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The Vidclose difference
We will come to you to close anywhere & anytime! One of our Concierge Closers will explain every document you sign. This service is complimentary. If you prefer to close at one of our offices, we have many to choose from throughout Florida.
We have a team of attorneys that work on each purchase and sale. (Most Title Companies only have title agents, and most law firms have paralegals do the work). Combined, our team has closed 30,000+ properties.
Real Rebate and Price Match Guarantee
We are the only Title Company to offer you the Real Rebate®. We also provide our Price Match Guarantee and will match or beat any other title company’s combined fee for Owner’s Title Insurance policy premium and closing/settlement fee.
Why would I even consider refinancing?
There are generally 4 reasons most people choose to refinance:
1. Lower Interest Rates and Payments
It’s really simple math. If you want to lower your monthly payment, you need to lower the interest rate on your loan. To see a dramatic decrease in your monthly payment, you could look into switching from a fixed to an adjustable rate loan, or extending the terms of your current loan.
2. Build Equity
Sometimes Buyers choose to refinance to a shorter term. Payments may stay the same, or might even increase, but paying interest over a shorter time period will build equity faster. This could potentially save thousands of dollars in interest. In addition, the loan gets paid off sooner!
3. Cash for Equity
Whatever equity you may have, either from mortgage premium payments or from upturns in the market, both can usually be turned into cash. Mortgage interest rates are typically less than the interest rates on other types of loans, and also have the added benefit of potential tax deductions at the end of the year.
4. Debt Consolidation
Owners with considerable second mortgagees, credit card debt, or auto loans can refinance to combine that debt into a new mortgage. Mortgage interest rates are usually much lower than other consumer loans, so savings can be substantial. Also, interest on a mortgage is usually tax deductible. This isn’t likely on credit cards and car loans.
What fees can I expect to pay for my refinance?
Refinancing simply means getting a whole new mortgage. Just like there were fees for the first mortgage, you can also expect the new one to have its own costs and fees. All lenders are different, but here is a list of general fees to expect:
Loan Origination Fee / Points: This is the fee from your lender for making the loan. It’s usually listed as a separate line item or as a percentage of the amount of the loan. If you hear the term “points”, know that one percent equals one point.
Application Fee: This is the fee you’ll pay a to have your application considered. If your loan application isn’t accepted, this fee will typically be forfeited.
Appraisal Fee: Even if you recently had an appraisal, your lender will want to order a new one. They need to determine the current market value for your home in order to support the loan amount.
Credit Report Fee: Your lender will want a report on your current credit standing. Even if you’ve never had a late mortgage payment, that doesn’t mean you will automatically qualify to refinance.
Recording Fees and Taxes: These are the costs the county charges to register your property. The deed needs to be updated and the new mortgage and lender need to be recorded.
Title Search/Title Insurance: Even though you had a clean title when you got the property, the lender will want their own proof of this as well. They want to verify you still own the property and of any possible liens.
Closing Fees: This is the cost the title company or attorney charges to conduct the closing. Your lender might advise you who to choose, but the decision is ultimately up to you. We highly recommend looking at the Google reviews of each potential company before making a choice, calling to get quotes, and asking questions about their experience and process.
These are the most likely fees you will find when you decide to refinance your property. There may be others such as wire transfer fees, discount points, re-conveyance fees, etc. These type of fees can typically be negotiated. Refinances are as different and individual as the people who apply for them!
What role does the title company play in Refinancing?
Your old mortgage is paid off and your current lender’s title policy expires when you refinance. Your lender requires you to get a new title policy on your new mortgage. The title company orders a title and lien search, reviews the results and clears the requirements, issues the new lender’s title insurance policy, facilitates the closing, and records all necessary paperwork.
Why do I need a new title insurance policy when I refinance my home?
Refinancing a loan is no different than any other home loan. The lender still has to make sure that the new loan is protected by title insurance, just like the original loan was. When you bought your property, you were issued both an owner’s title insurance policy and a lender’s title insurance policy. When you refinance, you are only buying a new lender’s title insurance policy.
Why does a lender require title insurance for loans?
Lenders are protecting their investment against any title-related issues. Usually, once a lender buys your loan, they immediately sell it to a secondary market. These secondary investors require lender’s title insurance in order to protect their interests.
How long does it take to refinance?
This is all up to the lender. They all have different timelines. The title company can be prepared to close in as little as 5 business days if there are no title issues to fix. If there are issues then the time to close will be longer, depending on the transaction.
Is it true that in I can close from my mobile device or tablet?
As of July 1, 2019 the State of Florida has made it legal for documents to be e-signed and e-notarized (starting January 2020). This will be up to each individual lender and situation to determine if they will accept this type of closing, but we are prepared and ready to close this way!
Why does locking your rate mean?
This is the process of guaranteeing your interest rate for 30 to 60 days. It protects your rate from increasing if interest rates go up.
My lender requires I pay my taxes and insurance into an escrow account. What is this?
Basically this is a kind of forced savings account. Every month when you pay your mortgage, you’ll pay a little bit extra so the lender can pay your Real Estate Taxes and Property Insurance for you each year. Most people we talk to love this option because it saves you the time and effort of doing it yourself.
Does it make a difference if I use a large bank or small bank for my refinance?
From our experience, a refinance comes down to service and fees. It doesn’t make a difference what kind of bank you go with. Put in the time to research and ask for fees upfront.
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