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Why Shop for Title Insurance

July 30, 2009

The process of buying a new home or refinancing is exciting and can be time consuming. You are not only worried about finding the right home, but you are also trying to lock-in your rate at the “perfect” time. The process can be exhausting.

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Fantastic! I am “Skipping” a Mortgage Payment.

May 18, 2009

Why am I skipping a mortgage payment?  This is a frequent question at the settlement table and one that deserves a detailed answer.
The first mortgage payment on your new loan is typically due the first day of the second month after you have signed the mortgage papers.  For example, your refinance settlement takes place on February [...]

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I Want My Money Now, Not Three Days From Now!

March 18, 2009

If you are refinancing your primary residence, no funds will be disbursed until three business days have elapsed, during which time you are able to cancel your transaction.

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Principal Balance vs. Payoff Balance

March 18, 2009

One of the most frequently asked questions at the settlement table is:  Why is my mortgage payoff amount higher than the balance showing on my most recent statement?
When you receive your monthly statement from your mortgage lender, the unpaid balance IS NOT the amount necessary to pay the loan in full.  This is merely the principal balance as of [...]

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Escrow Accounts – How They Work

January 22, 2009

If you are fortunate enough to be able to refinance your mortgage loan into a lower interest rate, you should know how your escrow account with the new and current lender will be handled.  The mechanics of escrow accounts are complicated, and many borrowers want to know: What is escrow, and where does the money [...]

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