- A copy of your Deed.
- A copy of your Owner's Title Insurance Policy (a full title search will be ordered and a reissue rate cannot be given if we don't receive this item.)
- Your deposit check of $150.00 ($125.00 if you send a copy of your owner's policy with your deposit or if you have closed with us in the past), made payable to Signature & Stewart Settlements, L.C., to prepay for the title search and title binder.
- Your name, address, phone numbers and Social Security Number(s).
- Your signed Authorization Form to obtain payoffs.
- The name, address, phone number and loan number of your existing mortgage (if you have more than one mortgage, we need this information on all of them.)
- A copy of your Survey
The authorization form (as noted above, #5) needs to be signed by you and returned to us so that we can get your payoff statement from your existing lender. Due to the Gramm-Leach-Bliley Act, we will need authorization directly from you in order to gather the information necessary to process the refinance of your property. We have attached an Adobe Acrobat file to the left; you will need Adobe Acrobat Reader to open this file. If you do not have Adobe Acrobat Reader please click the link on the left for a free download.
We need at least 2 weeks to process your refinance, from the time we receive all items listed above including the deposit, before we conduct closing. If for any reason you decide not to refinance with us and we can stop the process before the billings occur we will gladly refund you deposit; otherwise the money will be used to pay for the title search and the binder. We will not begin the processing of your case until we have received these required items, please plan accordingly. The deposit collected will be reflected as an earnest money deposit on you HUD-1. If you loan officer has stated in any format that he or she has taken care of these item please take a moment to call us and verify that we have everything we need and have begun processing you file. We will not begin the process until we have spoken to the borrower directly confirming their intent to close in our office.
The Process
In order to ensure your refinance closes smoothly and in a timely fashion please provide all required documentation to your lender immediately. Make sure proof of your hazard insurance policy has been submitted to your lender, without this your closing will be delayed. Come to closing with information from your lender on your loan program so we will be able to make sure your documents are correct. Make sure you bring government issued photo identification and any other special documentation your lender has requested. Expect closing to take between 1 and 1 1/2 hours depending upon the loan program you have chosen.
Always let your lender and Signature & Stewart Settlements know if there is any change in your status to attend closing. If you are going to use a power of attorney it must be a Virginia power of attorney and it must be approved by the lender and the settlement company and this must be done ahead of closing.
Cash To or From Borrower
If you are required to bring funds to closing and that amount exceeds $1,000.00 then the funds must be in the form of cashier's check, certified funds or wire transfer. Checks must be payable to Signature & Stewart Settlements, L.C. If you are "cashing out" equity and receiving proceeds from the refinance transaction we will be happy to send you a check from our escrow account via overnight delivery, wire the funds into a banking account or call you when a check is available for you to pick-up from our office; all of these options are available to you at no additional cost. It is important you understand that you will not receive your money until the rescission period has expired and closing documents have been recorded in the land records of the county where the property is located. When you refinance you have 3 business days (not including the day of settlement) to cancel your transaction; this is know as "The Rescission Period". On the 4th business day we will send the documents to be recorded among the land records and then disburse funds. If you are using these funds for any time sensitive matter please plan appropriately.
