EYNTK When Closing a VA Loan
This article is going to be specific to loans that are closed with Low VA Rates. Because we’re a company that handles nearly all of its loan volume over the phone and online, many of those who get loans with us have a lot of questions about how things work when it comes time for closing. In this article, we’re going to cover where your loan closing will take place, what you need to have prepared for it, and how long it will take to do it. Some of these things depend on whether your loan is a new purchase or a refinance, and we’ll make the differences clear.
Where It Will Happen
If you’re getting a refinance, loan closing can happen virtually wherever you’d like. Most of our customers prefer to do their refinances at their home, but anywhere from a truck stop to a US embassy in a foreign country is fair game if that’s what you would like. We work with title companies that have a local presence to get one of their agents to wherever you need to do the closing. If your loan is a new purchase loan, we usually set up the closing to take place at the same title company that the sellers are doing their closing at. We work with them and you to find the best and most convenient place for closing and set up the appointments to take place there. You can rest assured that the closing will happen in a place that you will be able to get to conveniently and will be with a reputable title company.
What You Need For It
The information you need to bring with you can vary depending on the situation. Bring any self-identifying documents you have such as a driver’s license, birth certificate, social security card, etc. You may not need it, but chances are good that it will come in handy. I’d say to bring a pen but you can rest assured that the agent from the title company will probably have 5 or 6 on his or her person just in case some tragedy befalls the first 4 or 5. Bring your checkbook so you can pay for closing costs. A credit or debit card can sometimes work, but double-check with your loan officer before relying on that solution. Depending on your title company, you may need to have a cashier’s check for the amount. If this is the case, double and triple-check to make sure you know exactly how much to get the check for; if it’s off by even one cent it can sometimes cause problems. Bring anything your loan officer instructs you to bring. Also…bring along as much patience as you can muster. There are many things that your loan officer is required, by law, to explain to you, and you should take the time to read all of the documents presented to you to make sure they are as you agreed when you submitted your loan application.
How Long It Will Take
This depends a lot on your title company, whether it’s a refinance or new purchase, and also you. Loan closings can take a couple hours or they can be done within a half hour. Refinances generally go faster than new purchase loans, but no matter what you want to set aside two hours for the closing in case something comes up and you want to get clarification (such as a different interest rate showing on the closing documents than what you agreed on). Loan closing will also take longer on a new purchase loan if you or the seller are using a real estate agent though most of the extra time for that will be taken at the seller’s closing. It’s important to know that you won’t be closing at the same time in the same room as the seller of the home. The title company may set up back-to-back appointments for you and the seller, but the seller needs to close first and separately from the borrower.
So, in summary, loan closing on a refinance can be wherever you want it to be, and loan closing on a new purchase will be coordinated with the seller to find a mutually convenient location, probably at the office of a title company in the area. Bring identifying documents, a way to pay closing costs, and anything else your loan officer instructs you to bring, and be prepared to spend up to 2 hours closing, but know that it could go as short as 30 minutes.