Step Six - Close on Your Mortgage

 

It is finally here. The big day. We get the CTC, Clear to Close. So were's the money? Here's how it goes

1. Everyone takes a deep breath. It's downhill from here.
2. The Investor turns the package to their closing department. The job here is to dot all of the "i's" and cross all the "t's." Time frame is investor specific. Some the same day and some others can be up to 3-4 days after CTC is issued.
3. Title insurance, homeowners insurance, flood insurance (if needed) along with the rest of the insurances and anything else they can come up with are put in the investors name (wow, people  still think that there are still "no closing cost mortgages.")
4. Balance of documents are reviewed and in the case of Indiana the "package" is sent to the title office.
5. Title office prepares the HUD-1 (fancy name for a settlement statement) and forwards to the mortgage broker for review.
6. Mortgage broker approves, notifies the title company and a final is sent to the investor for final approval.
7. Clients are scheduled for close along with providing a list of items needed at close including a CASHIERS CHECK (for the record, do not bring cash or a personal check. We done everything right so far. Don't mess it up now) for down payment and closing cost.
8. The clients then meet at the closing office or mobile depending on the situation. It could be the clients home, McDonald's, highway rest stops, etc.
9. Everyone signs all required documents. OK again with the oblivious, if everyone has to sign, everyone has to be present.
10. With a purchase funds (the money) are dispersed at the closing (table funding - now they are not going to pass a bag of cash across the table so don't even ask that one. Wired funds or certified checks)
11. If you did a refinance. The funds are dispersed three business days after closing (another one of those Federal Laws. Remember the Marcus Welby episode?)

For the clients that is about it. They get to enjoy their new home and their new mortgage. For the real estate agents and the mortgage broker our job has just begun. Come on, you know were I am going with this one.

IT'S ABOUT

REFERRALS!

If you did a good job it is your time to shine and find some more business. If you had some problems make an apology and find some more business. If you had a bunch of problems apology a whole bunch and get some more business.

Just don't forget to get some more business. Referrals are the name of the game. Go get some.

What that in mind, who do you know right now that might be able to use my services? Come on, you have to know someone. By now you know a whole bunch more about me than you did a week ago. You know I am a professional and will get the job done. So help me help you. Let's figure a way out to do some business. Thanks for reading and commenting on my series.

Happy Selling!
Tony Grego - Indiana Mortgage Broker 
 
 

 

Quote of the Day:
Forgiveness is not an occasional act: it is a permanent attitude.
--Dr. Martin Luther King