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Title & Closing
This is for all things closing phase — title, closing times and docs!
How fast can Beeline close my loan?
The average time to close a home loan in the US is 45 days. Say what? You can close with Beeline in as little as 21 days, or go at your own pace.
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What does 'closing-ready' mean?
It’s our term for ‘clear to close’. You’re officially closing-ready when all conditions of the loan are satisfied — an acceptable appraisal, clear title and all underwriting conditions cleared, are some of the things we look for prior to issuing a ‘clear to close’.
Some readers
When do I have to pay my closing costs?
The closing costs are due at loan closing. If it’s a purchase, the closing costs are paid out of pocket along with any remaining down payment due. If you’re doing a refinance, the closing costs may be able to be rolled into the loan and you won’t have to pay them out of pocket at closing. Don’t worry, we give you lots of reminders about when you need to pay them.
Some readers
How does closing work for refinancing?
For a refinance, we schedule your closing at a convenient time. You meet with a notary, or attorney (depending on your state’s rules) to sign all the documents required for closing. It’s all good — we send you lots of information and instructions about what you need to do in the lead-up to closing day and on the big day.
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When will I know my loan will close?
Once our reviewers tell us you’re closing-ready, we’ll schedule closing for you.
Some readers
What is a subordination?
In a real estate transaction, a subordination agreement often comes up when a home has a first and a second mortgage and the borrower wants to refinance the first mortgage. The purpose of a subordination agreement is to adjust the priority of the new loan. In other words, you refinance your first mortgage, keep your second mortgage, and your second mortgage holder agrees to remain in second position behind the new first mortgage.
Some readers
Can I pick my own title company?
Yes, you can pick your own attorney or title company for the loan transaction. We just have to make sure they are properly licensed to approve using them.
Some readers
When am I cleared to close?
Well, we call that closing-ready. You’re officially closing-ready when all conditions of the loan are satisfied — an acceptable appraisal, clear title and all underwriting conditions cleared, are some of the things we look for prior to issuing a ‘clear to close’.
Some readers
How does closing work for a purchase?
For a purchase, the seller and buyer sign separately. The buyer wires funds to the title company 5 days prior to closing to make sure the loan will fund on time. It’s all good — we send you lots of information and instructions about what you need to do in the lead-up to closing day and on the big day.
Some readers
Do I have to include my taxes and insurance in my payment..?
Some loans require it, and for some it’s optional. Your Loan Guide will give you all the details after you complete your application.
Some readers
Will my payment go up if my taxes or insurance goes up?
Yes — even with a fixed-rate loan, your payment is likely to change over time. The reason? Your property taxes and insurance expenses, upon which the escrow portion of your payment is based, tend to fluctuate. If they rise, your lender may need to ask for a higher escrow payment.
Some readers
Do you guarantee on-time closing?
The home loan process can sometimes throw you some curveballs — title, appraisal issues or property condition are all things that could affect a closing date. So, while we can’t guarantee on-time closing, we can guarantee that we’ll do everything in our power to meet your closing date. We’ll be sure to keep you and your realtor in the loop every step of the way to make sure we’re on-track to meet your closing date.
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What is a title search?
A title search researches the ownership and lien history of a property. It’s important to know what is owed on the property and to confirm who the current owners are.
Some readers
Can anything prevent closing after the loan is approved?
Yes, the approval is based on your income, assets and credit. Things like job loss, damage to the home noted in the appraisal, or title search problems could all get in the way to closing. But if we hit any kind of snag, we let you know immediately.
Some readers
What happens to the escrow account I have with my current lender after I refi?
It’ll be refunded to you and you can spend it on whatever your little heart desires.
Some readers
What is an escrow account?
When you get a home loan, you'll probably be asked to put money into an escrow account to guarantee the lender that the ongoing expenses of owning the property will be paid, specifically taxes and insurance. You'll pay a lump sum into the escrow account at closing (also known as your ‘prepaids’), and add to it further with each of your monthly home loan payments.
Some readers
How long does it take to get my escrow refund after we pay off my previous lender?
Different lenders process refunds differently, but it shouldn’t take more than 21 days.
Some readers
When is the first payment due?
Typically the first payment is due on the first day of the month, a full calendar month after you close. For example, if you close on April 15th, your first payment would be due June 1st.
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What is a CD or closing disclosure?
A Closing Disclosure is a five-page form that provides final details about your chosen home loan. It includes the loan terms, your projected monthly payments, and how much you’ll pay in fees and other costs to get your home loan.
Some readers
What closing costs are negotiable?
Some closing costs are negotiable, including some third party fees that you can shop for like title insurance. If you look at your Loan Estimate (LE), you’ll actually see which services you can shop for and which you can’t.
Some readers
Can I transfer my current escrow balance to my new loan escrow account?
No — we have to set up a new escrow account with correct tax and insurance information to ensure accurate payments. We’ll set up your new escrow account based on when items are due. The good news is, you’ll get a refund from your current lender for the escrow account you currently have set up — and you can spend it on whatever your little heart desires.
Some readers
I haven't agreed on a closing date fully yet. What should I do?
All good — you can still apply and get your purchase-ready approval. That way, you’ll be ready to go. If you already have a purchase-ready approval and have made an offer, wait until you get the signed purchase and sales agreement — the closing date will be in there.
Some readers
Is my loan application guaranteed to close?
We’d love to say yes, but the reality is, there are a ton of moving parts in the loan process — appraisal and title to name a couple. That said, we bust our chops to make sure it all goes as smoothly as possible for you.
Some readers
How do I close?
Closing can happen with a notary, or at an attorney’s office — it all depends on what your state allows. Regardless of how you close, we keep you in the loop the whole way so you know what to expect at every stage. If you’re after closing details for your specific loan, get in touch with your Loan Guide — they’ll be all over it!
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