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hey guys it's professor terry here with notary to notary and today i'm going to show you what a loan closing would typically look like now keep in mind loan packages can vary but for the most part this is what you can expect and with me today i have miss amari wright hey guys and we're gonna go ahead and get started [Music] do you have your id i do awesome awesome okay so this is a copy of everything we're gonna sign today that you're gonna keep with you and then we're gonna go through your loan documents page by page and they want you to sign the way your name is printed okay okay awesome so the first we're going to do is your closing disclosure i'm going to let you review this it does have all your loan information loan amount interest rate 3.25 percent it just shows your monthly payment the funds the closer you're going to get back we're going to fill out a form for that in a second for how you want to get those funds back but you're going to review page one through five and sign the very last page and you're going to date it with the full date august 4th 2020. okay [Applause] so all done yes okay i'm just filling out your id information and then we're gonna move on just a second i'm going to hold on to that i think it's another form in here that i need to fill it out with okay so the next we're going to do is your interest rate lock agreement your interest rate is blocked at that 3.25 percent for the full term of 30 years so we're going to sign the bottom [Applause] okay the next we're going to do is your escrow initial escrow account disclosure it's a forecast of what's going to go into your escrow account for the upcoming year so you do have tax and insurance going into your escrow that's included in your payment we're going to sign the bottom okay so the next we're going to do is your signature name outfit david so you have a few names that we're going to sign you're going to sign here at the top for your name here these other variations are the various of your name that we're going to sign across from it if any of these names are not your name or have never been your name you're going to put never been known as an initial okay [Applause] awesome awesome okay so i'm going to notarize that while i do that i'm going to give you your right to cancel so you have three business days from today if you change your mind and no longer want to refinance you and send a copy back that i have a copy in your package of of this document and avoid the whole transaction as long as they get it within three business days okay okay the next one we're going to do is going to be your deed of trust so it's just you on the deed and i'm going to show you that in a second it's a fairly long document but your signature is only going on the very last page so as you see here it is just you on the deed for the property [Applause] and we're going to sign very last page [Applause] okay okay [Applause] so your next we're going to do is your note and we're going to initial the bottom of every page and sign the last it does have your first payment as being due on august 1st of 2020 no pre-payment penalty for this loan so you want to make more payments on it you can and you have 15 calories to make your payments so between the 1st and the 15th okay okay the bottom of each page and then sign the back yes [Applause] awesome awesome okay we're like halfway there almost done okay next we're going to do is a correction agreement basically says that there's anything clerically wrong it's okay for them to fix it they cannot change the terms of your loan and they have to notify them to make any clerical corrections [Applause] [Applause] okay next we're going to do is a title company acknowledgement it basically says that there's no liens or debts against the property you're over the age of 18 and the property is not listed for sale okay so the next one we're going to do is your initial loan application and you either did it online or over the phone you have a couple spots we're going to do on here you're gonna do top of the first middle of the third bottom of the fourth and don't worry i'm gonna double check it okay so top of the first third and bottom of the fourth you have to date this as well yes awesome awesome okay next we're going to do is an addendum to the application it's just a demographic form we're going to sign there at the bottom okay next you have your compliance agreement which basically says to comply with the terms of the loan and that one we're going to sign as well okay then we're going to do a w9 for tax purposes you're going to sign where it says signature of you as person tax transcript request form we're going to sign and date the bottom and check that little check box there oh wait that goes there [Applause] okay another correction agreement basically says the same concept anything clerically wrong to get them to fix it they cannot change terms of your loan and they have to notify to make any corrections okay ownership certification just says you own the property for about five years and the property is not listed for sale loan disbursement acknowledgement means your loan is going to fund in three business days so after three business days depending as long as you don't turn in the right to cancel your loan's gonna fund but pay off the old loan they'll also send your cash to close out too okay so we'll be notified that it's closed yes so what's today monday tuesday wednesday thursday friday your loan's gonna fund on friday [Applause] and you are getting funds back so this form you're going to fill out for how you want to get it back you can get a check mail to you or you get a wire but keep in mind if you get a wire that some institutions do charge your incoming wire fee just depends on your bank okay and then you yep there you go i'm gonna sign the bottom okay now there is a client survey you do not have to take it is optional for your lender if you want to fill it out you can if you don't want you you don't have to [Applause] and oh we have one more thank you so the last one we're going to do is your ulta statement breaks out all the debits and credits that went into your closing oh we actually have one more after that breaks on the doubles and credits that went into your clothes which is also showing your closing disclosure but that one breaks it down between debits and credits awesome awesome the last we're going to do is a bars affidavit which basically just says that you're not in bankruptcy there's no back taxes no liens nothing against the property you're not in bankruptcy you're still employed you're going to sign that very last page your income hasn't changed on your application awesome so you are officially done i'm going to give your id back your loan's going to close on friday and that's basically how it goes so you have them sign their documents make sure you leave them with their copy of the documents that they sign well copy that they didn't sign they have an unsigned copy you keep your signed copy and ship it out via fedex or ups and that's it and that's how you do a loan closing now keep in mind some documents some documents won't be in the package that we went over and there'll be new documents in there as well but this is a general idea of how you go through it how you pass the pages over things like that what you say when you're passing the documents over remember that we tell the what and not the why so we tell them what the document is that they're signing but not any questions like why is my interest rate like this why are my closing costs so high we don't do that we can tell you what your interest rate is but not why it is the way it is so we do the what and not the y and you'll be good to go happy signing