), the promissory note, mortgage, and other documents required by the lender.
Can I review my settlement statement in advance?
Contact your loan originator if you want to review your settlement statement in advance. The availability of the settlement statement will depend on how quickly the lender provides the loan information to us, and how quickly we receive all the other required information from your loan originator and/or seller’s realtor (if a purchase transaction).
What should I bring to the closing?
Confirm this with your loan originator, but if you need to bring funds to your closing, have a certified check payable to Hastings & Gartin Trust Account, or make arrangements with us for a wire transfer of your funds. Bring your good faith estimate if you wish to compare your estimated closing costs with the costs on the final settlement statement. Finally, bring your driver’s license or some other form of photo identification.
Who will come to a closing transaction?
The attorney closing the transaction will always be present. In most instances, your loan originator will attend the closing unless they have notified you otherwise. If it is a purchase transaction, the seller’s realtor is usually present. If you are married or are taking title jointly, all individuals must attend the closing and sign the mortgage, even if they are not required to sign any other documents. If someone is not available to come in and sign, please contact our office in ahead of time about the possibility of preparing Powers of Attorney to allow you to sign the mortgage on their behalf.
How long will the closing take?
The average closing takes about thirty minutes. If you are on a tight time schedule, please let us know in advance. It is helpful if you can be here 5 – 10 minutes early so that we can start on time.
Can I bring my children?
Yes. However, because our staff will not be able to supervise your children, they will need to come into the closing with you. If you have young children, it may be easier to make arrangements to have someone watch them during this time.
Will I receive copies of the documents that I sign? Yes.
Who does the attorney closing the loan represent?
The attorney closing the loan represents the lender. If you’d like your own attorney during the closing, make arrangements with him/her and your loan originator.
I have my own personal attorney. Can I use him for the loan closing?
Discuss this with your loan originator. An attorney must perform loan closings on a regular basis before most lenders will feel comfortable using them. Most attorneys do not specialize in this area of practice and therefore their fees may be substantially different.
In a purchase transaction, what happens if there is an unresolved issue with the seller?
You are not ready to close your loan if there are unresolved matters. The attorney closing the loan will not be a mediator for such issues, nor will we be able to hold funds in escrow pending a resolution.
In a refinance transaction, who is requesting payoffs for my current mortgages?
Review this with your loan originator. We do not obtain mortgage payoffs. It is much easier for the borrower to obtain loan payoff information. This should be done one week prior to the closing and the payoff should include the total amount due as of a particular date, a per diem, and either wiring instructions or an address for the payoff to be mailed to. Please inform your loan originator if you obtain or plan on acquiring any other mortgages (e.g., a home equity loan) once you have started the loan process. These must be paid off and released for the closing, even if they contain a $0 balance.
What will happen to my abstract?
When a mortgage is filed, any existing loans are satisfied and the prior lenders release their mortgages. The process of filing mortgage releases can take a few weeks up to 9 months or longer. During this time, the abstract stays with the abstractor waiting for the release to be filed. Once this occurs, the abstractor makes record of this release in the abstract before returning it to our office for the attorney’s final title opinion. We will send you a letter to let you know when your abstract is ready to be picked up. You should keep your abstract in a safe place such as a lock box or fire safe.