Serving Raleigh, NC and Surrounding Areas
919-789-9884 Phone 919-789-8746 Fax
REFINANCE BORROWER'S FAQS:
Q: WHAT DO YOU NEED TO KNOW FROM ME?
A: A: We need to know your contact phone numbers, your marital status, the name and phone number of your new lender, the name and phone number of your home owner's (hazard) insurance agent, and your current mortgage loan companies' names, customer service numbers, and your loan account numbers.
Also, if a borrower will not be at closing, we need to know immediately to make the appropriate arrangements.
Q: IF I'M MARRIED OR SEPARATED AND I'M THE ONLY ONE ON THE LOAN, DOES MY SPOUSE HAVE TO COME TO CLOSING?
A: Yes! All spouses including separated spouses must attend closing to sign a few of the loan documents. There is only one exception - if the separated spouse has recorded a "free trader clause" or a quitclaim deed on this property.
Q: IF I DON'T HEAR FROM YOU, MY CLOSING ATTORNEY, DOES THAT MEAN YOU ARE NOT WORKING ON MY FILE?
A: No! In our business, no news is good news. After we have received the information we need (see no. 1), we, ideally, have no need to contact you until immediately before closing.
As your attorney, we will gather information for closing, perform the title search and provide a preliminary opinion of title for securing title insurance, order title insurance, oversee the closing and execution of legal documents, act as escrow agent for all the transaction funds, and ensure proper recording. We are also usually called upon to give advice on any legal questions that arise during the process.
Q: WILL I SEE THE DOCUMENTS I WILL SIGN BEFORE CLOSING?
A: Generally no. The documents arrive late to our office and there usually is insufficient time. If there is an unusual term or document, we will contact you to discuss it.
Q: WHEN WILL I KNOW HOW MUCH TO BRING TO CLOSING?
A: Usually the afternoon of the day before closing. We need the lender's closing package to perform the accounting and it customarily is not delivered to us until the day before closing. If there is a delay in the package, there will be a delay in getting the figure to you.
Q: MAY I WRITE YOU A CHECK?
A: No. We are required to have collected funds at closing. This means you must bring one of the following to closing: cash, bank check, certified check, money order or have funds wired into our trust account (please call us at 919-789-9884 if you are planning to wire - there is an extra fee involved).
Q: HOW LONG WILL THE CLOSING TAKE?
A: We allow about 30-45 minutes. A little longer if you have more than one loan. If you are a meticulous reader and will want to read every word on every document, you will need to make arrangements to pick-up your loan document copies in advance of closing. You may then read through them on your own and make notes where you have questions to discuss.
Q: I'M CASHING OUT, WHEN DO I GET MY MONEY?
A: Generally there is a three (3) day recission period on refinances to give you an opportunity to change your mind before the transaction is final. We cannot disburse any funds until the three days has expired and we have recorded.
Q: MAY I CALL YOU IF I HAVE OTHER QUESTIONS?
A: Please do! Our assistants are very helpful with most logistical questions and the attorneys, Jay Gudeman and Stephanie Kilpatrick, are almost always accessible for any others. Call us at 919-789-9884.
© 2003-2016 - Kilpatrick Gudeman, Attorneys at Law