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Oct 27

Mortgage Helpful Hint #8

 

You and Your Money are Both Needed at the Closing.

 

If everyone that is signing the note and mortgage live in the town where the closing is taking place then they need to attend the closing.  One of the most common questions asked by both buyers and sellers is how do I get a Power of Attorney for the closing? You don’t. 

We do not want a signatures by Power of Attorney (POA) on the note and mortgage, original signatures only!!!  The only exceptions are out-of-town work assignments.  If you are in the military stationed overseas that would be a valid issue.  If you just don’t want to attend the closing that isn’t good enough.

All of us have worked very hard to get to this point so the closing isn’t a surprise.  You must attend the closing in person even if it requires taking off from work.  If you have small children get a baby sitter.  We love kids too but you are signing some very important documents, pay attention.  The $20 of missed work or paying a baby sitter pales in comparison to messing up the closing on a mortgage.  It deserves your undivided attention for about 30 minutes to an hour.  Redrawing all of the mortgage documents can take days, do not let this happen to you.

If your money is in out-of-town bank account it can take a few days for the money to arrive once you start the process.  A large deposit from an out-of-town institution to your local bank account might cause your local bank to freeze your account until the funds have cleared.  This will stop everything, don’t wait until the very last-minute to assemble the cash needed at closing.

But remember, don’t move money around without my help, all funds must be sourced.  There are right ways and wrong ways to move money, let’s keep your stress level low by doing it correctly the first time.  

 You and your money are both needed at the closing!!!

Please send a link to this page to any of your friends and family that are planning to buy or refinance a home.  They’ll be glad you did.

 

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