Refinance
Why do I need an Attorney?
South Carolina law dictates only South Carolina attorneys can close refinance transactions involving South Carolina property.
What is a title search?
Public records search and attorney review of results to determine issues to be addressed before closing to ensure title is clear.
What are Recording, Courier and Overnight Fees?
Recording fees are charges for filing mortgages on the public record. Courier fees are charges for transporting mortgages to the courthouse. Closing documents to be received by the bank within 24 hours are shipped overnight.
Loan Fees, Terms and Penalties
What is an Escrow Account?
Account maintained by your lender with funds for taxes and insurance. Initial deposits are collected at closing and monthly deposits are built into payments. Without an escrow account you pay taxes and insurance in full as they come due.
What is Interim Interest?
Interest begins when funds are disbursed, which is the closing date. Monthly interest in your first payment does not include interest for the month of closing so it is collected at closing.
Title Insurance
Lender required policy protecting against defects undiscovered during the title search due to forgery or errors in county records. Title binder issued upon loan approval reflects search results and gives assurances issues will be resolved before closing. Free premium quote mybottomline@ashelaw.com.
Mortgage Payoffs
What is the Amount of My Mortgage Payoff?
It is not the amount reflected on your statement. Final figure is based on the date the bank receives funds and includes interest for the month of closing and processing fees. Money remaining in escrow is refunded after payoff processing. Debt is satisfied on the public record within ninety days of closing.
Should I Make My Payment for the Month of Closing?
Not if you are closing during the first week of the month because your payment will not be processed in time to be reflected on the payoff statement. Otherwise make your payment as soon as possible to ensure timely processing.