Should I Have Attorney for Refinancing?

tryingtogetbyJune 27, 2013

I am refinancing my mortgage with my current lender (big bank). It is a no-cost refinancing and they are sending a notary to have my wife and me sign the papers next week. All terms of the new loan will be the same as the old, except for the interest rate and the loan term. Everything is being handling by the bank - all I have to do is show up with a pen.

Should I have my attorney present? I'm pretty good with numbers and am familiar with contracts. Some say it would be a good idea, while others say it's a waste of money. There is a 3-day recision period after we close in which to review the documents.

Thanks for your thoughts.

Thank you for reporting this comment. Undo

Waste of money to me...

    Bookmark   June 27, 2013 at 7:15PM
Thank you for reporting this comment. Undo

If you are good with numbers and familiar with contracts, why do you need an attorney?

We always asked lenders to send us the document so that we could review it cover to cover prior to signning. We have found errors about 20% of the time. The last refinance the term was off by 5 years.

    Bookmark   June 27, 2013 at 7:48PM
Thank you for reporting this comment. Undo

Nah. Just actually read it in your 3 days time and if there are errors, rescind (and redo).

    Bookmark   June 27, 2013 at 9:59PM
Thank you for reporting this comment. Undo

We've always had the lender provide at least the basic papers 24 hours before closing (sometimes the full packet, which is pages and pages!) It's a lot of paperwork, but pretty straightforward, so if you are familiar with contracts, it should be no problem. Major things to check for are rate, term, and prepayment penalty, which will appear in multiple places and should all match up. The closing cost worksheet may or may not be 100% correct at closing but should at least make sense (sometimes it uses estimates that are no longer accurate because closing date has changed or you've made an additional payment, but the title company should check this upon paying off the balance and either they or the bank will refund any overage). The notaries who have come to do our refinance signings have always been relatively well versed in the paperwork and able to answer questions, too.

    Bookmark   June 28, 2013 at 1:29AM
Thank you for reporting this comment. Undo

Thank you all for your thoughts. It is one of the big banks, so I imagine the process must be pretty straightforward. I just don't want to inadvertently sign my house over to someone else!

    Bookmark   June 28, 2013 at 2:32PM
Sign Up to comment
More Discussions
Real Estate Agent Fees
My nephew is selling his condo, the agent that is selling...
New front door--ok to put lockbox on back door?
We have a new (quite expensive) front door and screen...
Retiree - rent or buy home
We are newly retired and have a plan to sell our current...
Sell Home, Go to Court Or What?
This may be the first time I have posted asking for...
what do you do with mail that comes for previous occupants?
I always get mail that is meant for previous occupants...
Sponsored Products
High Reach 4-Step Ladder
$249.00 | FRONTGATE
New Orleans Etruscan Gold 14-Light Clear Heritage Handcut Crystal Chandelier, 32
Jennifer Brooks Collapsible Travel Food Bowl Dog Bed
$20.00 | FRONTGATE
"Utopia Carmen" Bowl - WHITE
$248.00 | Horchow
Bonded Leather Oregon Trail Full-size Futon Cover
Deck Impressions Path & Landscape Lights 26 in. Black Single Orb Lighted
$28.99 | Home Depot
3-Pc. Hanging Spatula
| Dot & Bo
Claudia Wales Earth Diamond-tufted Bench
© 2015 Houzz Inc. Houzz® The new way to design your home™