Refinancing FAQ

Contact us with your payoff information. If you are paying off a mortgage on your property at closing, we will obtain the name and contact information for your lender from you, including the loan number.

Continue to make mortgage payments that come due prior to or near the date of closing so you are not penalized in the event the closing does not take place on the expected date. You might want to consider making your payment at least two weeks prior to closing in order for the payment to be posted to your account and reflect properly on your lender’s payoff statement. Any overpayments made to your current lender, or funds held in escrow for taxes or insurance by them, will be refunded directly to you approximately 3-6 weeks following payoff of your loan.

If you are paying off an FHA loan, keep in mind that the payoff funds must be received by the lender on or before the first of the month in order to avoid having to pay another month’s interest. For this reason, your closing should be scheduled no later than the third week of the month to allow sufficient time for the lender’s payoff check to arrive by the first of the month.

Coordinate with your FireSide Settlements contact to schedule your closing date and time.

Arrange for preparation of a Power of Attorney if you are unable to attend closing on the date scheduled. This will allow a family member or trusted friend to sign documents on your behalf. You should inform us as soon as possible if you are not able to attend closing so that arrangements can be made for you to sign a Power of Attorney and certain other documents in advance.

Obtain a hazard/homeowner’s insurance policy showing the lender as the mortgagee on the policy. Arrange for the lender to receive the policy before the date of settlement. Lenders do not require a homeowner’s policy for condominiums and will usually accept a Certificate of Insurance on the building as proof of insurance. Please make sure they receive this before the date of closing.

Arrange with your bank to wire the funds required for closing. You will be provided the amount as well as wiring instructions at least 24 hours in advance of closing. Please note that we can no longer accept cashier’s or certified checks. Any difference in costs up $500 may be paid by personal check; any excess will be refunded to you at the time of closing.

If you are expecting to receive cash out from your refinance or equity line of credit and the loan is secured by your principal residence, keep in mind that Federal law requires that you have a three-business day waiting period (recission period) following the date of closing so that you may choose to cancel the loan if needed. Any cash-out proceeds from your refinance will not be available to you until after this period has expired. In addition, if your property is located in Virginia or the District of Columbia, your proceeds will not be available to you until loan documents have been recorded in the appropriate jurisdiction.

Bring photo identification such a driver’s license, passport, or military identification card with you to closing.