Do I need a lawyer when refinancing or remortgaging a home? -

I am trying to refinance during this volatile time in the mortgage industry. Would it be prudent to have a lawyer involved even if my only intent would be to roll over into a new mortgage?

There are several things to consider....one would be what are the common practives for closing a real estate loan in your state? I was a mortgage banker for many years - and it was not necessary for any of my customers to have an attorney involved when refinancing their mortgage loans. The bank I worked for used a title company to close all of our mortgage loans. However, if you do not have face to face contact with your mortgage lender you might want to consider having someone look over the papers - and an attorney could do that for you. I would always recommend that you use a bank or local lender - it is important that you meet with them in person and have them explain all of the documents to you. Also - remember that YOU are the one responsible for what you sign. Read the Good Faith Estimate up front - ask questions about any/all of the charges....etc. Now is a great time to refinance - rates are very low again.

If you know enough about mortgages that you fully understand the terms and conditions, then you don t need a lawyer. (I ve refinanced without one.) However, I recommend that you use a lawyer if you re not up to speed on mortgages. One of the reasons that so many people are losing their homes to foreclosure is that they signed mortgages that they didn t understand or didn t even read.

As long as you are going to deal with legitimate well known lenders then you should not need a lawyer. However, if you are concerned about getting a wise deal then it might be prudent to get a CPA or Financial Advisor. They can look over your situation and let you know if it is a good idea or not.

Not unless you get into it with your government and go to court or they take you to court