TITLE AND ESCROW

Do I have to attend closing? What are my options?

It is not required that you attend the closing, if you've given an acceptable power of attorney or taken the necessary steps to complete a mail away closing. Your personal mortgage processor can help determine your options based on your needs.

Can I bring a personal check to the closing?

You will need a cashier's check, certified check or wire transfer for closing. Since this is such a large transaction, a cashier's check or wire transfer provides verification that the funds are actually available.

What is title insurance and why is it required?

Title insurance protects the lender or you against losses from disputes over the title of a property. It ensures against the possibility that there may be an unknown lien or any discrepancies in ownership. You may want to consider purchasing a separate buyer's policy to protect your interests.

How much title insurance do I need?

The amount of title insurance needed is based on the value of your home and the amount of your mortgage. Lenders are covered for the full value of the mortgage. This policy is required and will vary from state to state. There is a one-time fee for the policy that you pay at closing. In addition, you can obtain a separate owner's insurance policy to cover the full value of your home. However, this additional policy is not required.

How much homeowner's insurance does a lender require?

Your homeowner's insurance policy must cover the cost to rebuild the home. The insured amount may be higher or lower than the actual purchase price as long as it meets the program requirements. The insurance company you choose can give you an actual quote based on specific information about the property.

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