REFINANCE TIPS
- Thank you for ordering your title report with us. If you call us with any questions, please have our title number (09###) and street address at hand.
- Please remember that title reports normally take up to two weeks to be issued. At that time they are sent to the applicant, and the mortgage company (if so requested).
- A mortgage payoff statement is needed for each Loan filed against your property. If you would like Suburban Abstract to get the payoff statement(s), we will be happy to order them. Due to the Federal Privacy Act, we cannot obtain any of your financial information without your written consent. In order to obtain payoff(s) we will need: your written authorization (including signature and social security number of all borrowers), account numbers for all loans, names and phone numbers for all loan servicers. If you would prefer to order payoff statement(s) yourself, please remember: You will need to give them a payoff date (your settlement date). We need to verify all payoff figures prior to settlement. We must have the figures in WRITING. Verbal figures are NOT acceptable. Do not make a regular mortgage payment after the statements are ordered. (This will change the amount due.) We must pay based on written statements.
- All owners (everyone on Deed) must be present at settlement. Spouses, even if they are not on the loan/note, must sign the mortgage document. We will ask for PHOTO ID from everyone.
- Title Insurance fees are state regulated. All Title companies are required to charge the customer the correct premiums. Fees are based on the insured (Loan) amount and the date of the last issued policy.
- The new mortgage company may have additional requirements, please check with them prior to settlement about their requirements.
Examples:
- New termite inspection
- New homeowners policy, or at least an endorsement to the existing policy, and a copy of the old policy
- Flood certification
- Payoff statement for credit cards or home equity lines
- Current Bank Statements
- If you pay your own taxes, bring all your tax receipts/bills with you to settlement.
- In Philadelphia, the water and gas bills must be paid to date. Any outstanding bills will be collected at settlement.
- Suburban Abstract does not know the mortgage company’s charges. We only know our charges, and will be happy to give you an estimate of our charges upon request.
- WE DO NOT ACCEPT PERSONAL CHECKS. Please bring a certified or bank check. If the check amount is high, we will give you back the difference at settlement. The mortgage company will furnish you with an estimate of settlement costs at your request.
- IT IS THE APPLICANTS RESPONSIBILITY TO SCHEDULE AND COORDINATE CLOSING WITH ALL PARTIES. When scheduling the time of settlement, call our office first. We will reserve a time. Next, contact the mortgage company and confirm the time with them. They will make arrangements to get the mortgage papers to the settlement office. Settlements are scheduled on the hour from 9:00am to 3:00pm. (After-hours settlements can be arranged if needed) NOTE: The end of the month is a busy time for us. The earlier you call, the more times will be available.
- The place of settlement is normally our office. If there is a more convenient place for you, please let us know. We will try to accommodate you.
- All residential refinances have a “RIGHT OF RESCISSION” option. By law, you have three days to change your mind and cancel the transaction. After the settlement is held and the papers have been signed, we must wait at least three business days, after which we will mail any checks. (payoff amounts are calculated to the disbursement date plus two.)