Home Buying in 11201>Question Details

Dmitriy Ryab…, Home Buyer in Brooklyn, NY

Refinancing in NYC/Brooklyn

Asked by Dmitriy Ryabin, Brooklyn, NY Mon Oct 1, 2012

Hi, Do I necessarily need to have a lawyer when I am refinancing the condo in Brooklyn? What is the lawyer for?
Also, Do I need to have a tittle at hands for refinancing?

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Answers

3
Hi Dmitriy. The answer is NO, you do not need an attorney. When you refinance all you need is to meet with a loan officer and they'll walk you through the entire thing. As far as documentation that you need handy, it'll be 2010 & 2011 tax returns, recent pay stubs and bank statements, mortgage statement, proof of insurance, etc.

The only attorney that'll be involved is the bank attorney at the closing, same way when you closed on the condo the 1st time. Also, your bank will order a new title report which is needed, not the one you already have.

Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
(516) 606-9648
2 votes Thank Flag Link Mon Oct 1, 2012
Dear Dmitriy:

It is advisable to have an real estate attorney review the documents on your refi just as a precautionary measure to make sure the verbiage is how it should be and that there are no surprise clauses that do not need to be there or should be changed (rare). Also a lawyer can review your good faith estimate to make sure you are not paying any unnecessary fees.

With regard to the title, the bank you get the mortgage from orders a title search and gets a copy of it so you do not need to have one "in hand."

If I can be of further assistance please let me know. I know several good mortgage bankers if you need additional help/quotes. Good luck.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
1 vote Thank Flag Link Mon Oct 1, 2012
Thank you, Sir.
Flag Mon Oct 1, 2012
I’m an agent working for ReMax NYC Midtown and I’m always doing my research on property and stay in touch with the best professionals. If you simply need advice please email me at KDrake@remaxnyc.com. I'm experienced with closing deals with rentals in the 11201 zip code. I’ve provided links below regarding any concern you may have.

Finance Advice:
http://www.fpanet.org/LifeGoals/BuyingaHome/

Bank Expertise:
David.Axelrod@bankofAmerica.com

Legal Advice:
http://www.lawhelpmn.org/issues/housing/buying-and-owning-a-…

Advice for Buyers:
http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home

Advice for Sellers:
http://www.realestateabc.com/homeselling/

Tax Concerns:
http://www.tax.ny.gov/pit/property/
0 votes Thank Flag Link Thu Nov 7, 2013
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