Connecticut Refinancing Lawyers
Once you receive a mortgage commitment we're ready to go to work for you.
Our refinance checklist enables us to order mortgage payoff information from your existing lender(s) and provides us with additional information needed to coordinate your closing. (INSERT LINK TO CHECKLIST)
If you have not selected a lender, we will be happy to offer to you recommendations of those banks and non-bank lenders who, based on our experience, offer the best rates and service. (INSERT LINK TO LENDERS)
Please keep in mind that Federal Truth In Lending law provides you with important rights when you refinance. Specifically, you are entitled to detailed information in advance as to the cost of refinancing. Most significant is the right you have to cancel this transaction. This cancellation privilege, known as a right of rescission, gives you the opportunity, for any reason, to cancel your refinance transaction within three (3) business days after your closing. Funds from your refinance cannot be disbursed until after the three business days have elapsed. The interest continues to accrue on your existing mortgage but does not begin on your new mortgage until the date of disbursement.
Title insurance is an expense that is required in nearly all refinance transactions. If you previously purchased title insurance for your existing lender, your new lender will require that you purchase it again. We have no control over this requirement, but will be responsible for obtaining the coverage necessary to satisfy the title insurance company. The attorneys that make up the firm of Alan Barry & Associates, L.L.C. are licensed by the State of Connecticut, Commissioner of Insurance, to act as insurance agents and are authorized agents for Fidelity National Title Insurance Company and Chicago Title Insurance Company. As licensed agents of these companies, we are typically paid a commission which is a percentage of the premium collected depending on the title company that is involved. We are paid this compensation for a variety of services we provide and specifically, preparation and delivery of a preliminary title report to the title company binding the title insurance company to bind coverage, completion and delivery of the final title report to the company along with all pertinent title documentation required and, of course, we review and deliver on your behalf the final policy of title insurance to your lender, depending upon the specific requirements of the transaction.
THE CLOSING PROCESS
Prior to closing, we will compile a detailed accounting of each disbursement to be made on your behalf and review the figures with you.
The closing itself usually takes place at our office although it may be at the office of your new lender, if required. At the time of closing, we will review all of the loan paperwork and provide you with a complete closing package containing copies of all relevant documents.
LEGAL FEES & COSTS
Our fees for handling this transaction are among the most competitive you will find. Contact us for our current legal fees. (INSERT CONTACT LINK) The premium for title insurance will be based upon the approved rate schedule filed with the State of Connecticut Insurance Department in effect at the time of your closing, whether or not you have provided us with a previously issued title insurance policy, and the loan amount of your new mortgage. If you wish an exact quote before closing, please contact our office.
Our goal is to serve you in an efficient and affordable manner. We achieve this goal by working together and communicating if you return the checklist and the Payoff Authorization form in a timely manner. We look forward to working with you. If you have any questions, please feel free to contact us.
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