The internet has changed how we do everything from banking, shopping and bookings, among others. Nowadays, even closing on a home can be done virtually. The eClosing process is revolutionizing the way we close on a home. You no longer have to be physically present to sign your paperwork – you can now do it virtually! Here’s everything you need to know about how to close on a home virtually.
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What is e Closing?
An e Closing is an electronic closing. This means all the paperwork for your home purchase will be completed online. You will sign your documents electronically, and they will be stored electronically. e Closing is a completely paperless way to close your home.
When buying a home, there are different steps involved in e Closing;
The first step is pre-closing. This is when you will be given access to your loan documents via a secure website. You can view, download, and print these documents at your convenience. Once you have reviewed and signed them electronically, they will be stored in a secure database.
The second step is the actual closing. This is when the loan documents are officially executed. You will sign them electronically and store them in the secure database. After the documents are signed, they will be sent to the bank or lender for funding.
The final step is post-closing. This is when the loan documents are recorded with the county. Once they are recorded, the loan is complete, and you are the official owner of the home!
Types Of e Closings
There are two types of e Closings.
- A hybrid e Closing is when the documents are signed electronically, but you are still required to be physically present for the closing. This type of e Closing is becoming increasingly popular as it offers the convenience of electronic signatures with the added security of a traditional closing.
- A remote e Closing is when the documents are signed electronically, and you are not required to be present for the closing. This type of e Closing is the most convenient, as you can complete it anywhere in the world!
How to Close on a Home Virtually
The steps for how to close on a home virtually are pretty simple. First, you will need to find a notary public who is willing to witness your electronic signatures. Once you find a notary, you must sign your documents electronically. After they are signed, the notary will witness your signatures, and the documents will be stored in a secure database. Finally, the loan documents will be recorded with the county, and you will be the official owner of the home!
The Benefits of e Closings
There are many benefits to e Closings, including the following:
When buying a home, the last thing you want to do is spend hours at the closing table signing paperwork. With e Closings, you can take care of everything from the comfort of your home. You only need an internet connection and a computer.
e Closings are typically faster than traditional closings. This is because there is no need to wait for the paperwork to be physically delivered – it can all be done electronically. As a result, you can close your home faster and move in sooner!
Since all the paperwork is completed electronically, there is less room for error. This means that you can be confident that everything is being done correctly and that your loan documents are accurate.
When you close on a home electronically, all of your documents are stored in a secure database. This means that your personal information is safe and secure, and your documents can’t be lost or stolen.
When you close on a home electronically, you can do it from the comfort of your home. This means you don’t have to share your personal information with anyone else and can avoid the stress of a traditional closing.
6) Lower Costs
Since there is no need for paper documents or physical signatures, e Closings typically cost less than traditional closings. This can save you money on your home purchase, and it can also help to speed up the closing process.
e Closing is a convenient way to close your home without being physically present. You can review and sign your documents at your convenience, which will be stored securely online. The entire process is paperless, which makes it more efficient and eco-friendly. If you are buying or refinancing a home, ask your lender if e Closing is an option.