If you’re considering a refinance transaction, look no further than Maryland Trust Title & Escrow.
The settlement process for a Borrower in a refinance transaction is similar to that for a Buyer in a purchase and sales transaction. That is, once Maryland Trust Title & Escrow, LLC receives an order for a refinance settlement, we will order a Title Abstract, review it, and prepare a title commitment. From the title abstract, we learn of any existing loans or liens that encumber the property and order payoffs for these loans. We work with your Lender to ensure all of the conditions of your closing are met in a timely manner.
Once the loan is ready to close, we will work with your lender to prepare the final ALTA & closing disclosure. Your lender will provide it to you in advance of settlement. Settlement can be scheduled at any one of our five convenient locations or an alternate location if needed.
In refinance transactions, there is a three (3) business day rescission period where you, as the Borrower, have the opportunity to change your mind and undo the settlement transaction. After the three (3) day rescission period has passed, and if you have not exercised your right to cancel the transaction, your loan proceeds can be disbursed. At this time, the Deed of Trust securing the new loan will be recorded and the settlement transaction will be completed. Maryland Trust Title & Escrow, LLC can either wire your settlement proceeds to you, mail your check to you, or you may pick it up at our office.
Start the refinance process today.