<!-- by Alison Moss -->
If you refinance your home here are some tips for buyers of Cincinnati Real Estate to be sure that your old loan has been closed out.
1) Be sure to purchase the consumer protection insurance.
Even if you have worked with the title company for years, companies that have been around for years are going out of business and $15 is worth the piece of mind.
2) Even though the title company who closes your loan is responsible for seeing that your payoff for your old loan, be sure the bank receives the payoff before the next payment is due.
Sometimes things can go wrong and banks and title companies make mistakes. Ultimately you are inhabiting the home and your name is on the loan, so you are responsible and will bear the burden if the payment isn’t received on time. I spoke to Bank of America today, and I was told that if a payoff isn’t received and you haven’t paid your mortgage that month which most people don’t when they plan to close a refinance mid-month, then the bank will report a late payment to the credit bureaus.
Always call your bank to be sure that they have received the payoff and keep all documentation that they send you in the mail.
3) Ohio law requires the title company to hold your file for 3 business days before processing the payment in case you change your mind and cancel the refinance, so build this into your timeframes when you are trying to plan a closing.
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