When you are conducting a loan closing for a refinance, the most important documents to go over are the Deed, Closing Disclosure, and the Note.
We recommend starting with the Closing Disclosure when you start the loan closing to ensure the most essential pieces of the loan are correct before you begin signing the additional pages. This helps prevent any wasted time if figures or information is wrong.
Deed – The deed will show to who the property is being conveyed. (Who owns/will own the property)
Closing Disclosure – Will tell the borrower everything that they will typically need to know about the loan including loan amount, loan term, escrow information, cash to close, and closing cost to name a few.
Note – The borrower promise to pay and will also have due dates and applicable late fees listed.
Loan closings are full of different types of documents and will vary based on the specific lender and title company that is handling the loan.
Although most documents are pretty much the same, there are always different lender/title company–specific documents. The Deed, Closings Disclosure, and the Note will, however, always be present.
Get familiar with loan documents in our Notary Signing Agent course online where you can view loan documents pre and post-signing to make sure you know how they should look after the closing is finished.
Confidence comes from preparation!