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Mortgage Refinancing Help
: Regional: North America: United States: Tennessee: Regions: West Tennessee: Business and Economy
: Financial Services (9)
 Don't escrow taxes and insurance. Unless you're undisciplined, avoid putting monies in escrow to cover your property taxes and homeowner's insurance. There's usually a fee for this privilege that runs under 1 percent of the loan amount, in states where it's allowed. "Paying the fee will allow you to time your tax and insurance payments to your benefit," says Bank South's Steve Austin. For instance, you may be able to prepay taxes that are due next year and use those payments to reduce your current tax bill. Moreover, you get to hang onto your money longer. That may be an advantage when interest-bearing accounts start paying more.
 See also:
 Commercial Bank and Trust Company »
Full service financial institution in West Tennessee. Includes locations in Jackson, Paris, Union City, Memphis, and Southhaven, MS; online banking and bill payer services; and employment information.
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 Alexander Thompson Arnold PLLC »
Certified public accountants with offices in Union City, McKenzie, Paris, Trenton, Alamo, Jackson, Henderson, and Dyersburg, Tennessee; and Fulton, Kentucky. Includes tax tips, information about services offered, and location maps.
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 Insouth Bank »
Locally owned bank serving West Tennessee with offices in Brownsville, Millington, Atoka, Covington, and Memphis. History, locations, online banking, and information about services.
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 Bank of Fayette County »
An independent, locally owned and operated bank with branches in Moscow, Somerville, Bolivar, Piperton, and Hickory Withe. History, locations, hours, current rates, services, and other details.
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 Carroll Bank and Trust »
Community bank based in Huntingdon, serving Carroll County and other West Tennessee areas. Locations, services, and other details.
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 Security Bank »
Community bank with locations in Dyersburg, Newbern, Trimble, Trenton, and Humboldt and surrounding Dyer and Gibson Counties. Online banking access and details of products and services.
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 Reelfoot Bank »
Community bank serving Obion and Weakley County, Tennessee and Fulton County, Kentucky. Locations, hours, other information, and online banking access.
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 First State Bank »
Community bank based in Weakley County, with locations throughout northwest Tennessee and in Middle Tennessee and the Memphis area. Locations, hours, details of products and services, and online banking access.
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 Many companies in this industry will do what ever they can to get away with charging you as much as they possibly can. Some of the ways they do this is not disclosing all the third party fees involved in a loan such as title insurance, appraisals, pre-paid tax and insurance escrows etc. It is important that you ask the loan officer you're speaking with about third party fees. If you don't they may not tell you and give you a good faith estimate that sounds fair, but at closing you'll find out that you have to pay a couple of thousand dollars more in fees you were unaware of. A good loan officer at a reputable company should have no problem disclosing all fees that pertain to your loan and should also make sure you understand what the fees are for.
Start with your current lender. If you're a good customer-you hold a sizable mortgage, pay on time, and maintain good credit-your existing lender will probably do everything in its power to keep your business. The company may cut you a break on fees for things like appraisals, surveys, and inspections if the information is current and you meet other requirements.
Ask the company carrying your current title insurance policy what it would cost to reissue the policy for a new loan. This may reduce your cost.
Stick with a simple loan. It is easier to understand and less likely to get you into trouble. Adjustable-rate mortgages may seem like a way to get a bigger house now or to keep more money now, but when the rates adjust you can get into trouble. Avoid anything with a balloon payment. Just choose a simple 30-year mortgage you can easily afford.
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