Profile picture for sagg1

I am going to closing on a refi mort with my present mort banker should I bring a lawyer with me

The closing cost seem so high close to thirteen thousand. Looking over good faith est I add up nine thousand in fees. do not understand why closing cost so high

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October 07 2009 - Spring Valley
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Profile picture for lifebeyondEarth
I would say "no". You don't have to but you need to read all the documents and make sure terms are no different than the previous mortgage.

Ask bank to spell out difference between previous mortgages to new one and keep a copy of it.

Lawyer and Title Agent will be recommended if you don't understand terms.
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January 18 2010
Closing costs are high here in Rockland mainly because there is a years worth of taxes included. Everything should be itemized for you. If the numbers don't add up, call your mortgage person and ask her to go over the numbers with you.  That is part of their job. She should also ask for a copy of the HUD which should have everything as well.
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January 17 2010
Profile picture for bernaldl
Isn't that the "3 days to rescind" does not apply if you refi with your current mortgage lender?
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October 07 2009

Closing cost are in three categories. First is broker fees which includes origination fee, discount fee, underwriting fee, processing fee and maybe a committment fee.  Origination and discount fees are negotiable andrange from 1 to three total; underwriting processing and committment range from $700 to $1600 and are either financed in the loan amount or are adjusted for by a higher rate. Second is title company fees and associated charges via the title company. These vary from state to state and include title search, title abstract, closing, notary fee, recording fees, and some misc possibly. the third category is your escrows for taxes and insurance and the per diem interest to the end of the month you are closing; these are non negotiable amounts. Being the end of the year the escrow collection for taxes is going to be the full  years taxes and what is in your current account will be refunded from  the company you are paying off. FHA loans have a 1.75% charge for insurance of their programs and that can up your closing costs significantly. Ask your broker what the rate would be for no broker nor title fees for options of your loan structure. In New York there is an additonal tax in the boroughs that make closng cost high.

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October 07 2009
Since you have 3 days to rescind the loan, the lawyer does not have to come to closing ( that may cost an additional $150 to travel ) as they can review the docs after the closing. If the closing package gets prepared ahead of closing, the docs can also be sent to your Atty to review before closing. The bigger issue is the high closing costs that need to be addressed BEFORE you get to closing.
 
List the loan amt
Interest Rate
Term - 15, 20, 30 Yr etc
800 section fees on the Good Faith Estimate
Credit Score
Estimated Home Value
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October 07 2009
New York closing costs are pretty high... That probably include prepaid items for setting up escrow, too.

Can you list the items on the GFE along with your loan amount and interest rate?

Chris Corica and Joe Cafiero are good lenders in New York and would be great to contact for second opinions. 

They are listed to the right >>>>>>>>>>>>>>>>>>>>
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October 07 2009
 
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