I have to attend closing? What are my options?
It is not required that you attend the closing, but we recommended it. If it’s unavoidable, your options include FedEx Overnight from your closing attorney to you and back or an acceptable, ‘specific’ power of attorney (drawn up by your closing attorney). The key to out-of-town closings is timely notification to your real estate agent who will coordinate this for you.
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Where do I go to close the loan?
In most cases, you will go to a local attorney's office for the closing. Your agent will remind you to bring certified funds and driver's license or picture ID.
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Can I bring a personal check to the closing?
You will need a cashier's check or certified check for closing.
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What is title insurance and why is it required?
Title insurance protects the lender against losses from disputes over the title of a property. It ensures against the possibility that there may be an unknown lien or any discrepancies in ownership. Since it’s a one-time premium and fairly inexpensive, you may want to consider purchasing a separate buyer's policy to protect your interests.
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How much title insurance do I need?
The amount of title insurance needed is based on the value of your home and the amount of your mortgage. Lenders are covered for the full value of the mortgage. This policy is not optional. In addition, you can obtain a separate owner's insurance policy to cover the full value of your home
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How much homeowner's insurance does a lender require?
Your homeowner's insurance policy must cover the cost to rebuild the home.
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How do I know if I need flood insurance?
Lenders perform a flood hazard determination for your property. If your home is located in a Special Flood Hazard Area, federal law requires you to purchase flood insurance, as most homeowner's insurance policies do not cover loss due to flood. If you choose, you can obtain flood insurance coverage even if you are not required to do so by the lender.
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How are my property tax bills paid?
It depends on your loan program and state requirements. In most cases, your monthly mortgage payment includes money for property taxes and these funds are held in escrow by the lender and the lender pays your property taxes as they become due.
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