You may also appoint someone to act for you by using a Power of Attorney. In this scenario, you would actually assign someone to sign on your behalf. Each state has its own specific requirements, so please check with your closing agent for state specific requirements. Please note this process may require some additional coordination time. A direct billing program allows a relocation lender to pay all the nonrecurring closing costs on your behalf and, in turn, bill them directly to your employer.
Direct billing is only available in certain situations.
A lender is required to provide you with a good faith estimate of settlement costs at the time of application. Also, typically within 24 hours prior to your closing, the closing agent will provide you with the final sum of money required for the closing. Yes, a Mortgagee's Title Insurance Policy will be required on purchase transactions. Most lenders require a one-year paid receipt for homeowner's insurance policy for at least the amount of the mortgage at the loan closing. In cases where land and property have changed hands over time, there is always the possibility an error has occurred.