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Closing - FAQS

FAQ

Now that your loan is almost ready to close, you may have some questions about what to do next. Please see below for some common questions that come up just before closing.
How is the final payoff calculated?

The payoff amount is the actual amount due to your previous lender to satisfy the terms of your mortgage and completely pay off your debt.

The payoff is different than your current balance as it takes into account any interest due through the day you intend to pay off your loan.

My closing disclosure shows an appraisal fee but I got an appraisal waiver.

The appraisal fee will remain on your CD in case guidelines state that it is necessary to get an appraisal prior to closing.

If an appraisal waiver meets the guidelines for your loan, and no appraisal is needed, the charge will be removed from the final closing disclosure.

When will I receive a copy of the Signed Closing Doc?

You will receive a copy of your signed closing documents from the Title Company, usually within 6 days of closing. If you haven't received the documents, please reach out to the title company. If you are unable to retrieve the documents from them, please email us and include your loan number.

I have a question about my rate, terms or Section A fees. Who do I talk to?

The only person licensed to answer these questions is your loan officer.

You can find your loan officer's contact info on the Closing Disclosure. Please note, your loan officer will not have information regarding your closing.

For any other questions, please visit your loan portal for your current point of contact.

How is it determined to escrow or not?

If the loan estimate was signed reflecting an escrow account, then the CD will be prepared with one.

If the loan estimate does not reflect an escrow account, the CD will not reflect one.

If you have changed your mind regarding escrows, please contact us immediately so the necessary changes can be made. Please note any changes after your loan has been clear to close may delay your closing.

Why do I have to sign my CD 3 days prior to closing?

It is a requirement of the CFPB that the mortgage lender must deliver your closing disclosure 3 days prior to closing.

If your Closing Disclosure is not signed 3 days prior to closing, your closing will need to be rescheduled.

My existing mortgage has an escrow balance. What happens to that money?

Any funds left in the previous servicer's escrow account will be returned to the borrower once the refinance has been completed. Funds are usually mailed and should arrive no later than one month after closing.

If you have any questions regarding this escrow balance, you must contact your existing servicer as LoanFlight.com does not have access to the specific information.

Why is my homeowner's insurance being collected?

If homeowner's insurance is due within 45 days of closing, we must collect any payment due.

If you would like the impounds removed, please provide proof of remittance of payment for review.

Can I have a dual closing?

Unfortunately, we do not support dual closings at this time.

Why are my taxes being collected?

If taxes are outstanding and due within 45 days of closing, we must collect any taxes due.

If you would like the impounds removed, please provide proof of remittance of payment for review.

How do I wire my cash to close & when is it due?

Wiring instructions will be included with your final Closing Disclosure. For refinances, the wire must be sent no later than a day prior to funding and for purchases, the day of funding.

The funding date can be found on your Closing Disclosure.

The figures on my initial closing disclosure are incorrect.

It's not imperative that the closing disclosure have exact figures as your final closing documents will be balanced prior to closing. By signing your initial closing disclosures, you are simply agreeing to the terms of the loan.

This needs to be signed at least 3 days prior to closing per CFPB guidelines or the closing will need to be rescheduled.

When and how do I fund my Cash to Close?

On the top left of the Closing Disclosure, you'll find both the Closing Date and the Disbursement Date. The Cash to Close should be funded 1 day before the Disbursement Date. In other Words, you do not need to fund the Cash to Close on the Closing Date.
As for the how, it will depend on the Title Company. However, most title companies take either a Cashiers Check or a Wire Transfer. If the Cashier's Check is at hand during the closing, you are allowed to give it to the Notary. The Notary will end up shipping it to the Title Company alongside the Signed Closing Documents.

I have questions about something other than rate, terms or Section A fees. Who do I talk to?

If you have questions related to your closing, fees (other than Section A), please visit your loan portal for your current point of contact.

If you have questions about your rate, term or Section A fees, the only person licensed to answer these questions is your loan officer. You can find your loan officer's contact info on the Closing Disclosure.