What is a closing?
When you buy property, or you borrow money using your property as security, the lender will schedule a closing. The closing is the time and date you will sign all the papers for your transaction. In Louisiana, when all documents are signed, funds are transferred at that time. Louisiana law requires all parties bring certified funds to the table.
Why do I need the services of a title company?
When you mortgage, refinance or purchase property, a title company examines the history of the property you are purchasing, and insures the title with a policy of title insurance. Many lenders require title insurance in order to approve your loan. Title companies can also provide the owner with a policy of title insurance. This is a one time payment that will protect the borrower or buyer for as long as the property is owned.
When do I call Big River Title?
If you are refinancing ask your lender to send us your closing. If you are buying or selling, tell your realtor to include Big River Title as the closing company in your purchase agreement. Unlike other companies, we do not charge a seller closing fee. When you have a signed purchase agreement send us a copy. Please give us a call if you have questions about the process. We’ll be glad to help.
When should I close? and what should I bring?
Closing near the end of the month will save you per diem interest on your loan. If you are selling a home with an FHA mortgage, close at least 4 business days before the end of the month. Payoffs that reach the lender after the first of the month will require an entire month’s interest. Bring 2 forms of picture identification, any documents required by the lender or title company and certified funds to the closing.