Do I need a lawyer for a mortgage refinance?

[Jumpem]

Is there any point to spending $500 on a lawyer to come to the closing? It's easy enough to calculate what your monthy P&I, and escrow should be on all the papers.

 

[richardycc]

the lender might require you to use one.

 

[Capt Caveman]

nvm

 

[alkemyst]

If you don't understand the paperwork then yes. Personally I'd recommend a lawyer for the sales contract more than the closing...if you are going with a reputable lender their isn't much funny business to be had.

 

[zzuupp]

Originally posted by: alkemyst
If you don't understand the paperwork then yes. Personally I'd recommend a lawyer for the sales contract more than the closing...if you are going with a reputable lender their isn't much funny business to be had.

QFT

my thoughts:


Probably not. If you are convinced that you can and WILL read and understand everything, then certainly not.
Otherwise, it might not seem like it, but it is cheap insurance.

 

[theknight571]

After our last mortgage experience... I will definately fork out the cash for a lawyer or at least someone that has a better understanding of all the forms/terms/etc. We thought we had everything under control, but in hindsight we didn't.

Although my bigger gripe is the sale of mortgages... You pick a mortgage company based on what they offer including rates, plans, and service... then 6 months later they sell you to some shit company that doesn't even have a phone number where you can speak to a human, and they have a website where it "pretends" to accept payments and then they charge you extra to pay by phone. (We ended up going back to writing checks... since it only cost us the price of a stamp)

 

[IHateMyJob2004]

You need a lawyer. They do title searches among other things. And trust me, they are a low margin business when it comes to closings. Everyone does them and because of this, it is very price competitive business. Most lawyers are not as rich as you think they are.

 

[Jumpem]

Originally posted by: IHateMyJob2004
You need a lawyer. They do title searches among other things. And trust me, they are a low margin business when it comes to closings. Everyone does them and because of this, it is very price competitive business. Most lawyers are not as rich as you think they are.

The title search and all that was done when we bought the house. We are simply refinancing.

 

[Aharami]

Originally posted by: Jumpem

Originally posted by: IHateMyJob2004
You need a lawyer. They do title searches among other things. And trust me, they are a low margin business when it comes to closings. Everyone does them and because of this, it is very price competitive business. Most lawyers are not as rich as you think they are.

The title search and all that was done when we bought the house. We are simply refinancing.

have to do another title search regardless. I know, it is BS, but thats the way it is, at least where I live.

 

[RKS]

Originally posted by: Aharami

Originally posted by: Jumpem

Originally posted by: IHateMyJob2004
You need a lawyer. They do title searches among other things. And trust me, they are a low margin business when it comes to closings. Everyone does them and because of this, it is very price competitive business. Most lawyers are not as rich as you think they are.

The title search and all that was done when we bought the house. We are simply refinancing.

have to do another title search regardless. I know, it is BS, but thats the way it is, at least where I live.

for refis I usually did "current owner" searches, for sales I went back 40 years.

edit: I hope you wouldn't need a lawyer for a refi but you never know.

 

[spacejamz]

Originally posted by: IHateMyJob2004
You need a lawyer. They do title searches among other things. And trust me, they are a low margin business when it comes to closings. Everyone does them and because of this, it is very price competitive business. Most lawyers are not as rich as you think they are.

the title search is already covered by the loan application process. you should have seen this cost itemized in the good faith estimate and in the actual closing costs..

 

[IronWing]

Originally posted by: spacejamz

Originally posted by: IHateMyJob2004
You need a lawyer. They do title searches among other things. And trust me, they are a low margin business when it comes to closings. Everyone does them and because of this, it is very price competitive business. Most lawyers are not as rich as you think they are.

the title search is already covered by the loan application process. you should have seen this cost itemized in the good faith estimate and in the actual closing costs..

I miss the mid-2000s. When we refi-ed, switching lenders in the process, the lender didn't even bother with a title search or much of anything else.

 

[rh71]

not at our re-fi as it was much simpler but at our original closing he helped us out a ton... we found out he took care of things on his own and we never even heard about specific issues come to pass that otherwise would have.

 

[Adrenaline]

I just refinanced and did not use a lawyer. The paperwork was straight forward.

 

[edro]

Hell no. You don't need a lawyer.

Of course, it is ALWAYS better to play it safe than sorry, but no... you don't really need one, especially on a refi.

 

[JEDIYoda]

Is there any point to spending $500 on a lawyer to come to the closing? It's easy enough to calculate what your monthy P&I, and escrow should be on all the papers.

hahahhaaaaa way too funny!! Asking advice like that here of all places.
Where the average age is maybe 13 yrs old, if lucky!!

Also IMO stoopid on your part.....