05-31-2012 09:13 AM
I had initially posted these questions in another thread, but they were somewhat off topic. Basically, as I understand it, I am waiting to close on June 15th, but I know next to nothing about the closing process, other that I show up in a room, present money to the sellers, sign some more stuff, and get keys.
- How is the closing time and location determined?
- How long before closing is this determined?
- And by whom is this determined?'
- Do I have any say in this? We'd like to close in the afternoon on the 15th, around 3:30.
- Who should I contact about the closing time of day? Title attorney, realtor, lender, all 3?
- Does a representative from my lender attend the closing, or do I obtain the certified funds from them prior, and bring them to closing?
- Anything else about the logistics of the actual "closing proceedings" I should know about?
Thanks for any help...
05-31-2012 09:48 AM
My LO called me to find out what closing time worked for me then handled contacting the closing attourneys to make sure that time could be scheduled then confirmed with me once it was. On the where, I'm pretty sure it depends on your state or your lender - some are at attourney's offices, some are at title companies, and sometimes it's at the lender if they are local and provide a conference room. I didn't think to ask where mine is, but it's still 20 days off.
Closing should be determined when your loan goes off to underwriting and they have all the papers they need to process the loan. I don't know much of the details beyond that as I am going through this for the first time, myself.
05-31-2012 09:54 AM
I was wondering this myself. I'm scheduled to close on the 15th (by my choice, builder wanted me to close on the 30th of this month) and planned on just taking the entire day off. I'm currently in uw awaiting any conditions. Hopefully a little more light will be shone when I get the all clear. Good luck to all.
05-31-2012 11:04 AM - edited 05-31-2012 11:06 AM
Your loan officer sill be able to answer all of your questions. Don't worry, you will be contacted well in advance of your closing.
That's sort of what I was afraid of. Even though I have a full, unconditioned lending commitment, it was a painstakingly slow process of me pushing and prodding almost daily, having to go over their heads on multiple occasions to keep things moving along.
If the closing proceeding is coordinated and setup by the lender, I feel like I need to start pushing on them NOW...
06-01-2012 10:38 AM
It depends. My lender was not present at closing so it was my attorney's office who set the closing up. I would check with them first.
My personal title attorney or the lender's selected closing attorney that they have chosen to use? I'm not sure I have a point of contact for the latter. I need to start solidifying the logistics of moving (truck rental reservations, etc.), and as I am closing in two weeks from today, it seems like I should be getting some some feedback at this point - or it is time for me to start pushing some buttons.
If you think it appropriate, I may try to get in touch with my LO about all this, as I have heard absolutely nothing.
06-05-2012 11:40 AM
Yesterday, I contacted my LO to verify that they received a faxed HOI binder indicating 1 year prepayment, and also to inquire about closing information and logistics. She did not answer back. Today, I resent the same request to her and 2 others in the office.
Hopefully my lender has not gone dark on me; we are now within 10 days of closing. Looks like this is going to be a rough ride through the (hopefully not bitter) end...
06-13-2012 07:59 AM
Yesterday, I heard from my attorney that closing had been scheduled for 3:30pm on the 15th for all parties, including my lender. So I guess this means I am "clear to close", even though I never explicitly heard those exact words from my lender. When they need something from me, they have no problem contacting me, but when I have a question... *crickets*. So irritating...
Also, yesterday I received a revised GFE from my lender that I had to sign related to the rate lock, with a lower rate (3.75%), and monthly PMI amount ($115), than I was expecting, which is great. I had the following questions for my lender, but I doubt their ability to get back to me with info in a timely manner, so I thought I would ask them here:
1) Do I just bring the final amount to closing as a certified money order or cashier's check, or do these funds need to be wired somewhere in advance?
2) Do I need to do anything with the funds pertaining to the lender-loaned amount for closing (i.e., pick up a check), or is that handled without my intervention by others?
3) Anything else I need to bring to closing, except myself and a pen?
06-13-2012 08:08 AM
So I would assume it is the same for most loans, but Escrow actually called me to schedule closing and give me instructions for funds. In my case, we could wire or bring cashiers check. We opted to cashiers check it because with our luck, some bank in the process would have screwed it up!
You don't need to do anything for the lender amounts.
You don't even need a pen! Escrow had a ton of them!