Refinancing your home can be a difficult decision for homeowners, especially when faced with the multitude of choices involved. It is important to consider your financial situation and contact an attorney who can guide you in making the best decision for your future. Please visit our other pages on loan modification, short sales, and bankruptcy in addition to refinancing if you are unsure of your options. Call us today for a free consultation to see how we can help you, or visit our Archive for more information.

Use the following links to jump to each section.

Pre-Closing
Our Staff and Fees
Lenders & Title Order
Title Insurance
Your Rights
The Closing
Post-Closing

Pre-Closing

Our Staff and Fees
Our real estate paralegals, Lisa and Judy, along with our real estate attorneys will be monitoring the progress of your file through to completion and guiding you through the process. The paralegal assigned to your file will handle communication between you, the lender, the title examiner, and all other parties involved, and will be happy to answer any questions or concerns that come up during the process. We are also responsible for drafting and reviewing all closing documents and providing an efficient process and comfortable atmosphere for you.

Our fees are both reasonable and competitive. Fees are charged on either a flat-fee or hourly basis, depending on the circumstances and the services provided. A list of our real estate fees is available upon request by calling, faxing or emailing us at your convenience.

Lenders & Title Order
If you have not yet selected a lender, we will be happy to offer you a list of experienced, professional lenders who, in our opinion, offer the best rates and service. Whether you choose a bank, a mortgage company, or a mortgage broker will depend upon your personal needs and what you are most comfortable with.

We can begin the refinancing process as soon as we receive a Title Order from your lender. We will ask you for some basic information so we can coordinate your closing quickly and smoothly.

Title Insurance
You are required to purchase a “Lender’s Policy” and have the option at the time of closing of also purchasing an “Owner’s Policy.” This policy protects you from defects in the title for a reasonable one-time fee and lasts for as long as you own the property. It usually carries with it an “inflation rider” which takes into effect any increase in the value of your home over time. Although the Owner’s Policy is optional, 94% of homeowners request and purchase one. It is generally considered an excellent insurance value and we recommend it to all of our clients. If you purchased an Owner’s Policy with your home, there is no need to purchase it again. You will, however, be required to purchase a Lender’s Policy.

Spillane Law Offices is an agent for six different National Title Insurance Companies. Click on any of the names to view their websites.

• Chicago Title
• Commonwealth Land Title Insurance Company
• Fidelity National Title Insurance Company
• First American Title
• Old Republic Title Insurance Company
• Stewart Title

Your Rights
Federal Truth in Lending law provides you with important rights when you refinance. Specifically, you are entitled to detailed information in advance about the cost of refinancing and the right to rescind or cancel the transaction at no cost within three business days after your closing. This cancellation privilege is known as the “Three Day Right of Rescission.” If you are involved in a “cash-out refinance,” funds from your refinance cannot be disbursed until after the three business days have elapsed and the new mortgage has been recorded. Interest continues to accrue on your current mortgage, but does not begin on your new mortgage until the date of disbursement.

The Closing

Before the closing we will compile a detailed accounting of each disbursement and review the figures with you. We will also arrange for a breakdown of any mortgages on your property so they can be discharged after the recording of the new mortgage.

Our paralegals will notify you of the closing time, date and place, and advise you of all closing requirements and conditions. The closing usually takes place at our office, but other locations are possible for the convenience of all parties involved. Final closing figures are given to you as far in advance as possible (usually 24 hours prior), allowing enough time for you to secure the necessary funds in the form of a bank or certified check. In the case of a “no cash out” refinance, your funds are deposited in a mutual fund, please make arrangements to ensure that “good funds” are available at the time of closing.

You will be asked to bring with you photo identification issued by either the state or federal government. Other forms of ID such as employment badges, wholesale club cards, etc. are not acceptable.

At the closing, an attorney from our office will be present to discuss any last-minute issues, review and oversee the execution of all relevant mortgage and closing documents, insure proper disbursement of closing costs and give you a complete closing package. In the package you will find copies of all documents from your closing, including all bank papers, closing statements and an accounting of all disbursements.

Post-Closing

Please let us know if you were satisfied with your real estate transaction and our staff. We are committed to helping you and are genuinely interested in any feedback you may have to improve our service.

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