What should I do between contract and closing?
Once you have a finalized contract, forward a copy to your mortgage broker to inform him or her of the property address, list price and realtor's name.
Next, obtain Homeowners Insurance (or Hazard Insurance), It compensates you for physical damage to your property by fire, wind or other natural causes. It is very important for you to obtain your Homeowners Insurance at the earliest possible date so that there are no delays in your closing.
The Declaration Page of your Homeowners Insurance policy with proof of payment must be sent to your HomeBanc Customer Service Specialist (CSS) at least 5 days prior to your closing date.
Depending on the terms in your contract, you may have to order a clear Termite Certification. Additionally, ask your CSS if Flood Insurance is required for your property.
Your mortgage broker may request additional documentation prior to your closing.
All requested original documents must be received by HomeBanc before closing. These documents will be sent to the closing attorney or agent to prepare for your closing.
Prior to closing, you will receive a HUD-1 Settlement Statement which lists all settlement charges associated with your loan. These usually include taxes, which are charged in most states, and title insurance. The HUD-1 also specifies the amount of certified funds you will need to bring to closing.
You will be notified of the date and time of your closing and what to bring with you. Although we don't anticipate any variation from charges in the HUD-1, you should bring your personal checkbook to closing in case there are last minute adjustments. If you are due a refund at closing, the attorney or title agent will issue you a check.