Once your loan is approved, the end is near! Not the end of the world — the end of your escrow and the beginning of blissful homeownership.
The next step is to sign your loan documents (and because that’s too many syllables you’ll hear “loan docs” instead), either at the escrow office or with a mobile notary at your home or office. You’ll need to have only two things with you at your signing: a valid photo ID and a warmed-up signing hand. Most escrow companies and banks aren’t on board with electronic signatures — at least not yet — so you’ll sign everything by hand.
Shortly before your signing (or sometimes at your signing) you’ll receive your estimated settlement statement, which shows all of the fees and charges associated with your closing and how much money you need to deliver to the escrow company to close your purchase.
Some important information about your signing: there is a LOT of paperwork for you to sign, and you won’t have time to read it all at the appointment. If reading everything you’re going to sign is important to you, we suggest asking ahead of time for a copy of your documents. But we’re known for being blunt so here goes: we can point you to the three most important documents in the stack and you can verify your loan amount, your interest rate, your payment amount, and any prepayment penalties. Reading the rest is kind of like reading the (insert clever simile here…working on it). After you’re done you won’t know more about your loan and you’ll never be able to get those hours back.
You’ve signed your loan docs, so now it’s time to make your final deposit to escrow.
Great big flaming red flag of caution: if you are going send your funds by wire, follow the safety protocol that your Jackson Fuller agent explains to you. Do NOT wire a dime without confirming the wire instructions over the phone with your escrow officer. Do NOT get the phone number from an email signature in case of hacking. Ask Google how to reach your escrow officer. Do NOT ever ever ever use wire instructions that come from your agent — at Jackson Fuller Real Estate, we have a strict policy to NEVER send wire instructions to our clients.
Don’t mean to freak you out about this…oh, wait. Yes, we do. We don’t want you to lose any chunk of your life savings, and we want you to know that wire fraud is real. Notice how we’re not making any jokes in this section? That’s why.
OK, back to our regularly scheduled fun programming.
Once you’ve made your final deposit to escrow and funds from your lender have also arrived, the escrow officer will release the grant deed — that happy document that gives you ownership of the property — to the Office of the Assessor-Recorder for recording in the public records. We’ll get confirmation by about noon the next day that it’s official and you’re a San Francisco homeowner!
Get Keys & Enjoy Your First Home
We know we don’t have to explain this one. Congratulations!