Understanding What Happens in Loan Closing

Loan Closing

Once a commitment is made by the institution providing financing, the loan closing specialist, or closer, will prepare a closing checklist of all required documentation needed on your loan prior to closing. He or she will contact you to schedule a kick-off call to explain the checklist in detail. All parties involved in the loan, including the borrower, the borrower’s legal consultants and the lender, will be included on the call. Your closer will then review and approve all documents received off the checklist and move the loan into the last phase of closing. At this point, final loan documentation, including the Note, Deed of Trust, Security Agreement, is prepared and reviewed by your closing team prior to you signing to ensure all necessary information is included.

 

Throughout the financing process for your funeral home, you will work with a group of specialists who bring your loan to fruition. Understanding the phases of the loan and the roles of the lending team members will help you gather the appropriate information and navigate more easily through the loan process.

 

Questions about financing? Contact our team here.