It is getting close the deadline to do a refinance without having to pay the entire property tax bill at closing. In Mecklenburg County property taxes are due on September 1, 1010, however; they are not late until January 6, 2011 (almost all escrowed taxes are paid in late November and into December). If a mortgage is refinanced after September 1st you must bring all 12 months of taxes to the closing table at the time of the new mortgage funding. This can lead to a larger loan amount or more dollars needed to close your loan. 

Bottom-line, it is better for cash flow to close on your refinance in Mecklenburg county and all other jurisdictions that have due dates for property taxes of September 1st by August 26, 2010.

It’s a perfect time to finally pull the trigger.

All our best for the upcoming week.
@ The Valeo-Croy Team, we are here for you.

The Valeo-Croy Team - (704) 366-7711

Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421
Accessible | Program Expertise | On-Time Closings

The Valeo-Croy Team and Cunningham and Company Mortgage Bankers are Equal Housing Lenders.

This information is for illustration only. It does not constitute an application for a loan or an offer or commitment for Cunningham and Company to make a loan on these terms. Interest rates are subject to change until an application is completed and you lock in your interest rate. The figures noted are estimates and may vary depending on discount points, taxes and insurance. Programs, terms and conditions are subject to change without notice. Mortgage loans are subject to credit qualifications. Normal credit standards apply. Date: 7/20/2010