Full Closing with Escrow

It’s our all-inclusive-super-duper package.

Our Full Closing with Escrow Mortgage does it all for you. We formalize your loan. Our Settlement Agent partners take care of all the closing details. And, you get the added convenience of an Escrow account. Didn’t we tell you it was super?

What You Get

Documentation Services
We provide all the documents needed to set up a private mortgage:

• Promissory Note
  This is the meat and potatoes of your private loan. It puts in writing your loan principal, your interest rate, your payment frequency, and anything else in-between. You can even choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).

• Standard Fannie Mae Mortgage or Deed of Trust
  We’ll secure the private loan with the property being purchased or refinanced.

• Accuracy Review
  We'll review your loan documentation to ensure the terms meet state and federal regulations for usury, late fees and grace periods. In other words, we'll help you dot the i's and cross the t's.

• Mortgage Recording Services
  Virgin Money makes sure the mortgage documentation is recorded with the appropriate government office so that there is an official record to show that the private lender holds a lien on the property. This offers protection for the lender and tax benefits for the borrower.

• Basic Owner Report
  A Basic Owner Report lists the current owner and the legal property description. So you know what you’re getting. Exactly.

Full Title Search
We gather and assess all records relating to the property as far back as 40 to 60 years (depending on your state).

Full Closing Services
Virgin Money will arrange for a local closing agent to:

• Establish and Manage an Escrow Closing Account
  Separate from an Escrow account for taxes and insurances, this account will hold funds distributed during the closing.

• Handle the distribution of funds

• Provide Lead Paint Disclosure
  Some state-specific disclosures such as flood, smoke detectors or radon gas may be required as well.

• Prepare the HUD Settlement Statement

• Make sure the documents are reviewed and notarized

Payment Processing Services
We make it easy and convenient to keep your private mortgage on track with hassle-free payment processing services starting at just $19 per payment (with escrow.) We use electronic funds transfers, monthly email statements and email reminders to make repayment convenient.

Escrow Taxes and Insurance
We’ll set up an account for the borrower that goes specifically towards paying taxes and homeowners insurance. Using the most recent tax bill and insurance binder for the property, we’ll run an analysis to determine how much money we need to fund your escrow account, and how much to collect with your regular payments.

Toll Free Customer Support
Friendly client services representatives are available 9AM - 7PM Monday thru Friday EST to respond to changes in loan payments or help get a borrower back on track.