|
6 Steps for Successful Closing
- Select a Homeowners Insurance Company. Ask your Agent to contact Provident Home Loans Inc. 30 days prior to closing.
Provident Home Loans Inc. recommends that you use the insurance company of your choice. After selecting a company, please notify us at Provident Home Loans Inc. so that we may proceed with processing your paperwork, if you are having trouble finding an Insurance Company, please feel free to give us a call. We have a list of reputable Companies and Agents that would love to assist you.
- The processing of your loan may be delayed if we have not received the appropriate paperwork, if the "needs list" has not been fulfilled.
Provident Home Loans Inc. will communicate to you the items still "needed" to complete the loan package (before processing the underwriting). You will receive this communication either via telephone or mail, depending on timing. It is important that these "needs" are met within 48 hours of receipt to guarantee that your transaction closes in a timely manner (meet interest rate expirations and meet escrow guidelines).
- Provident Home Loans Inc. will contact you to arrange a convenient appointment to sign the loan documents.
The Loan documents are signed 2-10 days prior to the closing date, depending on how quickly final loan approval conditions are complete.
- The Escrow Company will prepare your closing statement and tell you how much money to bring to closing.
Provident Home Loans Inc.' policy is to review the Escrow Company's closing statement prior to our client's signing. However, the Escrow companies do make mistakes on the settlement statements and often forget to verify fees with Provident Home Loans Inc.. If you should notice an overcharge on the closeting statement, assume it is an error and contact your Loan Processor at Provident Home Loans Inc.. Generally, The Escrow Company will not have the exact amount of money to close until final lender documents are delivered. (Please more that Provident Home Loans Inc. cannot guarantee the cost of your individual insurance needs.)
- Please make arrangements to wire funds or bring a cashier's check to the escrow closing.
Most California State Escrow Companies require cashier checks of wired funds for liability reasons. Please contact the Escrow agent or Provident Home Loans Inc. for details prior to signing.
- The loan closing may be delayed if closing documents are signed incorrectly or if final closing conditions are not satisfied.
In the past, even with the pest preparation, companies have lost paperwork, incorrectly prepared paperwork, delayed returning paperwork to the lender, or failed to get all loan documents signed correctly. In addition, others have neglected to provide all requested paperwork needed to close a loan, such as original employment letters, verification of down payment or addendum's to the purchase & sales agreements. More than 9 out of 10 loans close on time. However, it is important to be prepared.
|
|
