Why am I suddenly getting solicitation calls from companies trying to get me to use them for this transaction?

Companies will pay to know who has recently had their credit pulled so they can solicit customers - instructions to opt-out can be found here.

Is there anything I should avoid doing during this transaction?

Avoid changing your spending habits. Do not open a new credit card, make large purchases (such as appliances), apply for a car loan, etc.

What documentation is generally required?

General Documentation Requirements

What is mortgage insurance (MI)?

Mortgage insurance is a monthly insurance payment (that is part of your mortgage payment) that allows borrowers to have a down-payment of less than 20.0% of the loan-to-value (LTV) - with a minimum down-payment of 3.0% LTV. More information about MI can be found here.

What are the components of my monthly mortgage payment?

Your payment is comprised of your principal payment, interest payment, taxes payment, and insurance payment - this is often referred to as “PITI.”

What is an escrow account?

An escrow account is effectively a savings account for your property taxes and insurance. When you have an escrow account, part of your monthly mortgage payment that is for your taxes and insurance go into the escrow account. By having an escrow account, you don’t have to worry about making your insurance or property tax payments, your mortgage servicer will do that for you! More information about escrow accounts can be found here.

I closed a while ago, why do I now have an escrow account shortage?

If you sign up for autopay to pay your mortgage each month, you need to be reading all the letters from your mortgage servicer. As your homeowner’s insurance premium and property tax amount changes, you need to update your autopay payment amount to compensate for those changes. This is crucial to avoid underpayment and late fees.