Steps to follow to make your Refinancing transaction go smoothly.
When you attend the closing for your new mortgage loan, the last thing you want to hear is that there is a problem; especially a problem that could cause the closing to be prolonged and even possibly postponed, thereby wasting your valuable time.
The title company and the mortgage lender will need certain documents and other information from the borrower to complete the transaction timely. The borrower can assist greatly by providing certain documents and information at the beginning of the process.
At Liberty Bell Agency, we strive to make even the toughest transactions go smooth. You can help us to make your Closing an easy and enjoyable experience by reviewing the following checklist of items needed for every residential refinacing transaction.
Information and items that need to be provided to the Title Agent at the beginning of the process:
- Name, Address, Phone number, Fax number and Email address of the Borrowers Mortgage Broker and Attorney
- Name, Address, Phone number, Fax number and Email address of the Mortgage Lender and Attorney
- The current deed to the property
- Any previous Owner's and/or Lender's Title Insurance policy
- Borrower will need to provide written authorization for the Title Agent to obtain payoff statements from any existing lienholders, and provide the related account numbers for those liens, or they will need to provide the Title Agent with a current valid payoff statement for any liens shown on the title commitment, or otherwise known to the Borrower.
- Borrower to provide any documentation regarding any pending or dismissed court matters relating to the property, including divorces, judgment liens, etc.
Items that need to be provided just prior to closing:
- Borrower to provide Title Agent with any new survey or plan of property.
- Lender to provide hazard insurance requirements to both Borrower and Title Agent
- Borrower to provide Lender and Title Agent with the required hazard insurance policy with paid receipt or invoice
- Borrower to provide Lender and Title Agent with the required Flood Search and Flood Insurance policy with paid receipt or invoice, (if applicable).
- Lender or Mortgage Broker to provide Lender's settlement charges to Title Agent at least 48 hours in advance of closing
- Lender to provide Title Agent with closing instructions at least 24 hours in advance of closing
- Lender to provide Title Agent with closing package at least 4 hours in advance of closing.
- Borrower to provide Title Agent with any Attorney's fee charged and any other charges to be paid out of closing.
- Borrower to provide Title Agent with the most current paid Real Eatate tax statement(s), or any new tax statements that are now due and owing.
- Borrower to provide Title Agent with the most current paid public utility statements (Water, Sewer, Gas, ect.) or any new statements that are now due and owing.
- Title Agent to provide to Borrower an itemized list of charges and amount due at closing.
- Borrower to provide Title Agent with the most current paid Homeowner Association or Condominium Association statement(s), or any new statements that are now due and owing.
Items that need to be brought with you to Closing:
- Borrower and Lender to bring any funds due at closing in the form of a certified check, cashier's check, money order or wire.
- Borrower to bring two forms of valid government issued Photo Identification.
- Borrower to bring any other items that have been requested in the title commitment and/or mortgage commitment.
... and be sure to obtain driving directions to the place of closing!
Please be aware that most residential refinancing transactions require a three day waiting period before the the tranaction is deemed complete, and the closing can be funded. During this three day Recission Period, the Borrower may be able to cancel the transaction by following the instructions provided by the Lender. After the recission period passes, and the Lender authorizes disbursment of the funds, Liberty Bell Agency will issue checks for payment of the items indicated on the Setttlement Statement signed at closing by the Borrower.