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| ....Important Phone Numbers | Moving Checklist | Financing FAQ's.... |
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Before Your Leave: ADDRESS CHANGE NOTICES Post Office: Give Forwarding Address Charge Accounts, Credit Cards Subscriptions: Notice requires several weeks Friends and Relatives BANK Transfer funds, arrange check-cashing in new city Arrange credit references INSURANCE Notify company of new location for coverages: Life, Health, Fire & Auto. UTILITY COMPANIES Gas, light, water, telephone, fuel, garbage & cable. Get refunds on any deposits made. DELIVERY SERVICE Laundry, newspaper, water, changeover of services MEDICAL, DENTAL, PRESCRIPTION HISTORIES Ask doctor and dentist for referrals; transfer needed prescriptions, eyeglasses, X-rays, obtain birth records, medical records, etc. CHURCH, CLUB, CIVIC ORGANIZATIONS Transfer memberships, get letters of introduction PETS Ask about regulations for licenses, vaccinations, tags, etc. And Don't Forget To Return library books Empty freezer, plan use of foods Defrost freezer and clean refrigerator. Place charcoal or baking soda to dispel odors Have appliances serviced for moving Remember arrangements for TV & antenna Clean rugs or clothing before moving; have them wrapped for moving Check with your moving counselor: Insurance coverage, packing & unpacking labor, arrival day, various shipping papers, method and time of expected payment Plan for special car needs of infants and pets. Obtain children's school records On Moving Date: Carry enough cash or travelers checks to cover cost of moving services and expenses until you make banking connections in new city. Carry jewelry and documents yourself or use registered mail. Plan for transporting pets; they are poor traveling companions if unhappy. Carry travelers checks for quick available funds. Let a close friend or relative know route and schedule you will travel. Including overnight steps, use him or her as a message headquarters. Double-check closets, drawers & shelves to be sure they are empty. Leave all old keys needed by tenants or owner with realtor or neighbor. At Your New Address: Obtain certified check or cashiers check necessary for closing Real Estate Transaction. Check on service of telephone, gas, electricity, water and garbage Check all faucets & stove controls Check pilot light on stove, hot water heater, incinerator & furnace Have appliances checked Ask mailman for mail he may be holding for your arrival Install new locks & recode security system Have new addresses recorded on driver's license Visit city offices and register for voting Register car within five days after arrival in state or a penalty may have to be paid when getting new license plates Transfer motor club membership Apply for state driver's license Register family in your new place of worship Register children in school Arrange for medical services : Doctor, Dentist, Veterinarian etc. |
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Q. HOW LONG DOES IT TAKE TO PROCESS A MORTGAGE APPLICATION ? A. Usually about 45 to 60 days, although it can take as few as 30 days and as long as 90 days for some transactions. The actual time depends on how quickly the lender can get an appraisal of the property, a credit report, and verification of employment and bank accounts. Time also depends on the buyer being prompt in supplying required information. Q. WHAT DOCUMENTS WILL I HAVE TO PROVIDE ? A. Be prepared to provide verification of income (including a pay stub and recent tax returns), bank account numbers and details on your long-term debt (credit cards, auto loans, child support, etc.). If you're self-employed you may also be required to provide financial statements for your business. In recent years, lenders have been required to obtain more specific information from borrowers in order to package and sell loans to investors. If you were lending someone such a large amount of money, you'd want detailed financial information. Q. COULD ANYTHING DELAY APPROVAL OF MY LOAN ? A. If you provide the lender with complete, accurate information, everything should go smoothly. You may face a delay if the lender discovers credit problems - a history of late payments or nonpayments of debts, or a tax lien. You may then be required to submit additional written explanations or clarifications. You should also be sure to notify your lender if your personal or financial status changes between the time you submit an application and the time it's funded. If you change jobs, get an increase (or decrease) in salary, incur additional debt or change your marital status, let the lender know promptly. Q. WHAT DO THE CLOSING COSTS INCLUDE ? A. Closing costs cover processing and administration of your loan. In addition to a loan fee, you'll usually be asked to prepay interest charges, to cover the partial month in which you close, and impounds for property taxes, hazard insurance and mortgage insurance. Q. WHEN DO MY MORTGAGE PAYMENTS START ? A. Usually about 30 days after closing. The actual date of your first payment will be included in your closing documents. Q. WHAT'S INCLUDED IN MY HOUSE PAYMENT ? A. Principal and interest on your loan. Depending on the terms of your loan, the payment also may include hazard insurance, mortgage insurance and property taxes. Q. CAN I PAY THOSE THINGS SEPARATELY ? A. Not if it's an FHA-insured or VA loan. With most other loans , you can pay your own taxes and insurance if you borrowed no more than 80 percent of the purchase price or appraised value of your home. Check with your lender to be sure. Q. WHAT TAX ADVANTAGES DOES A HOME EQUITY LOAN ALLOW ? A. Enables you to finance purchases of consumer items and maintain deductibility of interest. Beware not to borrow beyond $1,000,000, or you'll lose the interest deduction on the excess. If you fail to meet the loan payments, you stand to lose the house, so this option is important. The loan must be secured by your personal residence. |
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