Trust 4 Change Notary Signing has been assisting clients in the closing process of real estate transactions in Jacksonville, FL, for several years. Yes, buying a home for the first time can feel scary and lead you on an emotional rollercoaster at the signing table. However, at Trust 4 Change, we believe a customer who understands the steps in the home buying process can feel more at ease at the signing table. Typically, there are five main steps involved in purchasing a home. Keep in mind that each step requires actionable items either by you or the lender, so do your research. It’s always a good idea to know your credit score and debt-to-income ratio before starting step one. Let’s take a closer look at the kinds of documents that will be requested.
STEP 1: Gathering and Submitting Application & required documentation
The first step in obtaining any loan is to complete an application and submit the required documents. Required documents will vary based on the type of loan, size, and complexity of the operation requesting the loan. The most common documents required from applicants include: personal financial statements, authorizations to release credit, the last 2 or 3 years of financial statements or tax returns,https://www.irs.gov, and copies of legal entity documents.https://www.sunbiz.org Once the application and required documents are received by the lender, the loan moves on to the next step in the process.
Step 2: Loan Underwriting
When a loan moves into underwriting, the analyst assigned to work on the request will typically evaluate the loan utilizing the Five C’s of Credit: character, capital, capacity, collateral, and conditions. Items that will be considered when doing the evaluation will include credit scores from one or more of the three major credit bureaus, https://www.equifax.com, https://www.transunion.com, and https://www.experian.com repayment history (both direct and with other lenders), cash reserves available, cash flow/earnings from employment or business operation, amount of personal down payment being offered, overall economic conditions, specific industry conditions and the collateral being offered. The time in loan underwriting will vary based on the complexity of the request; that is, the more parties or entities involved, the longer it takes to assemble the information to make a decision.
STEP 3: DECISION & PRE-CLOSING
Once a decision is made on the loan request, a response is provided to the applicants as quickly as possible. If the loan was approved, the terms and conditions of the approval are also communicated to the applicant at this point. https://www.bankrate.com If the terms and conditions are acceptable to both the applicant and the lender, the next step is to order an appraisal, survey, title insurance, loan documents, and any other required items. Once those items are received, they are reviewed, they are reviewed to ensure that they meet the requirements of the loan approval. If everything is in order, then closing is scheduled.
STEP 4: CLOSING
Once you make it to this point, the anxiety and stress associated with waiting and gathering required items is essentially done. The closing is a loan signing that typically occurs at either the lender’s office, the title insurance company, or an attorney’s office. At closing, the required loan documents as well as any transaction-specific documents are signed, https://www.trust4change.com and funds are disbursed upon approval. Typically, copies of all the documents signed will be provided to both the lender and the applicant.
STEP 5: POST CLOSING
Finally, the loan transaction is typically wrapped up, and welcome information is sent. This message will include information about the institution, how to access your account, and when and where to make payments. You will also receive post-closing documents that include information about the benefits of being a member of a cooperative, the benefits of patronage, and their impact on the rate.
Modern vs Traditional Real Estate Closing
“FUTURE of Real Estate?”
Welcome to the world of Remote Online Notarization (RON), where documents can be signed, sealed, and notarized from anywhere in the world, at any time, with just a few clicks. “So, how does it work? Simple! You upload your document, verify your identity, and connect with a notary online via secure video conferencing. This technology is revolutionizing the way real estate agencies and mortgage companies conduct business, offering unparalleled convenience, speed, and security. No travel, no hassle, and 100% LEGALLY binding!’ The trend of digital platforms allows consumers to browse listings, compare rates, and even complete transactions with minimal agent involvement. This trend is likely to accelerate as the industry adapts to the new legal landscape. In today’s fast-paced digital world, real estate transactions are evolving to meet the demands of a more connected and mobile society.
The Benefits of RON in Real Estate
- Convenience for Clients and Agents: RON enables buyers, sellers, and real estate agents to complete notarizations from anywhere in the world. No longer bound by geographic limitations, clients can close deals faster without the need for in-person meetings. This convenience is especially beneficial for out-of-state or international clients, making RON an essential tool for global real estate transactions.
- Speed and Efficiency: Traditional notarization processes can be time-consuming, often requiring multiple appointments and delays in document handling. RON streamlines this process, allowing notarizations to be completed in minutes rather than days. This increased efficiency can lead to quicker closings, giving real estate agencies and mortgage companies a competitive edge in the market.
- Enhanced Security and Compliance: RON is not just about convenience; it’s also about security. The process is conducted over encrypted platforms that ensure the integrity of the documents and the identities of the signers. Additionally, RON complies with all federal and state regulations, providing legal assurance that the notarizations are valid and binding. This is particularly important in real estate transactions, where the stakes are high, and legal compliance is paramount.
Legal Compliance and RON
As more states adopt laws recognizing the validity of RON, real estate agencies and mortgage companies must stay informed about the legal landscape. Trust 4 Change is committed to helping our clients navigate these regulations, ensuring that all notarizations are conducted in full compliance with applicable laws. Our RON services are designed to meet the highest standards of legal and ethical responsibility, providing peace of mind for you and your clients.
RON is not just a trend; On June 7, 2019, HB 409 “Electronic Legal Documents” was signed into law (Chapter 2019-71, Laws of Florida) This law is in effect as of January 1, 2020; it’s the future of real estate transactions. https://www.flgov.com/remote-online-notary-public/ By embracing this technology, real estate agencies and mortgage companies can offer superior service to their clients, streamline their operations, and stay ahead of the competition. Trust 4 Change is here to support you every step of the way, providing expert RON services that are secure, compliant, and efficient.