 Proof of Insurance
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Your lender will want proof that your new
home is insured. They will also want to be listed as an "additional insured" on you new insurance
policy. You must arrange for this new insurance before closing. Before calling your
insurance agency, make sure you have the following information:
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Your new address.
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The amount of your new loan.
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The name and address of your lender. Be careful. This may be different than the name and
address of the mortgage broker with whom you are working. Call your lender to be sure.
You should consider getting insurance above your loan amount. Discuss this with your insurance
agent.
The "proof" that you have obtained this insurance must be delivered to Marks &
Williams or your lender at or before closing. You can not close without it. Contact your
insurance agenct prior to closing -- they will know what to do. Make sure to take your insurance
agent's name and phone number to closing in case you are required to contact them. You can
either pay the insurance premium in advance, or ask that it be added to your closing costs and
paid at closing. If you pay in advance, you will need to have a receipt from your insurance agent
to take to closing.
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Good Funds
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At closing, you must pay the balance of the equity in your new
home. This amount is roughly equal to the purchase price of your new home plus the closing
costs, less your earnest money and loan amount. Your lender has given you an estimate of this
amount when you applied for your loan. Call our office the day before closing and ask for the
exact amount you must bring. If we are unable to give you that amount when you call, bring the
amount on your good faith estimate.
You must bring "good funds" to closing. This means that you must bring these funds in the
form of a cashier's or bank check, Georgia closing attorney's escrow check, or wire transfer. We
can not accept your personal check for these funds. If you plan to bring a cashier's or bank check,
remember to allow time to obtain that check during banking hours prior to closing. If you
bring one of these kinds of checks to closing, have the check made out to yourself. You can then
endorse the check over to our escrow account at closing.
If you are arranging for your funds to be wire transferred, it is best to arrange for the wire to
occur the day before closing. Wires can get delayed, and your closing will not occur until your
money has been received. Call our office to get our wire transfer instructions. Your cashier's
check or wire transfer does not have to be the exact amount. If it is too much, we will give you a
check for the difference at closing. If it is too little, you can give us a personal check for the
difference provided it is not to large.
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Please direct any comments about this page to jjw@marks-williams.com.