The Homeowner's Corner
Dedicated to the Notary Profession Home Homeowner's Corner Mentor's Corner Articles Links Contact Us Site Map I have been in business in the Kansas City area since May of 1993. In 2005 mobil notary services were added in response to requests from lenders and closing service companies. Since I am a former loan officer from California and have notarized literally 1000's of documents. As an experienced notary, I think it's about time I took time to address some of the questions I get asked by homeowners when I go out to help them sign their loan documents. I am doing this with some degree of trepidation. As a notary, my responsibility is only to verify identities and make sure signatures on the loan documents are done correctly. As a former loan officer, I can see that homeowners, especially those who have applied for a home refinance online, only meet one person face-to-face in the transaction: the notary. Some of your questions go beyond the actual documents that you sign. I will try to address these questions from time to time.
Increasing Payments and/or Paying Off the Loan Early: Many homeowners ask this question during the signing process. Some of the lenders are a real help because they include a disclosure sheet that tells the homeowner that they can do this, and give a number to call or email contact to set something up. Other lenders don't do this, but have policies in place, if the homeowner asks. My usual comment is to tell the borrower that they need to contact their lender about the range in programs they may have for setting up and making accelerated payments. But in the midst of the questions, I detect deeper underlying questions that go beyond "will my lender allow this, and where can I sign up for accelerated payments?" The questions the homeowners sometimes have are along the lines of: "Increased or accelerated payments sound like a good idea, but I don't know how much it will cost, what the frequency of payments should or can be, and how much will these payments reduce the time I will be paying on my mortage?" This tells me that you as a homeowner want to do some research on this topic before you contact the lender.
Removing Erroneous Information From Your Credit Report: Estimates on the chances that there is erroneous information on your credit reports run as high as 79%. This is because the reporting is done electronically, and is seldom checked by a human being. One of the borrowers I signed up a few months ago spotted an error on the Loan Application showing a loan on a car he didn't own, and knew nothing about. I got a quick lesson from the borrower when he picked up the phone, called the credit reporting bureau, and immediately got the data removed. Some you may not experience anything quite so fast. A couple of sources for "do it yourself" guides fpr you to consider are::
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