5 Types of Mortgage Products Every Notary Loan Signing Agent Should Know

If you're a new or aspiring notary signing agent, understanding the five major mortgage products that you'll likely encounter is crucial to your success. 

​In this video, you'll learn the five types of mortgage products you'll see 99% of the time when you conduct a loan signing. 

Learn the 5 Most Common Signing Documents:

Refinance

Refinancing is the most popular mortgage product and probably the first signing opportunity you'll encounter.

A refinance involves a borrower refinancing their current loan on a property.

They may be taking cash out, lowering their interest rate, or shortening the term of their loan (e.g., going from a 30-year loan to a 20-year loan).

​As a notary signing agent, it's important to know where signatures, dates, and initials are required for refinancing documents.

Purchase

The second most popular mortgage product is a purchase.

This occurs when someone buys a home.

​Purchase loan signings have some similarities to refinance signings, but there are different nuances you need to understand to successfully guide the borrower through the process.

Seller's Package

The third mortgage product you'll see is a seller's package.

When a home seller sells a home, the escrow company sends out paperwork that needs to be signed by the seller.

This may include grant deeds, quitclaim deeds, or warranty deeds that require notarization.

​Make sure you're familiar with these documents as a notary signing agent.

​Reverse Mortgage

A reverse mortgage is the fourth most popular mortgage product you'll encounter.

These are typically geared towards the older population in America.

Homeowners with significant equity in their homes can use the equity as a means to receive cash flow.

​Instead of making mortgage payments, the mortgage balance grows over time, hence the name "reverse mortgage."

Home Equity Line of Credit (HELOC)

The fifth mortgage product you should be familiar with is a Home Equity Line of Credit (HELOC).

Homeowners can use the equity in their homes as a credit line, similar to a credit card.

​For example, if a homeowner has a $200,000 property and owes $100,000 on it, they have $100,000 in equity that they can use to secure a HELOC.

Key Takeaways

We covered the 5 most common types of signings you'll see as a signing agent! s it's essential to be familiar with refinance, purchase, seller's package, reverse mortgage, and home equity line of credit mortgage products.

​These five mortgage products make up 99% of the signings you'll encounter in your career.

Ensure you're well-versed in each of these products to avoid mistakes and errors that could cost you future business.

This is where the Loan Signing System comes into play, offering you the opportunity to learn all five types of mortgage products, along with commercial signings, through engaging LIVE Mock Signing trainings and workshops!