5 Things Your Loan Officer Should Tell You-Part 5
Continued—-
Finally, whether purchasing or refinancing, once your loan is approved, your loan officer should confirm your loan commitment from the lender and provide you with a closing date. If you are purchasing, the date set is the day the loan transaction will occur. If you are refinancing, the closing date is the day you will sign all the new loan documents and your new loan will actually fund and record three days from the date you sign the documents. This means that if you are doing a cash-out refinance, you will not be given a check for the money you are cashing-out until the 3 days have passed and your new loan has been recorded. At any point during the 3 day period, if you chose, you can change your mind about the loan and withdraw without penalty.
No matter what type of loan you need or how much you need to borrow, your loan officer’s job is to make the process clear and easy for you. Your questions and concerns should be addressed and any issues that arise addressed immediately. By working with you, your realtor and closing agent, your loan officer should make the entire loan process seamless and stress-free.