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REFINANCE INFORMATION AND COSTS AT CLOSING
The
following are common costs associated with a refinance closing.
Other items may be required in your transaction.
- Taxes:
You may be responsible at closing for paying the next tax payment
if your closing occurs in the month prior to the tax becoming
due or you may be required to escrow 4 to 6 months of taxes at
closing for the next tax period This is in addition to the taxes
you may be required to pay in paragraph 3.
- Homeowner's
Insurance: This policy must be in effect as of the date of closing.
Most lenders require that the premiums be paid in advance for
at least the 60 day period following the date of closing. The
new lender must be named on the policy as mortgagee, we would
be happy to handle this for you if you contact us with the name
and phone number of your agent.
- Bank
fees: You may incur additional bank fees for the preparation of
loan documents, credit report, tax service fee, appraisals, attorney
representation for the bank, if applicable, real estate tax and
homeowners insurance escrow (usually a two month cushion is required
by most lenders (this is in addition to the taxes you may be required
to pay in paragraph 1), if applicable, overnight mail, and other
similar fees. You will receive a good faith estimate of these
fees from the bank at the time of commitment.
- Recording
fees: The town clerk will charge $10.00 for the first page and
$5.00 for every page thereafter for recording your new mortgage
and the release of your old mortgage. In addition, effective 7/1/2000
there is a $3.00 per document surcharge for recording in Connecticut
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Overnight mail: You will be responsible at closing for paying
any overnight mail charges in connection with your transaction.
- Please
notify us if you have a home equity line mortgage on your property
so that we can give you appropriate instructions regarding the
use of checks prior to the closing.
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