Helpful Reminders for Your Mortgage Experience
Every individual's buying and selling experience is different but it is always helpful to have a few tips to follow. This article provides you a list of things to watch out for as well as helpful reminders to help streamline and facilitate your mortgage process:
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After receiving your loan approval be sure to begin the process of identifying and obtaining homeowner's insurance. It is always a lender requirement--you will have to order proof of insurance before being able to close on your escrow. Once you select your insurance company, simply provide your escrow agent with the company or agent's name and phone number. If you require some recommendations or would appreciate some suggestions, your real estate agent can most likely refer you to a few contacts.
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If you wish to transfer or wire funds rather than obtaining a cashier's check, remember that this transfer takes time to set up so begin the process ahead of time with the escrow officer. We recommend setting up the account as soon as possible. To be safe try to give the escrow company at least 3 business days to set up your transfer account.
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If you need to use a power of attorney during your transaction, be sure to give yourself and the escrow company enough time to obtain and to record the necessary legal documents. The process of obtaining a power of attorney may take up to two (2) weeks though it is usually obtained within a week. The process \includes the following steps: 1) Informing escrow officer of requested power of attorney, 2) Completing appropriate paperwork with notary, 3) Receiving approval of power of attorney from lender.
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Decide how you would like to hold title to your new home or investment. This decision must be made before you go in to sign loan documents. If you are not sure of how you would like to hold title, you can always ask your loan officer or read our article: " Different Ways to Hold Title."
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When the time arrives to sign your loan documents, you will need to prepare yourself with two (2) things: 1) Cashier's check, and 2) Personal identification, e.g. passport or driver's license. Before you head in to sign your escrow agent or loan officer will contact you to inform you of the exact amount to bring into the title company. Write the check payable to the title company you will be signing at, e.g. First American Title, Old Republic Title, Fidelity Title.
If you have other questions regarding the mortgage process, you can always contact our experienced and caring mortgage consultants as well.
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