Refinancing can often save you money or help you meet other financial objectives. To ensure that your refinancing closing goes smoothly, please observe the following:
Attendance: It is imperative that all parties attend the closing. If this presents a problem, please notify us immediately. If a Power of Attorney is necessary, we can prepare it for your convenience for an additional fee that will be charged as part of your closing costs.
Homeowner's Insurance: You will need to provide us with your insurance binder and paid receipt at least two (2) weeks prior to the closing. The new lender should be named as lien-holder in the exact manner as indicated in the mortgagee clause of your commitment letter. Your paid receipt must show the amount of your annual premium and the period it covers.
Condominium Insurance: If the property is a condominium, you will need to obtain the insurance statement from the condominium association. Your new lender should be named as the lien-holder in the exact manner as indicated in the Mortgagee clause of your commitment letter. Your lender may also require you to obtain insurance for the contents of the condominium.
Condominium 6-D Certificate: If the property is a condominium, you will need to obtain this statement from the condominium association indicating that all condo fees and assessments are paid to date.
Mobile Homes: If the property is in a mobile home park, you will need to contact the park owner to obtain a statement that the park rent fees are paid to date.
Mortgage Payoff Information: You need to provide us with the lender names, loan numbers, and telephone numbers for all the current mortgages on your property, along with copies of the latest bills. You must freeze any home equity accounts and provide written authorization for us to obtain the payoff statement(s). We need this information as soon as possible in the process, as many lenders now require significant advance written notice for payoff information.
Tax Bill: Please provide the most recent tax bill for the property. If it is unpaid, the lender may require it to be paid at closing. If it has been paid prior to closing, we will need a paid receipt from the tax office.
Wastewater/Water Bills: Please also provide copies of the latest bills you have received for wastewater and water as they apply to your property.
Photo Identification: Each borrower must bring a valid driver's license and one additional photo ID to the closing for notary purposes.
Closing Funds: The closing funds must be payable in an amount we will provide prior to the closing. We accept cashier's checks, certified checks, and wire transfers. If this closing is a cash-out refinance, there may be no funds required. We will be able to determine this only when the final figures are completed.