Your Guide to the Loan Process Pt. 3

The day you’ve been anticipating has arrived! It’s closing day on your loan, which means you’re a step closer to fulfilling your dream! What can you expect when you walk into the closing and sit down at a table with the closing attorney and a set of legal documents before you? 

In part 3 of “Your Guide to the Loan Process,” Kyla Craven and Lance Wardlaw, Carolina Farm Credit lenders with the Carthage and Pilot Mountain branches, respectively, give insight into the last part of the loan process.

Behind the Scenes Work

Before you even walk into the room for the closing, your lender has been hard at work to get things aligned with the closing attorney and, depending on the type of loan, potentially with your insurance agent, explains Lance.

The lender has reviewed the title binder that has been provided by the attorney, and either the attorney or the lender has given you the chance to review it. “The title binder lets the lender and the customer know that legally everything should be smooth with the collateral you’ve pledged to secure the loan and with the property you are purchasing,” says Lance. “The major piece you as the customer and we are looking for is the settlement statement. That’s basically a receipt of the transaction that’s at hand. We check the settlement statement closely to make sure the numbers are in line. We then share that information with you, the customer, prior to the closing so there will be no surprise.”

The attorney likely will be the one to communicate with you as to the time and location of the closing. Typically, you will need to come to the closing with a certified check. The closing attorney will confirm the amount and provide instructions on the certified check and to whom it should be made payable.

“That is pretty much the most important part as it relates to the customer,” says Lance. “That, and coming to the closing.”

A Step Closer to Your Dream

 “The closing is a happy time for me when the customer leaves happy,” says Kyla. “We strive for an easy process and customers having the best possible experience.”

Lance agrees, adding, “We have the customer’s best interest at heart. We really want to see every situation that we’re dealing with be successful. We want to do everything we can as lenders to ensure that is the case. It’s rewarding to help customers turn a dream into reality.”

The Farm Credit Difference Returns Profits to Your Pockets

Farm Credit often can help customers with financing, particularly for a farm or other real estate, when commercial banks may not be inclined or equipped to do so. That’s part of the Farm Credit story that Kyla and Lance love to share.

“Farm Credit is different,” says Kyla. “We have been around 100-plus years. Real estate is a niche of ours. Farming is a niche of ours. Rural living is a niche of ours. Let’s talk about what you want to do and let us see how we can help you.”

“Another thing that separates us from commercial banks is that we put our profits in our customers’ pockets,” says Lance. “In this day and age that is hard to fathom when you have never experienced that from a commercial bank. Carolina Farm Credit is a cooperative and we actually pass our profits back down to our member borrowers which reduces the effective rate of borrowing. That is something that truly sets us apart from most lenders.”

If you’re thinking about next steps toward your short- or long-term goals and want to explore the possibilities when it comes to financing, speak with your local Farm Credit lender. If you would like to have an initial conversation with Farm Credit, find your local contact at

 “Your Guide to the Loan Process, parts 1 and 2” cover the application and processing phases of the loan process.

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By Leah Chester-Davis