If you are Refinancing to lower your interest rate or doing Cash Out Refinance, your Attorney, Lender or Broker may recommend their title company, however it is your Right to Choose your own Title Insurance Company. We recommended you shop around and find the best fit for you.
The experience and dedication of our professionals assure you of an expert title search and examination and an accurate and timely closing. J&A Abstract is a leader in combating fraud to help protect you against those who misrepresent themselves or the property.
Services we offer:
- Owner’s Title Insurance
- Deed Transfers
- Lender’s Title Insurance
- In-house Attorney Review
- Title Searches
- Escrow Disbursement
- Judgment and Lien Searches
- Recording Services
- Bringdown Searches
- Power of Attorney Preparation
- Property Title Searches
- 1031 Tax Deferred Exchange
- Conveyancing Services
- Record Owner Searches
- After-hour Closings
- Subordination Preparation
- Release Preparation
J&A Abstract thanks you for your interest and welcomes the opportunity to serve your real estate needs. If you have any questions about the material on this website, please contact us for more information. Thank you!
Mortgage Calculator Help
Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you'll pay over the life of your mortgage. To use this calculator, you'll need the following information:
The dollar amount you expect to pay for a home.
The down payment is money you give to the home's seller. At least 20% down typically lets you avoid mortgage insurance.
If you're getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home's price. If you're refinancing, this number will be the outstanding balance on your mortgage.
Mortgage Term (Years)
This is the length of the mortgage you're considering. For example, if you're buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.
Estimate the interest rate on a new mortgage by checking J&A Abstract's mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.
Mortgage Start Date
Select the month, day and year when your mortgage payments will start.
Mortgage Calculator: Alternative Use
Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:
1. Planning to pay off your mortgage early.
Use the "Extra payments" functionality of J&A Abstract's mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan's principal each month, every year or even just one time.
To calculate the savings, click "Show Amortization Schedule" and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click "Apply Extra Payments" to see how much interest you'll end up paying and your new payoff date.
2. Decide if an ARM is worth the risk.
The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won't cut their monthly payments as much as they think.
To get an idea of how much you'll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM -- or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.
3. Find out when to get rid of private mortgage insurance.
You can use the mortgage calculator to determine when you'll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.
Simply enter in the original amount of your mortgage and the date you closed, and click "Show Amortization Schedule." Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you'll reach 20 percent equity.
5 Things Not to Do During Closing Process
|1||Change Your Marital Status:
How you hold your title is affected by your marital status. Be sure to make both your lender and your title company aware of your of any changes in your marital status, so that the documents can prepared correctly.
Job changes may result in your loan being denied, particularly if you are taking a lower paying position or moving into a different field. Pre-Apporval letter does not guarantee you a loan.
|3||Make any large purchases:
A major purchase that requires withdraw from your verified fund or increases your debt, can result bank denying your loan. A lender may check your credit or re-verify funds at the last minute. So avoid purchases that could impact your loan approval.
|4||Paying off existing accounts, unless lender request it:
Unless lender tells you to payoff certain accounts before closing, leave the accounts as they are until escrow closes.
|5||Switch Banks or Move your money to another institution.
After the lender has verified all of our funds, the money should remain in those institutions until needed for the purchase.
|Obtain a bank or cashier’s check payable to J & A Abstract, or arrange for a wire transfer to the title company.|
|Government issued Photo Identification will be required at settlement for all parties, along with a secondary form of Identification. It must be valid (not expired) at the time of closing. Examples, Driver’s License, State ID, Passport, Naturalization Certificate, Green Card.|
|Bring an Original Power of Attorney or Death Certificates (if applicable).|
|Provide your lender with a copy of your homeowner’s insurance policy and the bill or paid receipt PRIOR TO THE SETTLEMENT. Bring the original to settlement. Be sure that the policy names your mortgage company as the loss payee.|
|Contact your lender to review any outstanding conditions of loan approval.|