borrowers’ q&A on refinancing a home
What information do you need from me?
We need to know your contact information (phone numbers and/or email address), marital status (single, married, divorced, separated), your current mortgage information (Account numbers and phone numbers), and homeowner’s insurance agent. You may provide this information to us directly or through your loan officer/mortgage broker.
Yes. Unless your spouse has signed and recorded a quitclaim deed on this particular piece of property or you have a recorded separation agreement. In North Carolina the spouse has a marital interest in the property, so they will have a few documents to sign at closing even though they are not on the loan.
What duties do you perform as my closing attorney?
As your attorney we perform a number of tasks that include:
– Title search and title examination
– Preparation of preliminary title opinion to secure title insurance
– Order title insurance
– Prepare legal documents if needed
(i.e. deeds, power of attorney, subordination agreements, etc.)
– Oversee the closing and witness the execution of the loan documents
– Ensure proper recording of all legal documents
– Disburse loan funds
– Give advise on any legal questions that may arise
When will I find out how much money I need to bring to closing, if any at all?
This will depend on when we receive the closing package from your lender. Normally we will receive the package one to two days before closing. Once we prepare the Settlement Statement we will have the final figures and will then call you or your loan officer/broker with these figures. If you do have to bring money to close it has to be in one of the following forms: certified check, bank check, money order, cash or you may have the funds wired to our trust account. Please call if you plan to wire funds.
How long will the closing take?
Usually about 30 minutes. This will depend on how many people are signing and if you have more than one loan.
Where will the closing take place?
Normally at our office, but we can travel (within a 50 mile radius from our office) to do the closing for an additional fee.
If I am getting money back from my closing, when will I receive the check?
If your refinance is on your primary residence (not investment property) then there is a three (3) day rescission period which means you can change your mind before midnight of the 3 rd business day following the closing. No documents will be recorded or funds disbursed until after the rescission period has passed.