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 [...]

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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 [...]

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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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Refinancing Frenzy – Don’t Miss Out on Title Insurance Discounts

December 18, 2008

If you haven’t heard it by now, mortgage rates are at their lowest in years.  No doubt you want the best rate and terms from your mortgage lender. Just as important is the reputation and proven performance of your settlement services provider.  Not only will your title insurance agent insure the mortgage lien position of [...]

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Subdivisions-Taxes Require Special Attention

December 4, 2008

When buying a property that is part of a larger tract and where the parcels have not been separately assessed, buyers (and their representatives) should pay close attention to the taxes being reimbursed to the seller on the HUD-1 Settlement Statement. We are also seeing more transactions where a single family residence is located on [...]

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City of Philadelphia Cracking Down on Fraudulent Conveyances

November 10, 2008

In an effort to thwart the rising number of cases of stolen property, real property that is, the City of Philadelphia has instituted a new policy when recording documents. Anyone other than the Sheriff, attorney, law firm, or title company submitting a Deed for recording will have to produce supporting documentation to file the Deed. [...]

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Discounts Available

November 10, 2008

Most title insurance transactions are entitled to a significant discount on the title insurance premium. Title insurance rates are filed with the Pennsylvania Insurance Commission and provide for tiered discounts based on the amount of time since the last issuance of a title insurance policy. Some examples: A homeowner refinancing a Mortgage originally recorded 3-4 [...]

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