When the lender is ready to “close” your loan, or “fund” it, your real estate agent and your loan officer will have you sign the final loan documents. Signing will typically take place in front of a notary or closing officer. Ask your loan officer if there is anything you need to do to prepare for this, such as bringing a photo ID or perhaps a cashiers’ check for your down payment. Allow yourself enough time to review the documents for accuracy. If you have questions, contact the appropriate person for answers before the closing.
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! Wire Fraud in real estate transactions are on the rise! Skilled fraudsters can hack into the email of realtors or lenders and send a phony email to you with wiring instructions. It is imperative to confirm any wiring instructions by calling your agent/lender at a number you have used to contact them previously. Do not follow instructions in an email. If you are planning to wire money, please talk to your agent and lender ahead of time for further instructions.
Your mortgage broker 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.