If you are refinancing your current mortgage with Peninsula Settlements, please complete and return the attached form to us as soon as possible.

Peninsula Settlements’ Form for Refinance Transactions

We will provide your HUD-1 Settlement Statement, which shows how much you need for closing or how much you will be receiving back from closing, to your mortgage broker or loan officer as soon as possible. To complete the HUD-1, we need to receive closing instructions from your new lender. Typically, we do not receive these instructions from the lender until 24 – 48 hours before closing and it is not uncommon for us to receive these instructions shortly before the scheduled closing. We always do our best, however, to complete the HUD-1 as soon as possible.

At closing, you will need a valid, state-issued photo identification. We will make a copy or take a picture of your identification for our records. If we are doing an in-home closing, we would appreciate it if you could provide us with a copy of your license(s). You will also need certified funds for any money you need to close, unless other arrangements have been made with us.

Any individual who is on title to the property will need to attend closing, even if the new loan is not in their name. This is because all property owners must sign certain of the loan documents, including the deed of trust, truth in lending disclosure statement and notice of right to cancel.

If you want to use a Power of Attorney at closing because one of the borrowers or owners is out of town, you must first get the approval of the lender to use the Power of Attorney, as not all lenders allow this. If approved by the lender, we will prepare the Power of Attorney for you so that it is transaction specific and acceptable to our title insurer.

On refinance transactions of owner-occupied property, you will have a three day right of recission. As a result, your loan will not disburse until three business days have elapsed from the date of signing.

If you have any questions regarding your closing, please call us today at (240) 631-6690.

Peninsula Settlements, LLC
We know real estate.