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Inquire of your present lender if it
offers a lower cost to existing customers. |
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Determine if a refinance of your entire
first mortgage is right for you, or if a second mortgage/line of credit
loan is more suitable for your purposes, by comparing closing costs and
monthly payments for each. |
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Click
here to calculate your payments (not including taxes and insurance).
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Ask your chosen lender if it will accept
your current mortgage by "consolidation and extension" and the additional
fee charged by its attorney. Then ask your real estate attorney to
estimate whether you will save on the NYS mortgage tax by this method (as
your current lender may also charge a fee and there are additional
recording costs in the County Clerk's office). |
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If you are refinancing within 10 years of
your purchase, it is very likely that you are entitled to a discount on
the title insurance required by your lender. |
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Consider the "three day rule": lending
institutions are governed by the federal rules requiring Borrowers to have
three business days after closing in which to cancel their transaction
(some lenders count Saturdays as business days, many do not). Thus, no
money is released to you until the recission period has elapsed. If you
are borrowing to pay for a wedding, or to meet the date of the balloon
mortgage due, or for some other time sensitive reason, be sure to tell
your attorney so that closing can be set in enough time for the "release
date" to meet your needs. |
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