Please add sections to this wiki with useful information about the process, so that people don't have to ask the same questions over and over, or scan the whole thread for answers!
Notary and closing
Here is what you can expect or ask for from my experience:
1. New pen for signing wiped thoroughly
2. Pen stays with you after signing
3. Only material they will touch would be your ID
4. ID would be wiped and returned back
5. Can expect gloves to be worn
6. Signing can happen in your front yard or in your garage
7. If you have a Costco table then you can sit on either sides to maintain distancing
8. Masks might be recommended given new guidelines
9. Plus discuss with the notary!!
expired Posted by Greenworld123 • Dec 8, 2019
Dec 8, 2019 2:27 PM
Item 1 of 1
expired Posted by Greenworld123 • Dec 8, 2019
Dec 8, 2019 2:27 PM
Amex offer: $2,500 statement credit for home refinance Better.com
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9,848 Comments
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(I think it all boils down to escrow amounts)
Looks like they think you are doing escrow.
thanks,
Better is saying otherwise.. still trying to confirm
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Better is saying otherwise.. still trying to confirm
Looks like they think you are doing escrow.
The RESPA law states that a lender may (read may as will) keep a cushion of 2 months of escrow as the lowest point during the year.
So, what you need do is go through and look at when Homeowners, taxes, and any other escrow items (HOA/Mortgage insurance) come out, and figure that your $$ comes in on the first and budget when the money goes out. You should aggregate that by month, and then see what month is your lowest balance. That "lowest balance" needs to be the equivalent of two months of your escrow payments. Your initial deposit will need to ensure that the low point is 2-months balance.
Additionally, since it can take up to 45-60 days for the mortgage to be sold and settle at a servicer, the lender is going to protect themselves and require you to bring taxes to the closing table. Since your mortgage collateral is "in limbo" until it is recorded in your county's records, their official "lien" on the property cannot be enforced until that point. So, to protect themselves, they require you bring the taxes to the table to ensure that the taxing authorities cannot place a lien against your house before their lien is filed. Once the mortgage is filed, the "title insurance" that they have would be in alignment with what you agreed to in the course of underwriting, and thus any future tax liens would be subjected to the terms of the mortgage document filed with the county.
Does that help at all? Effectively, escrow prepaids/taxes/insurance should be the same amount of money whether you refinance at better.com or at any other lender, with the same closing date.
What if the appraisal came low and u got a new sale price and to adjust and all the stuff if you cant talk to nobody other than the rep who pickup the call and tell u the contact is busy or in meeting or out of office???
What if the appraisal came low and u got a new sale price and to adjust and all the stuff if you cant talk to nobody other than the rep who pickup the call and tell u the contact is busy or in meeting or out of office???
what?
I went through the whole process in 10 days without talking to anyone, all by email and the better webpage.
I don't understand what you are trying to say
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