The Closing Process is Going Digital
More and more of the home buying process is being done online today, from searching for a home to getting approved for mortgages. The final step in buying a home, the closing, used to be a big exception. Closings have always traditionally called for all parties involved in the transaction to physically sign all of the necessary documents, either at several meetings or one big meeting. However, online remote closings, also called eClosings, are becoming an increasingly popular digital alternative to the standard process.
Advantages of Remote Closings
There are several ways remote closings improve upon the traditional closing process that bode well for the future of online real estate transactions.
- Buying out of state. If you are buying a second home or vacation home in another part of the country, remote closings are a convenient solution to avoid long, frequent trips.
- The possibility of a better rate and terms. Homebuyers are no longer limited to lenders that are close by, and the increased competition could lead to more favorable terms.
- Reduced costs. Without the need to produce paper documents, remote electronic closings are significantly less expensive for lenders than traditional closings. This may make lenders more willing to embrace eClosings going forward.
- A quicker, more comprehensive process. With no need for travel time or figuring out the schedules of all involved parties, everything happens much quicker in a remote closing. This allows lenders and real estate professionals to operate more efficiently, and reduces the time commitment on the homebuyer. It also provides homebuyers with a more comprehensive, easy to understand process. Going forward, lenders who offer remote closings will have an edge over those who do not.
- Reduced risk of error. Electronic closings reduce the potential for operational errors such as missing signatures or documents.
Interested in a Remote Closing?
Electronic closings are the future of home buying, and as your closing partner, Two Rivers Title Company is ready to help homebuyers and lenders with this process. It is important to seek the help of an experienced title and escrow company to make sure the remote closing is carried out safely and securely. Contact us today to learn more about our services.