Ready to close your home loan? Consider the benefits of eClosing

September 28, 2022

So, you made the decision to purchase a home and have reached the final frontier in the home-buying process: closing on your home loan. Congratulations, this is exciting! We hope you’ve had a great experience so far, one that offers both knowledgeable, caring professionals and smart, interactive technology in each step of the process. Good news: There’s an option for closing your home loan that combines the best of in-person and digital worlds, too, and it’s called eClosing. eClosings are anything but one-size-fits-all, which makes them extremely popular with busy borrowers. We’ll walk through the finer points here.

What is eClosing?

Put very simply, eClosing is the process of closing a home loan digitally (or electronically). In an eClosing, some or all of the closing documents are accessed and signed virtually. It’s popular with both first-time homebuyers and seasoned borrowers because of its flexibility. An eClosing can be tailored to your needs, location, and personal preferences — within state guidelines, of course. This means you have options, resulting in a faster, more efficient, and more convenient process, but with a personal touch. 

What are the options, and how do they work?

A hybrid eClosing combines digital components with traditional paper closing elements. Your unique circumstances determine which components of the loan package are signed or notarized in ink and which are electronically completed (or eSigned).

An IPEN (In-Person Electronic Notarization) may be part of your hybrid closing. With this option, you’d meet your loan officer in person but sign your documents electronically.

The Remote Online Notarization (RON) is a virtual eClosing process where all documents are signed digitally. You’ll be using your loan hub to select a closing time and review documents before signing, resulting in a faster and lower-stress process. And while selecting a RON closing means you won’t be making a trip to the bank, you won’t be losing personalized service. (Not in the case of UBT, anyway — your loan officer is still your closing advocate; walking you through your documents and ensuring you feel confident in your decision and comfortable with your loan terms prior to your signing session.)

Why choose eClosing?

eClosing can be a much faster, and sometimes even more helpful, way of finalizing a home loan. Many people prefer eClosings over traditional closings as they’re so adaptable to real-life circumstances. If one or both borrowers are in different cities (say, for example, you or your partner are traveling), or even unable to leave home for health reasons, it can be a great tool when trying to expedite the closing process. It really depends on what works for you and what you’re most comfortable with, as offering eClosing is just another way UBT strives to tailor the lending process to our borrowers’ needs. To learn more, or to begin the home loan process, contact one of our knowledgeable home loan officers today.

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Learning Center articles, guides, blogs, podcasts, and videos are for informational purposes only and are not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.

*NO PURCHASE NECESSARY. Void where prohibited. Applicants that close a secondary market, owner-occupied, primary-dwelling secured home purchase or refinance loan with Union Bank and Trust Company in Nebraska or Kansas between Saturday, October 1, 2022, at 12:00 a.m. Central Time and Sunday, January 15, 2023, at 11:59 p.m. Central Time (the “Promotion Period”) will be automatically entered in the contest. You may also participate in the Welcome Home Giveaway Drawing by completing the form at the following link during the Promotion Period. You must be at least 18 years of age and a resident of the 50 United States or the District of Columbia at time of entry. Residents of the state of Maine are not eligible to participate. YOU MUST NOT BE PROHIBITED BY FEDERAL OR STATE LAW FROM ENTERING THIS DRAWING OR FROM WINNING THE PRIZE. You may enter only once. You need not be present to win. You may win only once. One winner will receive $5,000 and may choose a cashier’s check OR direct deposit into their Union Bank checking account. Odds of winning depend on the number of entries received. Official rules available at Member FDIC

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