Mortgage rates were on a steady path of decline in 2020, allowing many people the opportunity to become Homeowners or adjust their current property loan values. These historically record low rates are being projected to stay low for at least the first few months of the New Year but are expected to slowly rise again towards the end of 2021.
What does this mean for current property owners? The ability to take advantage of record-low rates on their mortgages and to save funds that can be put towards other investments.
So, when does it make sense to go through with a refinance?
- When it lowers your monthly interest rate and/or payment
- If you can reduce loan term/remaining payments with minimal increase in monthly payment
- If you can use debt consolidation from the refinance to lower overall monthly obligations
- Using a cash-out refinance for home improvements or some other major purchase.
The most important thing to note is that a refinance may sometimes have costs associated with them. Homeowners should calculate their break-even point to see how long it would take to recoup the costs. The decision to start this process is solely in the hands of the property owner, and if the savings outweigh the initial costs then it may be a smart financial move.
Take advantage of great rates & have Premier Florida Title help with your title needs. As a property owner, you are allowed to select your own title company for the title work. Call us today so we can help guide you through this process!
As many of you know, the process of purchasing a new home, or commercial property involves quite a few important documents that you need to be familiar with. Title and Deed documents are given to you by your attorney. Usually, these documents are also accessible online via your county’s property appraiser’s website FOR FREE. In instances where you have purchased a new property, you may receive a letters in the mail that might look like an official county or state document which states that you will need to take additional steps to finalize documentation, or that you will need to order vital documentation that shows ownership of your property.
This mailing will have your name, parcel number, and property address on it. What Record Transfer Services is doing might not be illegal; however, these services are usually already performed either before or at closing by a title company or real estate attorney. A title search is usually performed by a title company or an attorney, who researches the vested owner, the liens or other judgments on the property, the loans on the property and the property taxes due before the closing is done. If duplicates are needed or documents are misplaced from your records, these documents can usually be found via your county property appraiser’s website or you may contact your real estate attorney.
Given that the letter includes a deadline for which to request for these documents, it appears to be an official document, however, make special note of the disclaimer in fine print at the bottom of the letter: “This product or service has not been approved, or endorsed by any government…” Generally, if you receive a solicitation asking for more money after your closing, it is not necessary and is rarely legitimate. If you are not sure or you would like more information, contact your Florida Real Estate attorney or title company as soon as possible.
The Florida Office of Insurance Regulation has ruled that starting September 2, 2014 all title insurance policies issued in Florida will include a separate surcharge of $3.28. The fee will be aggregated statewide for payment of claims and administration expenses for two failed domestic title underwriters that are currently in receivership: K.E.L Title Insurance Group, Inc. formerly owned by partners of the KEL law firm in Orlando and National Title Insurance Company.
The fee will show on the HUD-1 Settlement Statement (commonly known as the Closing Statement) the assessment fee should be charged to the party contractually responsible for paying the premium for the policy. The Assessment should be shown on a blank line in the 1100 block of the Closing Statement.
Every agent or attorney, must add this assessment on every closing beginning September 2, 2014. This is a temporary fee and will apply until the State determines it has recouped related costs and covered all outstanding liabilities for these two companies.
Premier Florida Title is proud to have been audited and approved as issuing title agents for one of the largest and most financially sound title underwriters and the Office of Insurance Regulation.
This informational article is brought to you by Gulati Law and Premier Florida Title, as we wanted to ensure our entire valued REALTOR’s, lenders, and clients are aware of these new surcharge developments and are well informed on the real estate closing and title process.
For more information please contact us for more information- Gulati Law and Premier Florida Title.
A Real Estate Closing is one of the most important steps in purchasing or selling your property.
Buyers do not want to buy a property with a defect in title and Sellers do not want to have any liabilities after closing. For this reason it is important to consult with a real estate attorney who has conducted real estate closings before, and knows exactly what potential title defects to look for.
Gulati Law is affiliated with its own title agency in order to conduct residential, commercial and construction/developers closings.
Contact us today, if you are purchasing or selling your property, business, or land.