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Do I need to hire an attorney and purchase owner's title insurance for Refinance? If no attorney, where should the closing take place normally? Thanks.
It would depend on your state, but I can't imagine an attorney has anything to do with a mortgage rate as there's nothing an attorney can do about what you qualify for from a lender.
Yes, they will require you to obtain title insurance with the refinance. In my state, Texas, we close at title companies. Talk with your lender about where he/she lends to do the closing.
Some states are "attorney states" and require an attorney to close all real estate loans. West VA is one such State, and I want to say so is NC. There are several others, but I look each closing up that is out of my state every time there's a new state. What state are you in?
I am in NJ. I bought both lender's title insurance and homeowner's title insurance when I bought my house. Since Refi will not change home ownership, I am thinking that buying homeowner's title insurance AGAIN is unnecessary; of course, banks always want lender's title insurance to cover themselves.
The general procedure for a refinance is that the existing lien and loan agreement is terminated and the new loan /lien replaces all the provisions.
For states that require an attorney sign off on every transaction (which seems unlikely) and/or be the 'agency' for the title insurance policy the lender will almost certainly provide this.
Remember, this is NOT a sale / transfer or real property it is JUST the termination of one loan and the start of a replacement -- the property is the security for the loan just as it was for the original mortgage.
Do I need to hire an attorney and purchase owner's title insurance for Refinance? If no attorney, where should the closing take place normally? Thanks.
For refinancing your existing loan - if you need an attorney or require title insurance? - simple answer is no...
If this is a streamline refinance - (staying with the same lender) financial and closing documents are done through mail requiring a notary to witness you signing documents. I know One West, Chase bank, and Wells Fargo does this.
Refinancing to a new lender - depending whether or not you state is a judicial state, a third party attorney can be present to witness you signing legal and financial documents. As for the location depends on you - can be your home, lenders or attorneys office, or title company.
My original lender, bank A, sold my loan to bank S. In this case, can I still get streamline refinance from bank S, who currently owns my loan? All the loan documents including the title insurance were signed with bank A.
My original lender, bank A, sold my loan to bank S. In this case, can I still get streamline refinance from bank S, who currently owns my loan? All the loan documents including the title insurance were signed with bank A.
Because you said "A" sold to "S", tells me there is an investor. Your previous bank "A", and now bank "S", they are servicers of loans. When loans are sold between lenders, you don't need to worry about any documents. The only change on your part is to whom and address you write the monthly check to.
Another name for a stream line refi is an In House Refinance. I know larger lenders do them regularly. You are going to have to ask for it. My experience is you are going to have to wait minimum of 12 months with the new servicer to ask for one.
Reading into your situation -
was bank "A" - Bank of America, and now bank "S" - Select Portfolios?
were you late one month, then after your loan was sold?
If this is the case where you had a 30 day late; any new refi and Streamline refinance, need to show 12 months of on-time payments to expect a better resolution.
If you are behind now because your mortgage payment is to high, this may be grounds to request a loan modification. I need more of your financial information to give your realistic numbers what you could qualify for.
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