DuPage County Mortgage Lender lists 10 MORE things you NEED to know

10 MORE things you NEED to know when you refinance your home loan

1. You will not receive any money (if applicable) the day of closing. - There is a 3 day right of rescission, which allows you to review your documents, or cancel your loan. Your loan will fund on the 4^th day.
2. You do not need to have an attorney at the closing. - Most people do not hire an attorney for a refinance; your attorney can review the documents during the rescission period if you choose.
3. You may skip making a payment for one month. - Depending on what day of the month you close on your loan, (example: Close June 15, fund June 19, first payment due August 1) however interest is calculated on your payoff until the day of funding, and also calculated on the settlement statement the day the loan funds. This is the interest paid for July that you will not actually be sending a payment for. (Please refer to #1 10 things you NEED to know in a refinance)
4. Judgments or liens on title will need to be paid off prior to or with the refinance of your mortgage. - If you are able to take additional cash from your home, you can apply it to a judgment or lien needing to be paid off.
5. A quit claim deed is used to remove or add someone on title. - You will need a quit claim deed signed and notarized if you are adding or removing someone to the loan.
6. You may want to OptOut to protect yourself from unscrupulous lenders. - see Credit Bureaus selling our clients information.
7. You may need a new appraisal to refinance your home. - If you have an appraisal that is over 6 months old a new appraisal will be done to determine current value of the your home.
8. You can pay off outstanding debt with a refinance. - If you have equity available in your home, you may be able to raise the loan amount enough to pay off credit cards, car loan, student loans etc.
9. There is no such thing as NO closing costs. - If you want a no closing cost loan it will affect your rate. Lenders are paid by the investor, in order to waive your closing cost the lender will have to make more (raise the rate) to waive those costs.
10. You can refinance your current loan to an FHA loan. - FHA is not just for 1^st time home buyers. You can refinance your loan to an FHA loan if it more advantageous.

You can get a FREE analysis of your mortgage to see if refinancing is an option for you in Illinois. Servicing DuPage, Kane, Lake and Cook Counties.

Kim Murphy 1st Advantage Mortgage

Also see 10 things you NEED to know in a refinance