Mortgage Refinancing Question

[Nuts4Disney]

We are refinancing our mortgage & we're undecided whether to use our attorney or Title Co. to review/handle our documents.

Any opinions, experiences, thoughts would be appreciated. Thanks.

 

[KimRaye]

Having worked for a real estate attorney in the past, the title company is just fine for a refi. The documents are the same as when you signed the 1st mortgage. You should also have a 3-day right of recission so, if something looks 'off' to you in your copies during that time, you can rescind the deal. You can also ask your lawyer to look through the documents during that 3-day period but, I suggest that the lawyer know about that before-hand.

 

[bsnyder]

No need to pay an attorney to review the documents. The title company will suffice for a refinance.

Hope you got a GREAT rate!

 

[Nuts4Disney]

THANKS A BUNCH!!!!!!! KimRaye & bsnyder!!!!!

Btw, we got 6 1/8 %. When we started looking it was under 6. I think it was 5 7/8, but by the time we got it w/ this lender it went up everywhere. It's still a lot better than the almost 8% that we're currently paying.

Thanks again for all your help!!!

HAPPY THANKSGIVING!!!!!!

 

[EROS]

We've refinanced 3 times and have never used our attorney for the transactions ......

 

[Nuts4Disney]

Thanks Eros!

Since you refinanced 3x already, I would think you're pretty good at it by now. May I take this as an offer to answer any further questions that may arise? Perhaps I can PM you?

THANKS AGAIN FOLKS!!!

AND HAPPY THANKSGIVING TO ALL!

 

[EROS]

No problem, NUTS . Btw, in our last refinancing, we stepped down to a 15 year from a 30 year mortgage. If you can do it, the savings are SUBSTANTIAL!!!!!!!!! Another alternative is to take the 30 year and try to prepay principal whenever possible to shorten the duration..........

 

[Nuts4Disney]

EROS:

Thanks for the info & generous offer to answer further questions which may arise. Beware, I've added you to my Buddy List.

All good ideas, but we can't swing a 15 yr right now. Things are too tentative right now to take it on. We will try to prepay principal whenever possible.

Thanks again.

P.S. I'm off to the store for some last minute Thanksgiving stuff.

Have a Happy everyone!

 

[EROS]

NUTS, just a warning...............the last person who put me on his/her "Buddy" list started receiving HATE MAIL . I actually strive to get on the IGNORE LISTS of the Righteous here ......

 

[bsnyder]

Nuts, if EROS isn't available, I'd be happy to answer questions too.

I am now "officially" a residential mortgage lender, for my bank. A very welcome job change after 10 years of being a commercial lender.

I don't have my new business cards yet, but I'm fast and furiously trying to save customers $$$$ with these great rates!

 

[Nuts4Disney]

Very Cool! bsnyder

I will take you up on your offer.

Right now I feel like a lamb ready for slaughter -- that is, just hanging around not knowing what I'm in for.

I feel a lot better having someone(s) to run things by.

THANKS A LOT FOLKS!!!

HAPPY THANKSGIVING!!

[If I don't get to the store again, it won't be that Happy around here. Today I have to pick up dessert today.]

 

[Nuts4Disney]

Originally posted by EROS
NUTS, just a warning...............the last person who put me on his/her "Buddy" list started receiving HATE MAIL . I actually strive to get on the IGNORE LISTS of the Righteous here ......

EROS,

Warning heeded, though I'm not sure what that means, & I think I am probably better off that way. Was it W.C. Fields [or Mae West] who said, "You can't please all of the people, all of the time?"

I will keep it "our little secret" that you are on my buddy list, even though I have now posted it 2x for the entire internet to see. Anyway, "they" are not offering to help, so.........!

In all sincerity, THANKS again for your help!

HAPPY THANKSGIVING!