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What
you need to do before the closing
There
are several things that you need to do before the closing.
If you do not accomplish each item on this list in a timely manner
your closing may be delayed.
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We
need you to verify the spelling of the names of all the borrowers/mortgagors
and provide us with Social Security numbers for each.
Click here to use our on-line
response form.
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You
need to arrange for homeowners insurance and obtain a binder
and receipt to bring to the closing.
Contact your insurance agent about this as soon as possible.
(An “insurance binder” is documentation of
the policy, not the policy itself, which states the policy coverage
amount and the date it will take effect.)
The binder must show that the policy provides 100 percent
replacement coverage and name as a co-insured the Lender, its
successors and assigns as their interests may appear.
You need to report this premium to us as soon as you
know it, but at least five days before the closing.
Click here to use our on-line
response form.
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If
your property is a condominium, homeowners insurance requirements
do not apply. Instead, you must obtain a Certificate of
Insurance from the condominium association.
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If
your home is located in a federally-designated flood zone, you
will also need to purchase flood insurance. Flood insurance
is sponsored through a federal program and can be obtained through
most insurance agents that deal with homeowners insurance.
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You
need to provide us with the questionnaire that we sent you to
give us authorization to obtain payoff figures from each lender
that holds a mortgage on your property. Click
here to use our mortgage payoff authorization letter.
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As
part of the closing, your lender will require you to purchase
a lender’s title insurance policy, but this policy will
not cover you in the event of a loss.
We will prepare an owner’s policy for you unless
you let us know you do not want it.
What
is title insurance and why do you need it?
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