REFINANCES

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 receives an order for a refinance settlement, we will order a Title Abstract, review it thoroughly, 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 make certain that all of the conditions of your closing are met in a timely manner. If you have previously purchased an Owner's Title Insurance Policy, you will be entitled to a Re-Issue Creditor discount on the new Lender's Policy of Title Insurance that you will be required to purchase.

Once the loan is ready to close, we will prepare the HUD-1 and send it to your Lender for approval. After your Lender has approved the HUD-1, we will provide it to you for review in advance of settlement as well. This will allow us to identify and resolve any issues prior to having you come to the closing table. When the HUD-1 meets with everyone's approval, we will schedule the settlement at a time which is convenient for you. If it is not convenient to hold the settlement in our Prince Frederick, Calvert County office, for a small additional fee, one of our settlement agents can travel and conduct the settlement at a more convenient location. 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 can either wire your settlement proceeds to you, mail your check to you, or you may pick it up at our Prince Frederick settlement office.

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