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Real Estate Closings
IF YOU ARE REFINANCING
A closing for a loan refinance is much like your closing experience when you purchased your home. The lender's documentation that you must sign will be very similar to your original loan. However, only you, your lender or mortgage broker and the closing attorney will be present for the closing.
In order to prepare for your closing, we must obtain certain information prior to the closing:
Your new lender will require Hazard Insurance covering the loan amount. Please provide us with your insurance agent's name, telephone number and annual premium amount. Without this coverage, you cannot get a loan!
Our office will obtain payoff statements from your existing mortgage company (or companies). In order to do so, we must have the name and phone numbers of each of your lenders and your loan numbers for each loan to be paid off.
Please provide your social security number. Without it, we cannot obtain your payoff amounts from your lenders.
If you are in a subdivision, we will need a contact person with your Homeowners Association to ensure that your obligations are paid and make proper prorata credits if already paid.
Some lenders require a termite letter as a condition of the loan. Please confirm whether your lender requires it or not. If so, you must provide that letter to us prior to your closing for our review.
On the day of closing please bring these items:
You and any co-borrowers on the loan. If you are the only person on the loan but your spouse is on the title, your spouse must attend also to execute a few certain documents such as the Security Deed.
If you owe money, remember to bring certified funds if the amount you owe exceeds $4,999.00.
Your lender may require that you pay off other accounts at the closing. If so, bring payoff documents or account statements to ensure that we have the correct information.
If your lender has made any other conditions to your loan, please bring the original copies even if you have already faxed them to us.
A photo ID is required just as it was with your original loan.
In the event the amount you owe varies from the amount you prepared to pay, please bring your checkbook.
If your lender required a termite letter, please bring the original even though you have already faxed it to us.
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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
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by Blackburn, Sloan & Adair, LLC. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.
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