Closing your loan:
After your Loan Commitment is issued, mutually executed, the commitment fees are wired to the lender, and the rate is locked, you are now ready to sign the final loan closing documents. You must review the loan documents prior to or at signing. Make sure that the locked interest rate and the loan terms are what you were promised. They should be exactly as promised at rate lock. Also, it is extremely important to verify that the name and address on the loan documents are accurate. Signing takes place in front of a notary public. It can be done using a mobile notary at your place of business. Of course, you can also sign at escrow/title company. Or, if you prefer, we can even schedule your signing at your residence after business hours!
Of course, there are several fees associated with obtaining a mortgage and transferring property ownership which you will be expected to pay at closing. In the case of a purchase/acquisition loan, you may be required to take a cashier’s check for the down payment and closing costs with you to closing. Personal checks are normally not accepted. You also will need to verify that the proper insurance policy is in place, and any other requirements such as flood insurance, plus proof of payment.
Your loan will normally close shortly after you have signed the loan documents. Remember, on commercial refinance loan transactions, the transaction can close right after signing and recording. There is no three (3) day Right of Rescission before your commercial loan transaction can close. A commercial loan is unlike a 1-4 unit residential transactions that fall under the federal laws of RESPA. RESPA allows for a 3-day right of rescission.