With that being said, it is important to state that no two closings ever seem to be the same.  We've done our very best to provide you with a chronological outline of the process leading up to closing and to describe the few post-closing items you might want to be aware of, but be aware that your closing may vary to some degree from what we've described below.  And that's not something you need to be overly concerned about.

 

1.  Contract Negotiation and Execution.  This phase is not applicable in a refinance transaction, but every closing on a purchase begins with a contract.  It's extremely important to let your realtor know to that you want use Saddle Creek Title as your closing agent.  And this needs to be written in the contract in the contract.  That way, the lender you chose to work with will know exactly who to contact about the items they need to fully process you loan application.  And remember, Saddle creek Title will close the seller's side of the transaction for free if we're also working with the buyer.  This is often a huge benefit because it essentially means the seller has that much more money to work with in terms of evaluating a buyer's offer or agreeing to repair limits.  For more details on the benefits of dual closing agency with Saddle creek Title, please take a look at the 'Benefits of Saddle Creek Title' page on this site or simply contact us with specific questions.  In addition, we're always more than happy to discuss closing costs with you at this point and to help you and your realtor understand or negotiate any difficult or out of the ordinary contract terms.  During this process, your realtor should assist you with having a home inspection performed and be aware that the time frame within which this needs to occur is fairly short- it's good idea to get you inspection as soon as possilbe after the conract offer is accepted by the seller.

 

2.  Loan Evaluation.  Once the contract is executed, your agent will forward a copy to us, usually by fax.  In addition, your lender will ask for a copy of the contract.  It is important at this stage that you make mention to your loan officer that you will be closing with Saddle Creek Title because, often times, lenders simply forward contracts to the title company they typically work with.  Similarly, in a refinance transaction, it's important to tell your loan officer that you want to close your loan with Saddle Creek Title.  Remeber, whether your buying or refinancing, you have the legal right to select the title or closing company of your choice to close your loan.  Be very leary of any loan officer who tells you otherwise and if Saddle Creek Title is not presently an approved closing agency with your lender, please contact us and we'll make sure we're added to their approved list well in advance of your closing.  During the Loan Evaluation Process, your lender will help you get a home appraisal scheduled and they will begin collecting whatever documentation they need from you in order to process your loan through underwriting (such as tax returns and pay check stubs, for example).  Finally, if you're still searching for a lender or have questions about the loan application process, we're glad to answer any questions and we're happy to provide you with a list of lenders we've worked with in the past.

 

3.  Title Examination.  At the same time your loan application is being processed, Saddle Creek Title will be in communication with your lender and realtor about the status of title of the home your buying.  We'll begin obtaining payoff figures from the seller and we'll start the process of tying up whatever title issues may exist.  We start this process fairly soon after your contract offer is accepted.  That way, we have plenty of time to resolve everything prior to closing.  There is typically not alot that we'll need from a buyer at this stage but we're certainly availlable to answer any questions you might have at this point about any title matter, including the existence and nature of any easements, etc....

 

4.  Closing.  Closing Costs-  The issue of closing costs is probably the single biggest source of frustration and confusion for most buyers.  The reason this is the case is bacuse, unlike when you purchase anythig else, no one seems to be able to provide a home buyer with a guaranteed cost to close prior to the actual closing.  While it is true that you will not know the exact cost to close your loan until very shortly before you actual closing, you can and should know the exact amount of almost every line item fee you'll pay.  The best approach is to break your closing costs down into three categories- title/closing fees, pro-rations and loan related fees.  For any and all title/closing fees, Saddle Creek Title is hapy to give you a guaranteed breakdown at any time (even before you enter into a contract to purchase).  These costs include transfer taxes and recording fees, closing fee, attorney fees, title insurance and some admin or out of pocket courier fees to the title company.  Title insurance, recording fees and transfer taxes will vary depending on the price of the home and the amount of the loan.  We can quote a cost for these items in your transaction if given these two amounts.  We can also qoute a hard figure for you on the reminaing items if you'd like.  Pro-rations can result in either a credit or debit to you depending on whether you're the buyer or the seller and depending on what time of year it is.  The primary pro-ration items are city and county taxes.  If the taxes have not been paid by the seller, then the buyer will get a credit for the taxes relating to the period of time the ptroperty was owned by the seller, but the buyer will then pay the full year's taxes when they come due later in the year.  If it's later in the year and the seller has already paid the taxes, then the buyer will owe additional funds at closing.  Contact us and we'll help you determine these amounts if you'd like.  Loan related really cannot be estimated by anyone but the lender.  This is because these fees are determined solely by the lender and there are several factors involved in making the determination.  The buyers credit standing, whether the loan requires PMI, whther the borrower is escrowing for taxes and insurance and whether or not there's a rate buy-down involved.  For more information on these fees, feel free to contact us and we'll be happy to tell you what we typically see.   What to Expect- Your closing will typically be set for about 30 days after the date of the contract.  It is not at all unusual for this date to change at the last minute.  And this not usually something to get concerned about.  If you're getting a loan to buy your home, the closing of your purchase is dependent on your lender completing the underwriting process.  The underwriting process has too many variables to be predictable and, as a result, there usually needs to be some flexibility in the closing date specified in the contract.  The time of year and time of month can have a dramatic impact on this process (more closings occur in the summer months and the end of ever month is always busier).  The best advice here is to remain patient.  At this stage, there is usually very little communication between the lender and the realtor, but Saddle creek Title will be working very closely with the lender at this point and we'll keep you promptly informed of any changes as we become aware of them.  Once your loan is given a clear to close by the underwriters, your lender will want to firm up a closing date and time.  Saddle Creek Title can typically work your closing in on a very short turn-around- even if we're no where close to the closing date you've specified in your contract.  What to Bring to Closing-  On the day of closing, you'll need to bring a photo ID and most likely you'll need to bring funds to close.  Saddle creek Title will tell you the exact amount of funds you'll need to close at some time prior to closing and you'll need to provide this to us in the form of cash, cashiers check of wire transfer before we can disburse and close the transaction.  Unfortunately, there is no way for us to know the exact amount of your loan related closing costs until after your lender provides us with closing instructions (which is most often done the day of or the day before closing) so you won't be able to obtain a cashiers checks too far in adavance of the closing.  We'll be glad to help you figure out the best or most efficienct way to fund your closing in the event you have any questions or concerns.  How Long Does it Take-  Closing usually take between 20 minutes and an hour to complete, depending on how many questions you may have.  It can be shorter or it could go longer.  We're happy to set a closing time and location that provides you with as much flexibility as you think you need.  We're even available fr off-site or after hours closings if necessary.  Post Closing-  Once you finish with your closing, we'll get funding authorization from your lender and fund the loan.  If the seller is represented by a different closing agancy, we'll then have to excahnge closing packages with that agency (buyer's agent physically takes the closing funds and certain documents to the seller's agency in exchange for keys and a deed to the property).  One note- if you're concerned about being able to start moving in on the day of closing, we would suggest scheduling an early closing time and it's also advisable that seller close early as well.  That way there is plenty of time to fund your loan and make this excahnge.  Please let us and your realtor know if this is what you're planning so that we can schedule accordingly.  After everything is exchanged and funded, we'll record you deed and mortgage with the prope authority and arrange to have you title insurance policies issued.  Once we receive the original recorded deed back from the Register and issue the policies, we'll forward these items to you.  This process typically takes about 45 days.  We're always available for questions during or after this time.

 

As previously mentioned, this process will likely vary to some degree for your closing.  The best advice is to remain patient.  And don't waste too much time worrying about issues without contacting us.  We have experience doing hundreds of real esate closings and we can typically hepl you better understand the process as it affects your closing.