It’s no secret that mortgage closings can be stressful if everything isn’t running smoothly. Without a mortgage professional at your side, reviewing a big stack of papers and signing them in only an hour can be a daunting and insecure experience. Recently, the Consumer Financial Protection Bureau conducted a survey to confirm what I already know: that people are frustrated by how little time they have to review the paperwork before they sign it. They also went a bit deeper and that frustration can be broken down into three problems: People don’t have enough time to review documents before signing, they feel overwhelmed by the size of the stacks, and the complex nature of the documents and errors that can occur are daunting.
Many people really feel that an hour is not enough time to look over the documents. Borrowers usually don’t see the paperwork until they arrive at the closing to sign the papers, and then they feel pressure to rush and sign even when they don’t understand everything they are signing. The signing can take a full hour because of the sheer number of documents requiring a signature. Some are requirements from the government, others are there to protect the lender, and others still are there for different reasons. All of these documents together can be quite a stack. This paperwork, of course, is usually in legalese and completely unclear to the average borrower. Without someone there to explain it to you properly and to give you the time to go through your paperwork properly, you will probably feel overwhelmed. Often, when lenders don’t take the time to double check the paperwork, buyers find errors that can create delays.
At Watermark Home Loans, we strive to eliminate this stress. I will walk you through your signing, and we will take as much time as we need to make sure the numbers are correct and that you feel confident about signing the papers. Don’t let uncaring, big banks pressure you to sign on their schedule; know the rules and always read everything before you sign.
