Selling a Home – Frequently Asked Questions

WHY DO I HAVE TO PAY INTEREST ON MY LOAN PAYOFF PAST THE DATE OF CLOSING?

Your lender continues to charge interest until they receive funds in the amount necessary to payoff your loan in full.  Sometimes that takes 1 to 2 business days from when they receive your funds.

WHEN DO I CANCEL MY HOMEOWNERS INSURANCE?

Do not cancel your homeowner’s insurance until escrow has closed.

WHAT IS A STATEMENT OF INFORMATION?

This is the form we use in order to distinguish you from others with similar names. After obtaining certain information, we can then identify the true buyer and seller in order to disregard any judgements, liens or other matters on public record that have nothing to do with our customers.

WHAT IS A DEED OF RECONVEYANCE?

The Deed of Reconveyance is a recorded document issued by your lender once you note is paid in full. This document is recorded in the county in which the property is located and shows that the Deed of Trust (mortgage) that has been recorded in your name has been released.

WHEN DO I GET A REFUND FROM MY PREVIOUS LENDER FOR MY IMPOUND ACCOUNT?

Normally, your lender will send any balance left in your impound or escrow account with them within 30 – 60 days once their loan has been paid in full. If you have any questions regarding you impound or escrow account please contact you lender.

Posted on March 31, 2019 at 9:26 pm
Sally Melby | Category: Uncategorized

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