Connecticut Real Estate Attorney Law Blog

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People are Refinancing their Mortgages again! Closing costs?

Not that this is news to anyone, but rates are amazingly low and staying low!  People who can (equity and good credit) can get amazing rates.  But you still have to pay closing costs.

I have written about this before, but it amazes me that people refinancing try to save a few dollars on their closing costs here in Connecticut and do not use an attorney.  When you compare the charges by a so-called title or escrow company (none of which to my knowledge are based in Connecticut) with what a local attorney (i.e. me!) charges, In many cases I actually charge less than the outfits that send a notary to your house.  I recently had a call from someone who had used an out of state outfit and the person who came to her to close could not answer any questions (since they were a notary and answering the questions would be practicing law).  She closed, was utterly confused by the numbers, and ended up canceling the deal in the rescission period for the refinance.  When I looked over her paperwork, it actually looked OK to me, but by then she was o confused and felt mislead that there was no convincing her.  If she had closed with a (competent) attorney, she would have had the closing figures explained to her.  Ironically, in this case, there as even a "legal fee" charged, for what I do not know!

If you are considering refinancing your Connecticut mortgage, please contact me directly for an easy to understand rate quote.  All loan documents will be explained to you at closing and I will be your one and only point of contact.

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About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.

Attorney Paul H. Begemann, 2764 Whitney Avenue, Hamden, CT  06518

Phone 203-230-8739                                       Fax 800-483-1904

email

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3 commentsPaul Begemann • August 17 2010 09:54PM

Comments

I agree.  Good point.  Also, I think that homeowners forget to see how long it will take to re-coop the money they spend on closing costs compared to the money they save monthly on their mortgage. 

Posted by Brittany Stewart (Elite Realty Group of Jacksonville) over 1 year ago

If they are using another mortgage company for the refinance - I would think an attorney would be needed to help make sure the releases are done properly.   If they are using the same company and adjusting the rates - I don't feel as strong about it.

Posted by Gray Winn (RE/MAX Legacy) over 1 year ago

Paul, are these homeowner's crazy, no legal representation signing a mortgage contract on one's home? Penny wise pound foolish. Also home owners need to  consulting their CPA & CFP before a refinance to make sure it fits their situation with taxes, retirement plans, etc.  ~ DAve

Posted by David Popoff, Lower Fairfield County, CT. (William Pitt, Sotheby's International Realty, Darien, Ct.) over 1 year ago

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