e="MARGIN-LEFT: 0in; TEXT-INDENT: 0in">____ 1.  Addresses and dates of occupancy for ALL residences for the past two years.

____ 2.  Names and addresses of all landlords within the past two years.

____ 3.  Copies of social security cards and driver’s license (photo ID is required for each borrower). 

____ 4.  If divorced, provide divorce decree and stipulations.

____ 5.  Name and address of nearest living relative.

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ON CLOSING COSTS
The following information is meant to eliminate much of the confusion sometimes present as "closing" time draws closer.

Here are two broad categories of extra charges and fees that are usually found in settlement or closing transactions nationwide.
bulletCharges for establishment and transfer of title. These involve the title search, title insurance, legal fees and settlement supervision fees.
bulletCosts associated with obtaining the mortgage. Other costs include surveys, appraisals, credit checks, loan documentation fees, notary charges, loan origination fees, commitment fees, processing fees, hazard insurance, interest prepayments, Lender's inspection fees and underwriting fees.

Who Owns What?

In buying a car, you see the Owner's registration certificate as proof of ownership or clear title. The burden of proof is upon the owner.

When you go to buy a house, the burden to provide clear title is usually the responsibility of the Seller. The Lender will not give you a mortgage until you can prove that the present Owner of the house legally owns it.

Title insurance

It is likely that a title insurance policy will be required even though a formal title search was done. This is to guard against the possibility of error by whomever searched the title on the home. Errors in this area are pretty rare, but when they do occur, they are catastrophic for all parties concerned. The cost of this policy is a function of the value of the house and is often home by the Buyer.

The title insurance policy lists the Lender as the beneficiary. You would need to take out an Owner's title insurance policy to protect yourself. The additional premium cost will usually be only a fraction of the Lender's policy and is worth it for peace of mind.

Mortgage-Related Closing Costs

Another major category of closing costs involves mortgage money. Following is a list of what this includes:

LOAN APPLICATION FEE - This fee covers the initial costs of processing your loan request, checking your credit history and preparing the loan documents. The existence and amount of this fee varies from one Lender to another; typically, this fee is not refundable even if the loan is not granted.

PROPERTY APPRAISAL FEES - All Lenders require an opinion, usually by an independent appraiser, of the market value of the home being purchased. The appraisal gives the Lender some confidence that if the Borrower defaults, the Lender can recover its loan money from the sale of the home after foreclosure.

LOAN ORIGINATION FEES - Also known as "points." Each point equals 1% of the mortgage amount; they represent the equivalent of prepaid interest and are customarily tax deductible.

MORTGAGE INSURANCE - The tender may require you to purchase mortgage insurance as a condition of granting the loan. The most common reason for this insurance is because the Borrower's down payment is less than the Lender's normal minimum (usually at least 20%). it protects the Lender from loss if the Borrower defaults. (This insurance does not protect the Borrower, but it may allow the Borrower to get a loan for which he,/she might otherwise not get.) For a typical 90% loan, you are charged an annual fee of .62 5% of the loan amount.

HOMEOWNERS HAZARD INSURANCE - You will be required to have a policy in effect at closing with the first year's premium paid in full. This insurance is protection against physical damage to the house by fire, wind, vandalism and other causes. (minimum coverage is to be no less than the mortgage amount.)

We'd like to point out that there may be additional costs involved with your mortgage. They would be documented and explained before the closing.

NOTE. The checklists used in this pamphlet are for your general guidance only; your Lender may require different or additional information. The loan charges and fees for services mentioned are provided only for examples; the fees can vary quite a bit depending upon whom you ask to provide the service; the loan charges also will vary depending upon the lender and the type of loan. You should receive a Good Faith Estimate of settlement Costs which, though still an estimate, will be more specific to the loan product for which you have applied.