A loan signing agent is a great resource to have when you’re looking for someone to help with the process of securing loans. They are more than just a notary and can help with many aspects of the loan process. They are able to assist with understanding documents and negotiation techniques, as well as handling any legalities that may arise during the loan signing process. We will be discussing some of the benefits associated with assigning an Oregon-based loan signing agent.
Ten Benefits of a Loan Signing Agent
The loan signing is an essential part of any real estate transaction. The loan signing involves both the lender and borrower signing a mortgage deed and a mortgage note, creating a binding contract. Because it is legal, loan signings may be formal affairs and involve multiple people from both the lenders’ and borrowers’ sides. For first-time home buyers and self-employed borrowers, the sheer number of people at these events can be overwhelming. Third parties like employers or banks may not be able to verify income or assets. There are many errors that occur during stressful processes, which can lead to delays or require clarifications. This may result in additional costs such as title searches and courier fees.
Most of these problems can be avoided by hiring a loan signing agent. A loan signing agent, also known as a signing assistant, is an independent third party that handles all documentation and communication between lenders and borrowers to ensure that everyone is in agreement before signing any documents. The loan signing agent/signing assistant’s role is not to control the transaction or decide what terms are acceptable for each borrower. The signing agent or assistant acts as an impartial intermediary, providing value-added services at a reasonable cost. They also save time and money by removing most of the stress associated with loan signings.
Here are reasons why PDX loan signing agents can be a benefit to both lenders and borrowers.
1) Minimise Costs
A professional loan signing costs a one-off fee that can be recouped in the form savings on future transactions. Many estate agents offer loan signing services at no additional cost to their clients, giving them an advantage when marketing properties for rent or sale.
2) One-Stop Service
Many loan signing agents offer additional services such as conveyancing, notary public, and legal advice. This optional service is provided by the loan signing agent and allows borrowers to focus on what process they are going through and which company will best suit their needs.
3) Time Saver
A Loan Signing Agent can speed up the process as there is only one meeting between parties, rather than multiple meetings leading to the signing. As an added value, some escrow firms also offer loan signing services.
4) There are no legal obligations
Similar to hiring an agent to pack, move, and unpack your belongings, borrowers should not hire a loan signing agent. They have the same experience with handling property sales, rental, letting, buying, and other aspects of the transaction. These services can be arranged ahead of time, but each case is different. Borrowers are encouraged to talk with their lender about this before taking a decision.
5) Save time to the lender
An excellent signing assistant will have spent hours prepping documents for signing, saving lenders valuable time. This allows them to concentrate on other matters in their business and not spend time looking for reliable contractors. They would also have coordinated the delivery of all required documentation. This ensures that the loan signing process runs smoothly and documents are returned to their owners on time.
6) Borrowers can save money
A good loan signing agent will spend a lot of time pre-preparing all documentation. This includes drafting contracts and obtaining third party reports such as home inspections, pest registrations, etc. This not only saves time for the lender and borrower, but it also allows them to save money that can be used to address other urgent issues.
7) Receive Excellent Customer Service
You may need assistance finding a mortgage broker, conveyancer or title searcher if you don’t know the local procedure. A signing assistant can save you time and help you find the right contractor to provide the excellent customer service that borrowers need.
8) Be confident
Throughout their lives, borrowers sign papers to cover many types of transactions. They are often unable to compare the services of different companies because they lack information from all companies. Many Loan Signing Agents offer free consultations. Phone or e-mail inquiries are answered quickly with an extensive response to answer all questions.
We can help you find a loan signing agent in Oregon. Our experts will handle everything, from start to finish, so your paperwork is done correctly and quickly. Our service is flexible and offers competitive rates for each signature. For more information about what PDX Signing has to offer, visit us online today!
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