While technology has helped speed up a lot of the homebuying process, closings have - for the most part - remained the same. In the past, you would have to go somewhere in-person for an hour or so to sign a mountain of paperwork before you could get the keys to your new home. Now, thanks to new technology, this process has become more streamlined and convenient through what’s known as an eClosing.
So, how does it all work? We’ll go over what an e-closing is, the basics of eClosings and how it improves upon the closing process.
What is an e-closing?
An eClosing is essentially a digital closing. This allows you to electronically sign the documents in your closing package online, whereas traditionally you’d have to physically sign them with pen and paper. To e-sign, all you have to do is type your name or use a mousepad to write out your signature on your computer. This saves paper and time spent in an office.
While there are a few different types of eClosings, Flat Branch does what’s called a hybrid signing. This means that you’ll e-sign the majority of your closing package, then go to your in-person appointment to physically sign the documents that have to be notarized.
How does an e-closing work?
At Flat Branch Home Loans, we'll email you the documents that you can e-sign. There, you’ll be able to preview, review and sign the majority of documents digitally. After that you’ll have a short physical sign appointment, around 10-15 minutes, where you’ll sign the last few documents. With e-closing, you can complete paperwork on your own schedule and avoid spending a long time in our offices.
How is an e-closing different from a normal closing?
There are several things that differentiate an eClosing from an in-person closing:
- Speed. Shortens your time at the closing table from an hour to 10-15 minutes.
- Convenience. Review documents in advance and ask questions to your lender. Sign the majority of documents from the comfort of your own home.
- Secure. Controls who has access to your private information.
- Eco-friendly. Reduces use of paper.
- Consistency. Prevents any accidental unsigned documents.
eClosing makes the final leg of your home purchase go much more smoothly and quickly, minimizing the more tedious part of the process. Ready to start on the path to your dream home and make eClosing a part of your homebuying journey? Reach out to your local Flat Branch mortgage banker today!
