Do I have to attend closing?

No, you don’t need to attend the closing provided you’ve given an acceptable power of attorney or taken the necessary steps to complete a mail-away closing. Your Bank Loan Consultant can help determine your options based on your needs.

Where do I go to close the loan?

In most cases, you’ll go to a local title company, the lender, or an attorney’s office for the closing.

Can I bring a personal check to the closing?

No. You’ll need a cashier’s check or certified check for closing. We will also accept a wire transfer for an additional fee. Since this is such a large transaction, a cashier’s check or wire transfer provides verification that the funds are actually available. State law requires that any amount over $50,000 must be a wire transfer.

What is title insurance and why is it required?

Title insurance protects the lender or you 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. You may want to consider purchasing a separate buyer’s policy to protect your interest.

How much title insurance do I need?

The amount of title insurance needed is based on the value of your home and/or real estate the amount of your mortgage if any. Lenders are covered for the full value of the mortgage. This policy is required and will vary from state to state. There is a one-time fee for the policy that you pay at closing. In addition, you can obtain a separate homeowner’s insurance policy to cover the full value of your home. However, this additional policy is not required.

Can I choose my own title insurance & settlement services provider?

Yes, we encourage you to shop around for both services. While we’ll be providing you with an estimate for these services, you’re under no obligation to use our providers. Estimates can vary widely, so please check with us to make sure that what you’re getting meets the requirements.

How are my property tax bills paid?

It depends on your loan program and state requirements. Generally, if your monthly mortgage payment includes money for property taxes, these funds are held in escrow by the lender and the lender pays your property taxes as they become due. However, if your payment does not include property taxes, you’re responsible for paying them by the due date mandated by your state or local government.

What type of inspections do I need before I close on my home?

Certain inspections may be required under your particular loan program. However, depending on the home and the location, there are a variety of inspections you may want to consider before you close on your new home even if they are not required under your program, such as:

• Home Inspection
• Termite Inspection
• Septic Tank Inspection
• Radon Test