Although the term e-closing already implies that you’ll be dealing with a digital mortgage document, this isn’t always the case. An e-closing simply means that at least one of the documents you’re signing during your loan closing is done virtually. There are three types of e-closings:

  • Hybrid e-closing: the borrower and notary sign some paper documents traditionally and other documents virtually. All parties involved still meet face to face for the closing experience.
  • In-person e-notarization (IPEN): All promissory note documents are signed digitally on a tablet or computer. However, the notary and borrower still meet face to face in order to sign.
  • Remote online notarization (RON): All documents are fully digital and signed virtually. The borrower and notary meet via webcam.

 

Why Rate Leaf Mortgage Brokers Prefer RON E-closings

Due to COVID-19, Rate Leaf has decided to focus on RON, as it is the only form of e-closing that is entirely virtual. COVID-19 has made people become creative with how they conduct business, and Rate Leaf’s no different. Just like how some South Florida restaurants are relying on takeout and minimizing direct contact with customers, Rate Leaf is offering remote online notarization in the hopes of giving our clients some peace of mind.

Our hope is that by alerting the public to our RON e-closings, that people will feel safe enough to refinance their mortgage or buy their first home. This is something that they may have been putting off until now because they hadn’t even known that virtual meetings could be done.

 In fact, remote online notarization for mortgage loan closings is still not the most popular closing method, although it is rapidly gaining ground. In January 2020, RON e-closings were fully implemented in fourteen states, including Florida.

Rate Leaf mortgage hybrid eclosing

Get Pre-approved 

In the past, Rate Leaf has even had clients complete loan closings on South Florida properties from places as far away as Japan, so believe us when we say it’s a cinch.

But if you’re looking to refinance your home, or get in on homeowner benefits to avoid the catastrophic impact that COVID-19 is wreaking on renters’ lives, then you’ll first have to see if you qualify for a mortgage or refinancing with us. For a free, lightning-fast pre-approval quote, click here.

Once you’ve been pre-approved, the process happens quickly. While we close loans in about two to three weeks, we have been known to close loans in as little as eight days.

If you’ve never closed a loan before and are curious as to how much closing costs are, then you can read more by visiting our other blog posts.

That said, let’s not get ahead of ourselves. After all, you haven’t even learned what you can expect from a remote online notarization.

What to Expect During Your E-closing

You will be asked to give an electronic signature on your mortgage loan closing documents by typing out your name on a keyboard, rather than a digital tablet signature. Even though you’ll be closing your loan in real time and with the presence of a Rate Leaf mortgage broker, they’ll first have to ask you questions about your credit history and personal background that only you would be able to answer. 

This is just a formality to confirm your identity. Keep in mind that you may also be asked to present a State or government-issued ID.

The Best Part About Remote Online Notarization E-closings

 In a nutshell, the best perk of RON mortgage e-closings is convenience. Not only can you sign electronic documents from the comfort of your home during the closing process, you’ll also save time and stress. During these uncertain times it’s nice to know that you can get things done while staying in.

Virtually signed documents are better because unlike wet signed closings, they are faster and easier to complete.