Posted by James Strange on October 27, 2003 at 02:37:01:
You can close a loan anywhere.
IS KITCHEN TABLE MORTGAGE LEGITIMATE? - Posted by Jerry - IL
Posted by Jerry - IL on October 27, 2003 at 24:35:35:
I applied with a mortgage broker for a loan that is very “investor-friendly” with excellent terms. Over the last many weeks, the lender required a whole lot of paperwork and signatures which I supplied and mailed back. Finally, the broker says that everything is ready for the closing. Here is my question: He says we can do this one as a “road closing”. He is going to come to my house for the final mortgage papers to be signed. I asked him if he was going to bring the check for the proceeds with him. He said no, that the check would be available the next day. Should I be paranoid or worried?
This guy is with “GSF Mortgage” which advertises alot in the Chicagoland area, as opposed to a fly-by-night operation. The broker was highly recommended to me a year ago and is still with the same company, returns calls and seems legitimate and responsible. It’s just that this “road close” and the informality of something so important is a little scary to me. Maybe I shouldn’t think so, since I buy from pre-foreclosure sellers at their kitchen tables.
Can anyone tell me if there is something I should be doing or asking that will protect my interests or is this no big deal?
Thanks in advance,
Jerry in Illinois
Re: IS KITCHEN TABLE MORTGAGE LEGITIMATE? - Posted by Rob Ricker
Posted by Rob Ricker on October 27, 2003 at 12:12:23:
This is perfectly normal. I’m a mortgage broker and I close 90% of my stuff on the road. If it’s a refinance it’ll be 4 working days after closing before you get your check (There’s a 3 day waiting period where you can back out of the deal then 1 day to overnight the check) If it’s a purchase, the seller will get his/her check the next day.
Re: IS KITCHEN TABLE MORTGAGE LEGITIMATE? - Posted by Brian M (MD)
Posted by Brian M (MD) on October 27, 2003 at 06:41:10:
We did a 2nd on our home. Notary showed up with closing package, we signed, she notarized and the check came FedEx a few days later.
Re: IS KITCHEN TABLE MORTGAGE LEGITIMATE? - Posted by Dimpil
Posted by Dimpil on October 27, 2003 at 04:25:10:
Yes, you can close a loan at home as long as they follow your state rules (if you are in an attorney state or title state). Checks are not generally disbursed until everything is sent back to lender, okayed and recorded.