Sign Loan Agreement Template Made Easy

Sign loan agreement template

hey guys it's terry here with notary to notary and in this video i'm going to show you guys what a sample heloc closing would typically look like now remember loan documents can change depending on the lender or title company that you're using however this is a general idea of what you can expect and to help me in this video i have rita banks so when i first arrive at a client's home the first thing i always do is ask for their ids do you have your id why thank you so a heloc closing stands for a home equity line of credit and that's what we're going to close on today so the first thing i always do is i told you guys before is to provide a copy of the loan documents to the client before we start signing this way it helps them not feel rushed and they don't have to take their time and really read through every document because they can look it all over later so i give that to them i let them know that this is a copy of everything we're going to sign today now heloc closing like i said as far in relation to seller side closings are also pretty small they can be between 25 to up to maybe 50 or 60 pages but on average they're one of the smaller size packages that you'll be putting off for loan closings so the next thing i do oh is ask them ask the client if they would like a pen would you like a pen or do you have your own okay please you are very welcome now due to covet most people do have their own pens now but i still offer just in case the next thing we're going to do is go through the actual loan closing i would then advise the signer that they should sign the way their name is printed but don't get caught up on that as people have different ways that they sign their name i let them know what the lender is looking for so we're going to go through the slum closing and what i'm going to do is i'm going to introduce the document the way i would normally do so we give a general introduction of what the document is and we show the signer where to sign what i also do whenever i do any closing i never pass pages over that don't require a signature from the borrower these duplicate pages are also in the um loan package they have so if they're not signing it i don't give it to them to review they can review it later in their loan package so the first thing we're going to do is a home equity line of credit agreement which is everything about your loan your credit limit your interest rate all of that good stuff so i'm going to give you seven pages and i always look and see how many pages it is with he lost because there's usually a lot of initials when it comes to doing heloc closing so we're going to initial every page at the bottom here and then we're going to sign and initial the very last page of your home equity line of credit agreement now usually while the borrower is signing their documents i will then be filling out anything that needs to be notarized on my side but we haven't gotten to anything yet that i need to fill out so i could also take this time to take a picture of their id i could do that as well which i will do because she has to go through quite a few pages so i always like to do it on a blank background like a white plain white background and then make sure the picture comes out clear and focused you want to make sure that you can actually read what's on the id and then the id is going to get emailed to whoever the email confirmation specifies it needs to be sent to all done be sure whenever there's a lot of initials being done that you double check each and every page don't just take the whole thing and check the very last page because more often than not signers miss initials especially when they have to do a lot of initials and what happens when you miss an initial you have to go back you have to go back okay the next thing we're going to do is a home equity line of credit agreement advanced modification we're going to sign and then date the interesting thing on this form beside the borrower's signature says the word seal that just means to sign a lot of people get that confused they think they have to stamp that seal and sign are synonymous sometimes in loan packages when it says it beside the borrower's signature it just means they're signing there okay next we're going to do is a home equity line of credit closing costs addendum disclosure so we're going to sign in date again also in this package is the deto trust which is was in the was also in the refinance closing as well so it's just you on the more on the um deed we're going to sign the very last page and this document is always notarized so i'm going to notarize that once she's finished signing it and a lot of times i've noticed that helocs have a lot of duplicates like they may have like this one i think this one has um two or three copies of the same documents getting signed more than once yup awesome awesome i gotcha so she just signed the last page of the d i'm going to notarize it but like i said before i always put what i have to do so i'm going to notarize this page but i don't want her sitting here with nothing to do so i go ahead to the next set which is the deed of trust again and she's going to sign the very last page so while she's doing that i can go ahead and notarize her deed [Music]