By Holly Landis
Written for Pavaso, Inc. as the Content Writer and Marketing Coordinator
Soon to be featured on Pavaso website.
Let’s be real, the homebuying process is tough. You’ve worked to find a real estate agent who fits your needs, searched and scoured for the perfect house to call your home, made an offer the seller would accept, and now you are ready for your final step: closing on your home. This process is notoriously overwhelming and can take a long time to complete. That’s where eClosing comes in and can help ease the stress and make the closing more convenient than ever.
To break it down, eClosing is completing the closing process by electronically executing some or all of the closing documents. Rather than drowning in paperwork and repetitively signing document after document, an electronic closing allows you to sign your name once digitally, then place your signature on all the other documents. This is known as eSigning. The benefits of eClosing stretch far past just replacing a pen with eSignatures. eClosing allows you to review your documents digitally, prior to your closing, so you can review and understand them fully before you sign them at the closing table.
Is eClosing Actually Helpful to Me as a Homebuyer?
The Consumer Financial Protection Bureau (CFPB) conducted a study in which they asked homebuyers what the biggest issues were with closing on a home. The CFPB learned that not only did people get an overload of paperwork at the closing, but it was difficult to find answers to any questions they had. The process as a whole just felt stressful and overwhelming to them.
eClosing can help with all of these concerns. Because eClosing brings your lender, title company and real estate agents together, you get easier access to answers of any questions you may have. An eClosing platform will also allow you to send messages to your real estate agent, loan officer or closing agent at any time, getting you answers quickly and easily. In the CFPB study previously mentioned, homebuyers felt more satisfied when eClosing versus a paper closing because they were aware and educated about what was going on and didn’t feel left out or confused during the process.
How Can I Learn More About This?
If this sounds like something you’d want to try out, talk to your real estate agent about an eClosing platform. We have a variety of tools and resources that we can provide your lender, title company or real estate agent that have more information about eClosing and how they can get started. Check out our eClosing infographic as well as our in-depth handbook, eClosing for Dummies, to learn more about this eClosing and how it can benefit you!