Have you ever closed on a house? How about refinanced? Taken out an equity line? If so, you know how much paper is generated by these transactions. Tons of paper, tons of signing and initialing and all for a stack of papers that gets filed somewhere in your house, and generally never touched again. We refinanced twice on our Mass. house, and when we moved and I was cleaning out the files, I came across the closing packets from the original sale. Why did I keep them? More importantly, why did they have to be generated in the first place?
I think the idea of eclosing makes a lot of sense. It is an entirely electronic closing process for mortgages. I already do all of my banking and bookkeeping online, so it makes sense that these types of transactions should happen there, too. And best of all...say goodbye to the enormous stacks of closing documents cluttering up your important papers files!
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