Tisinger Vance, P.C.

Closing Information for Home Owners Refinancing Their Mortgage

The closing of your home refinance will take place at our offices at 100 Wagon Yard Plaza, Carrollton, Georgia 30117 or our Villa Rica office at 215 West Bankhead Highway, Suite C, Villa Rica, Georgia 30180. Our phone number is 770-214-5118 in Carrollton or 770-459-8557 in Villa Rica and our fax number is 770-834-0653 in Carrollton and 770-459-8965 in Villa Rica. Enclosed in this letter are directions to our office.

Before closing, you will be contacted by a Paralegal to collect data about a variety of subjects that relate to closing and to remind you what to bring. When your loan is approved and your lender schedules your closing they will notify you of the time and date. It is a good idea to call us at least a day or so before your closing date to determine the name of the closing secretary responsible for your file to allow you to more easily obtain special closing information and the amount of your cash to close or cash out to Borrower figure.

The Home Owner refinancing their mortgage, and Lender will be in attendance to complete the transaction, which will take somewhere between thirty minutes to an hour.'The closing will be performed by an attorney whose practice is exclusively handling transactions of this type. 'Me average experience of our partners is over 10 years in this specialty. You will have an opportunity to discuss the financial aspects of the closing as well as the loan documents and terms and matters of title in detail. At the end of closing you will be given copies of all documents. Federal law requires that all the funds tendered, and all the documents signed, be held in escrow for three (3) business days to allow the consumer time to rescind the transaction if they wish.

After closing and expiration of the rescission period Tisinger Vance, P.C. will transmit the new Security Deed to the courthouse for recording, and will transmit the payoff funds to your old lender. You will probably receive the Note you signed when you bought the house marked "paid-in-full" within 90 days. You may also receive your escrow account balance and any interest adjustment from your lender shortly after closing.

NOTE- We are releasing your old mortgage and placing a new mortgage on title only: -The Warranty Deed you got from your purchase will be unaffected; and -You will not need to file for a new homestead exemption with your County Tax Commissioner; -Your owner's title insurance, from your home purchase, is not canceled by this transaction.,

PLEASE CALL US IMMEDIATELY WITH THE FOLLOWING INFORMATION WE NEED TO PROCESS YOUR FILE.

1. LOAN PAYOFF INFORMATION.

The Lender name, address, phone number, and loan number for the mortgages being paid off. Note: This includes First and Second Mortgages, and Equity lines of credit, Tax Smart car loans (secured by title to the house), SBA loans (secured by the title to the house), and UCC liens filed for home improvements like pools, siding, roofing, and the like (secured by the title to the house).

NOTE: If you have obligations which are already paid off, or zero balance, but which are not released of record, we must contact that Lender and get a release.

IMPORTANT-If your lender is an individual, rather than a bank, special procedures must be followed. Please call us immediately.

2. ASSOCIATION STATUS. If you own a condominium, townhome, or freestanding home governed by an Association that collects dues, we need to know this in advance to advise you of what kind of status letter you will need to bring to closing.

iii. WELL/SEPTIC STATUS. If your property is served, by a well or septic tank most lenders require an inspection to determine that the -water is free of coliform bacteria and that the septic tank is functioning properly. Call our office for special instructions.

iv. A TERMITE LETTER. Most Lenders require you to bring an "Official Georgia Wood Infestation and Inspection report" dated within 60 days of closing. This is a new inspection and NOT the termite bond you may have. This letter must show NO CURRENT INFESTATION, and must show the inspector does NOT recommend the opinion of a structural engineer. On some refinances this is not required. Please check with your Lender and be certain of this requirement.

Hints: Do not believe your inspector if he says there is some problem but it won't be a big problem at the closing. Call us for guidance.

If there has been previous infestation and the inspector checks the box that says he recommends a structural engineer, CALL US IMMEDIATELY.

If someone else is handling this for you CHECK WITH THEM to see if the letter they are obtaining will be acceptable.

YOU WILL NEED TO BRING TO CLOSING:

1. YOUR FILE ON THE PURCHASE OF YOUR HOME AND THE LOAN APPLICATION PROCESS. It is helpful to bring your file of documents you have kept in connection with the purchase of your home, for example, a copy of your Warranty Deed, a copy of your title policy, if any, and your notes of all your dealings with your lender, etc.

2. A PHOTO I.D. FOR EACH BORROWER. A driver's license and a social security card are best. If you don't have the social security card don't worry about it.

3. INSURANCE. In most cases your lender will require a NEW Policy of Hazard (FIRE) Insurance EFFECTIVE THE DATE OF YOUR REFINANCE and a receipt showing the first year premium paid in advance, or, an invoice by which we can transmit your premium at closing. If your existing home policy renewed itself within thirty (30) days of closing, some lenders will simply allow you to endorse the existing policy to reflect the new loan, rather than get a whole new policy. If that is the case, please contact our precloser for special instructions.

Hints: BRING ORIGINAL POLICY DECLARATIONS AND RECEIPT YOURSELF. Don't let third parties mail or deliver your policy to us unless absolutely necessary. The problem in, most don't arrive on time and courier expenses will accrue unnecessarily.

CHECK YOUR COVERAGE AMOUNT/NO BINDERS. Most lenders will not accept coverage for less than the amount of the loan (unless full "replacement" coverage is specially added) nor will they accept a binder.

CONDOS OR TOWNHOMES MAY BE DIFFERENT. If you are refinancing a townhome or condominium your unit may require this type of insurance or may be covered by a "master policy" which insures the entire complex. In that case, you will need to bring a Certificate of Insurance showing the master policy is endorsed to show your unit is: (a) owned by you, and (b) the subject of a loan made by your lender. 'Me Condominium or Townhome Association can direct you whom to contact regarding obtaining this certificate.

4. CERTIFIED FUNDS FOR CASH To CLOSE. We will accept funds only in certain formats to comply with Georgia law and Firm policy, if the amount of cash needed to close is GREATER THAN $1,000-00. Otherwise a personal check on a local bank will do fine.

A. A local bank "treasurer's check," "certified check", "cashier's check" or other certified funds drawn on a Georgia Bank; or

B. Wired funds directly to our Escrow account is the best way for out of state funds to be accepted. Call our office for Wiring Instructions; or

Out of state certified checks, checks from brokerage accounts and out of state personal checks will generally not be accepted without the specific permission of the Lawyer handling the transaction.

IMPORTANT- We must receive the loan package from the Lender and be able to process it before we can give you an accurate figure to bring. Often, particularly on peak closing days like the end of the month, the package arrives at our office shortly before you do. Therefore, you should consult with your loan officer to get good funds in the amount he or she estimates if we are dealing with an amount greater than $1,000.00. Otherwise, a local personal check will do. If you are short or over, we will be flexible. Although not knowing the exact amount in advance is frustrating for you and us alike, this is a daily fact of life in our industry, and we will do what is necessary to make it all work out.

5. LENDER REQUIRED CONDITIONS. Frequently, the Lender will require additional documentation before authorizing us to consummate the closing. Examples of this might be: a copy of your latest pay stub, deposit verifications, proof of sale of car, stocks, etc., copy of tax returns, explanation of credit inquiries, and the like. We will not know these conditions until shortly before closing and recommend you contact your loan processor before your closing to cover this possibility. It never hurts to bring copies of things you have already sent the Lender to closing.

6. IF PAYING OFF CREDIT CARDS, BRING THE LATEST STATEMENT. We may be required to payoff and close certain accounts and these statements are critical to proper account crediting.

7. A TERMITE LETTER. Please see "Termite Letter" for form and content.

8. A GOOD ATTITUDE. Have you noticed how many different people are involved in the process? Realtors, Loan officers, Loan processors, Credit Bureau, Appraiser, Underwriters, Title examiners, Surveyors, Tax examiners, Closing secretaries, Closing attorneys, just to name the obvious ones! It will seem to you that all of them want something impossible right before closing. This is natural and normal and to be expected. A good sense of humor will help you on the day of your closing.