Please add sections to this wiki with useful information about the process, so that people don't have to ask the same questions over and over, or scan the whole thread for answers!
Notary and closing
Here is what you can expect or ask for from my experience:
1. New pen for signing wiped thoroughly
2. Pen stays with you after signing
3. Only material they will touch would be your ID
4. ID would be wiped and returned back
5. Can expect gloves to be worn
6. Signing can happen in your front yard or in your garage
7. If you have a Costco table then you can sit on either sides to maintain distancing
8. Masks might be recommended given new guidelines
9. Plus discuss with the notary!!
expiredGreenworld123 posted Dec 08, 2019 02:27 PM
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expiredGreenworld123 posted Dec 08, 2019 02:27 PM
Amex offer: $2,500 statement credit for home refinance Better.com
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Also, which rate would you choose to rate match and why? Loan amount 510,000, 30 year conventional. Closing cost same as it's the same company. I plan to stay about 5 years.
1. 3 % (3.037 APR) 0 points.
2. 3.125 % (3.162 APR) $5100 credit.
My impression is current lender will say no outright to assigning especially if they hold a note with a relatively "high" interest or charge a fee. If the former your only options are to refi with current lender or pay the mortgage recording tax if refi with new lender. If the later, then expect to pay an assignment fee and attorney cost to "assign" it.
Ymmv.
Also, which rate would you choose to rate match and why? Loan amount 510,000, 30 year conventional. Closing cost same as it's the same company. I plan to stay about 5 years.
1. 3 % (3.037 APR) 0 points.
2. 3.125 % (3.162 APR) $5100 credit.
I'll let you know if there are any hiccups since I'm closing in a week, but it is looking unlikely.
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When refinancing, a "substitution rate" discount is available when a borrower can produce a lender's title policy issued within the previous 10 years. In other words, when a title insurance company is simply insuring a new mortgage covering the same borrower for the same property, it is willing to offer up to a 40 percent discount. The actual discount amount varies depending upon the prior policy's coverage amount and the new policy's coverage amount.
Source:
https://www.washingtonpost.com/realestate/understanding-title-insurance-to-reduce-your-closing-costs/2013/10/10/da6dcfa6-1fe2-11e3-8459-657e0c72fec8_story.html
[washingtonpost.com]
When refinancing, a "substitution rate" discount is available when a borrower can produce a lender's title policy issued within the previous 10 years. In other words, when a title insurance company is simply insuring a new mortgage covering the same borrower for the same property, it is willing to offer up to a 40 percent discount. The actual discount amount varies depending upon the prior policy's coverage amount and the new policy's coverage amount.
Source:
https://www.washingtonpost.com/realestate/understanding-title-insurance-to-reduce-your-closing-costs/2013/10/10/da6dcfa6-1fe2-11e3-8459-657e0c72fec8_story.html
[washingtonpost.com]
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I'm about to close a refi @ 2.875% 30 yr fixed - plus a $1494 credit - plus the $2500 AMEX.
Just got my closing disclosure.
A+B+C on the closing disclosure, combined == $1100. +$90 in recording fees == $1190.
So they're paying me around $300 PLUS the $2500 AMEX credit to refi.
What a SD.
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