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A copy of the deed and your
current title policy must be provided to the lender either at
application or as soon as possible thereafter. |
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If you are receiving any cash
from the refinance, the lender will require a letter stating the
purpose for the cash out refinance. This letter is required
prior to loan approval. |
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If you are refinancing to lower
your monthly payment, shorten your mortgage term or obtain other
financing only, you are not permitted to receive any cash at
settlement. Any monies in excess of that needed to complete
closing of your loan must be returned to the lender. The lender
will apply these funds to your unpaid balance, thereby reducing
the total amount due. |
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You must request, in writing, to
the Payoff Department of your current mortgage holder, a payoff
statement which should also include a per diem factor (daily
interest rate). We must have the original copy of the payoff
statement one week prior to settlement. |
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Unless you have signed the Title
Authorization for the lender to obtain your title insurance, you
must call your present title company or any other at your option
to order a new title report. We must have a copy of the title
commitment/binder at least one week prior to settlement. |
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You must provide documentation
as required by the title company to remove any exceptions on the
title insurance commitment/policy which relates to boundary
lines, or other matters that would be cleared by a current
survey. Contact your title company immediately to determine what
documentation they would accept. You may be required to provide
a current survey. |
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Evidence of paid property and/or
school taxes will be required by the title company. Please
contact your title company to determine the exact documentation
required by them. This information may be obtained from your
current mortgage holder or your county/municipal tax department. |
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You may be required to obtain a
termite certification on your home, we will advise you
accordingly. If required, this certification must be no older
than 30 days prior to the date of settlement and the original
certification must be provided to us at least one week prior to
settlement. |
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You may be required to have a
well and/or septic certification completed on your system, we
will advise you accordingly. If required, the original
certification must be provided to the lender at least one week
prior to settlement. |
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You must obtain a one-year (1
year) paid policy for hazard insurance with the lender, its
successors and/or assign, listed as the loss payee. The
insurance coverage should be at least the amount of the
mortgage. The original policy plus the paid receipt must be
provided to us at least one week prior to settlement. |
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Points paid on your mortgage may
not be fully deductible for the current tax year and may be
required to be deducted over the term of the loan. Consult your
accountant or the IRS for specific requirements and
deductibility of points. |
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A rescission period three (3)
business days follows settlement. During this period, you will
not receive your settlement monies and may cancel at any time
without adverse consequences. |
