Understanding the different ways to close on your home
You’ve done it—you’ve navigated the ups and downs of the homebuying process, found that perfect home and you’re ready to seal the deal. But as closing day approaches, it’s important to understand that it’s not one size fits all.
Like much of the homebuying experience, traditional processes that used to take hours and reams of paper can be completed in flash via a single screen. But that also doesn’t mean you have to go that route if you don’t want to. And since it’s always nice to know what your options are, we’re exploring the three ways you can close on your next home.
Full documentation closing
This is the old-school, tried and true path. You start with a scheduled in-person closing date and time, where you review and hard sign all of the necessary documents in the presence of a closing attorney.
A traditional, full documentation closing is facilitated by your title company, and when it comes to location you have two options. You can either close in the title company’s office, or you can opt to close with a mobile notary in an agreed-upon location (though this path may include additional fees depending on how far the notary has to travel).
This path is a middle ground between old and new, and combines a traditional hard signing with some of the paper- and time-saving advantages of e-closing. First, borrowers are given digital access to review necessary documents before closing. Then on closing day, you’re able to digitally sign all documents ahead of time that don’t require notary, then sign the remaining documents with your closing attorney or notary in-person.
You do have a scheduled closing date and time with an in-person notary, but the rest of the digital signatures can be done beforehand. And as with a full documentation closing, the closing is facilitated with the title company with the same choice of location options.
For those who want to speed through closing and sacrifice the least amount of trees, this is it. FlashClose eClose offers an all-digital closing experience, with no in-person contact necessary. Borrowers are able to close from any location (like their kitchen table, the couch, or the backyard if it’s warm enough) using your smartphone, tablet or laptop.
You receive a scheduled date but no scheduled time,3 and each borrower meets their notary via a webcam instead of in-person. And because there is no in-person appointment the closing not facilitated by title company, however the title company is required to respond to email with instructions on how to email the completed package of documents.
One last thing to note with FlashClose eClose is that its use can vary by location, so check with your loan officer to make sure it’s available for your specific closing.
Whether you opt for pen and paper or stylus and screens, closing day is a well-deserved chance to celebrate the end of the homebuying process. Congrats (or almost congrats) and on to the unpacking.
1Not eligible for all loan types, or investors. Eligible for conforming and jumbo loans, as well as primary, 2nd home and investment properties. Title company restrictions may apply, not eligible for HFA programs.
2Not eligible for all loan types, or investors. Conventional loans only. Eligible for primary, 2nd home and investment properties. Title company restrictions may apply, not eligible for HFA programs. Full eClose is not currently eligible in California, Connecticut, Delaware, Georgia, Maine, Massachusetts, Mississippi, New York, North Carolina, Rhode Island, South Carolina, Vermont, and West Virginia.
3Closing date must be scheduled at least three days prior to the desired closing date. Notaries are available all day to accommodate your closing.