If you’re ready to close on a home and you’re into saving time and ink, help is on the way. Matter of fact, it’s already here. Rather than signing as many as 50-100 pages of paperwork on closing day, you can now accomplish the same thing by simply pressing a few buttons. Sound too good to be true? Well, in some cases, it is. Not all loan programs currently come with the eClosing option. But many do, and we want to let you know about them so you can take advantage of this wonderful alternative. Up next is a rundown eClose-eligible loans and some other important things to know about mortgage eClosings.
So, what exactly is an eClosing?
Simply put, an eClosing is any mortgage closing where at least one document is signed electronically. With some eClosings, all documents are submitted in this fashion and no in-person meeting among the involved parties is required. Instead, they meet up via webcam. In other instances, the eClosing occurs in person and some documents are signed digitally while others are signed in ink. Last but not least, there’s the type of eClosing where the parties meet in-person but sign everything in a digital format.
What are the perks of an eClosing?
As mentioned, one of the most obvious benefits of an eClosing is saving time and ink (and paper). Another is that you won’t have to wait until closing day to receive your closing documents. Instead, you’ll typically get them a few days ahead of time, which will give you an opportunity to review them at your leisure. With this, it’s likely you’ll probably have a better understanding of what you’re actually signing instead of having dozens and dozens of papers thrown at you all at once on closing day. Who’s really going to take the time to read through all of these? For a more comprehensive list of eClosing benefits, click here.
What loan programs offer eClosings?
As of today, Fairway of the Carolinas offers eClosings with the following programs:
- Conventional Fixed & ARM
- FHA Fixed & Arm
- VA Fixed & Arm
- USDA Fixed
- Non-Obligated Borrowers
- Manufactured Homes
It likely won’t be long before we make eClose available with other loan programs. After all, North Carolina is leading the way in this effort. In fact, North Carolina became the first U.S. first state to establish a statewide eClosing program. This came after the first North Carolina all-electronic paperless real estate transaction closed on May 5, 2017. To learn more about eClosings in North Carolina, click here.
Of all the things to know about mortgage eClosings, the most important is that you can contact us for the latest info. Our friendly and highly trained loan advisers are eager to answer any questions you have about eClosings or anything else pertaining to the mortgage industry. We look forward to connecting with you soon!