Refinancing is a great option for many home owners. Any home can be refinanced, whether it is your owner-occupied residence, a second home or an investment property. The tips below will help us assist you with your closing. Please feel free to contact us with any questions.
Who Must Attend
If you are on the loan you must attend the closing. Even if you are not on the loan but will be on the title, you must attend the closing.
Every party signing must provide a valid, unexpired form of government issued identification (such as a driver’s license or passport). Some lenders will also require a second form of identification (such as a social security card or green card).
Prior to closing, please provide us with proof of insurance along with a paid receipt or statement showing how much to collect at closing.
Our ability to accept funds for a closing are dictated by Georgia law. Please note that we will only accept a wire transfer for amounts of $5,000.00 and above. For amounts between $1,000.00 and $4,999.99, we will accept a certified check from a U.S. Bank. For amounts under $1,000.00 we will accept a personal check from a U.S. Bank. Please contact us for wiring instructions or click here.
Please note that some online banks will not process wires so you must transfer funds over $5,000.00 to another bank and then request a wire. Also, some banks (such as Bank of America) erroneously describe their online transfers as wires when, in actuality they are ACH’s (automated clearing house). We are unable to accept ACH’s. Any ACH received will be rejected and will take 3-5 days for your bank to receive and reprocess. Please go to the bank branch whenever possible to initiate a wire to avoid any potential problems.
A survey is a physical examination of your property designed to determine the dimensions and the location of any improvements, easements or encroachments. If you are purchasing new construction please check with your builder – they may require that you purchase a survey as a condition of the contract. If you are purchasing a resale or if you builder does not require a survey, you may want to seriously consider purchasing one on your own. A survey is highly recommended so that you will know in advance of closing of any potential issues. Also, your owner’s title insurance may not protect you against certain survey issues if you do not obtain a survey at closing. The typical cost of a survey is $450.00 but the actual cost depends on the size and complexity of the property. Please let us know at least one week in advance of closing if you would like for us to order a survey for you. For more information regarding surveys please click here.
If you are obtaining a loan to finance the purchase of your property then you can expect to sign the following documents. Please be aware that this is not an all-inclusive list – your lender may have different or additional documents to sign;
- Settlement Statement/Closing Disclosure: This is an itemized list of all costs involved in the transaction. You may want to refer to your Good-Faith Estimate for a preliminary summary of these items.
- Promissory Note: This is your promise to pay back the debt. This document will detail the loan amount, interest rate, monthly principal and interest portion of the payment, maturity date and other important terms.
- Security Deed: This is the document by which you convey to the lender the property as collateral for the mortgage. It may have “riders” attached that may indicate there is a homeowners/condominium association, or that it has an adjustable rate, or that it is investment property, or that it is a VA loan. In addition, all borrowers will be required to sign a “Waiver of Borrower’s Rights” in which you acknowledge that Georgia is a non-judicial foreclosure state and that you waive your rights to court procedure if you default on the loan.
If you would like to review your closing documents prior to closing, please let us know as soon as possible so that we can arrange with your lender to obtain the loan documents in advance.
Bring an original power of attorney, if applicable.