Title companies require certified funds and some require a wire if the funds are over a certain amount. When you obtain certified funds, these can be called a cashier’s check or a certified check. The bank will withdraw these funds immediately from your account and you cannot issue a stop payment on these unless you […]
Closings generally take about 1-1 ½ hours to complete. The closing is attended by: All buyers Occasionally a spouse/co-owner on title is required to sign documents at closing Buyer’s agent Title agent All sellers (unless bank owned or REO) Sellers agent Loan originator (usually on purchases/not always on a refinance)
A power-of-attorney is at the lender’s discretion. Many lenders will not allow a POA when there is only one borrower. You need to contact your loan originator immediately to determine if a POA will be acceptable to the lender and they will help get a POA prepared that can be approved by all parties.
Frequently, the lender will recheck your employment one more time on the day of closing. Additionally, they may run a supplemental credit check to verify that you have not obtained any new credit just prior to closing. These steps are all attempts to keep mortgage fraud to a minimum and to make sure the loan […]