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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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