How do I get the settlement process started?
Call our main office in Alexandria at 703-836-5834 or email us at email@example.com . One of our Settlement Processors will be assigned to help you with your closing. We will obtain information from you about your new loan and any loans that will be paid off at closing.
Should I make my next monthly payment?
You should continue to make mortgage payments that come due prior to the date of closing so that you are not penalized in the event that closing does not take place on the expected date. You may 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 reflected on your lender’s payoff statement.
How is the payoff amount for my current mortgage calculated?
FireSide will order a payoff statement from your current lender that will reflect the amount of money required to payoff the loan. This amount includes the current principal balance plus accrued interest since your last posted payment, together with statement fees, fax fees, release fees, unpaid late charges or prepayment penalty, if any.
On mortgages, interest is paid in arrears. Your most recent monthly payment covered interest for the prior month. Therefore, the payoff amount will include accrued interest from the posting date of your last payment until the date of closing. Additional interest will be added to allow delivery of the funds to the lender.
I am paying off an FHA loan at closing. Does it matter when my closing is scheduled?
If you are paying off an FHA loan originated prior to January 2015, 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 to get the payoff check to the lender by the first of the next month. Your Settlement Processor can coordinate with your new lender to help you select an appropriate closing date.
Do I need a new hazard insurance policy?
All lenders require that you provide them with an original policy or endorsement to your existing policy showing them as the mortgagee. If your property is part of a condominium, your lender will usually accept a Certificate of Insurance on the building as proof of insurance, but you will have to obtain insurance for the “contents” of the unit.
How is the closing scheduled?
For refinances, the lender will generally contact FireSide once the loan has been approved. Your FireSide Settlement Processor will contact you to schedule a convenient closing date and time. Your Settlement Processor will also contact the lender to coordinate receipt of the closing documents. A refinance settlement will take about 30 minutes to complete.
For purchases/sales, your Settlement Processor will coordinate with the Buyer’s real estate agent to determine the most convenient date and time for all parties. The settlement processor will also contact the lender to coordinate receipt of the closing documents. A purchase/sale closing will last approximately 1 hour.
What do I need to bring to closing?
Any person who will be signing documents at settlement should bring current photo identification such as a driver’s license, passport, military ID or other government issued identification card.
If you expect that you need to bring funds to settlement for your closing costs or down payment for a purchase, you must wire us funds for the estimated amount due. Please contact us for wire instructions. Any difference may be paid by personal check; any excess will be refunded to you at the time of closing. Your funds must be received by our bank prior to closing.
If you are a Seller and would like to have you proceeds wired to your bank account, please bring wiring instructions from your bank. Generally, the wiring information can be found at the bottom of a check for your account.
Powers of Attorney
If you will be unable to attend closing on the day scheduled, you will need to inform a member of our staff as soon as possible so that arrangements can be made for you to sign certain documents ahead of time and so that the Power of Attorney form can be prepared. Our office will prepare a Special Power of Attorney so that a trusted family member or friend may attend closing and sign documents on your behalf.
What happens to the escrow account for insurance and real estate taxes if I am paying off the loan at closing?
Any funds held in escrow for taxes or insurance or overpayments to your current lender will be refunded to you directly from them in approximately 3-6 weeks following payoff of your loan.
If I am expecting cash out from a refinance, when will my money be available?
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, federal law requires that you have a three business day waiting period following the date of closing so that you may chose to cancel the loan if needed. For this reason, 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 certain loan documents have been recorded in the appropriate jurisdiction.
We understand that quick receipt of your cash-out proceeds is extremely critical to you. We will see to it that you receive your money as quickly as possible after compliance with federal and local laws.
If I am selling property, when are my proceeds available?
Your sales proceeds will usually be available the following business day after certain documents have been recorded in the courthouse where the property is located. We can disburse your proceeds in the form of a check or electronically by wiring to a bank or other financial institution. Wiring information can be found at the bottom of a check for your account.
We understand that quick receipt of your sale proceeds is extremely critical to you. We will see to it that you receive your money as quickly as possible after satisfying the requirements under local laws.