top of page
Search
  • martahenderson577

Understanding The Loan Documents


I was reading an article on Inman News by Ilyce, entitled "Don't make this error when refinancing". She shared some excellent advice, saying that no one should sign a legal document without fully understanding what it means and the purpose of the transaction.


As a notary signing agent, I can see it first-hand. Borrowers are either so eager to sign, or so distracted that they don’t take the time necessary to understand what they’re signing. Very few ask questions. They are often not asking the right questions if they do ask. She advised borrowers to keep asking questions until they understand the meaning of the information. I agree.


It could lead to lengthy closings if you read every word of every document. One, I am against borrowers sitting through closings if they want to spend the time to go through over 100 pages of loan documents and try to understand every word.


However, I believe that borrowers should spend more time understanding the terms of their contracts. They have a 3-day cancellation right, but in most cases I would venture that very few of them take the time to go through every page.


A few days back, I wrote an article called Deed of Trust: "Does anyone really read all of that?" I wrote an article titled Deed of Trust: 'Does anyone really read all of this?' in which I recommended that borrowers take the time and review this important document. I dissected the Deed of Trust, and highlighted things that they should be looking for. I also wrote articles about other loan documents the borrowers might encounter.


This brings me to notary sign agents and the important role we should and can play. Notary signing agents have a strong mandate to be knowledgeable about all loan documents. As a result, kancelaria franki borrowers are becoming more skeptical and savvier. They will need to take more time to understand and read the documents they sign. They will also ask more questions if they follow the advice of IlyceGlink.


Notary signing agents are not allowed to give legal advice. There are many questions we need to be able answer. There are many methods that we can use to make sure that a potential no-sign is turned into a smooth, successful closing. It is crucial that we become as skilled as possible.

2 views0 comments
bottom of page