Anybody refinance lately? Real estate attorney? (refinancing, attorneys, house) - Long Island - New York (NY) - City-Data Forum

Teresa1127 · 03-16-2009, 12:48 PM

We're planning to refinance soon (found a 5% rate) and were wondering what we should expect to pay the real estate attorney. If you remember what you paid please let me know.

thanks,
t

NYEconomist · 03-16-2009, 09:33 PM

A friend of mine just refinanced 200k @ 4.5%...his closing costs were about 10k total...don't know what the breakdown was.

Lancet71 · 03-17-2009, 02:02 AM

most are under $1000. If I remember correct I think its in the range of 500-800

Elke Mariotti · 03-17-2009, 07:28 PM

Quote:

Originally Posted by Lancet71

most are under $1000. If I remember correct I think its in the range of 500-800

I don't remember the last time a RE attorney charged $500 (and my memory is still pretty good

)!

Chrisk327 · 03-18-2009, 08:27 AM

I haven't done it, but I'm not sure why you need an attorney to refinance.

Seems like a complete waste.

Elke Mariotti · 03-18-2009, 08:44 AM

Quote:

Originally Posted by Chrisk327

I haven't done it, but I'm not sure why you need an attorney to refinance.

Seems like a complete waste.

Unless it's a modification, refinancing is like a closing, just without buyers...
If you fully understand the process and know what you're doing, you could probably do without - some people do.
Again, IF you FULLY understand, etc. This could be an area of Penny wise and Pound foolish... But certainly not required by law.

Teresa1127 · 03-18-2009, 10:36 AM

Thanks everyone. After calling several LI attorneys and being quoted 750-1000, I called our local Ozone Park real estate office and got a good recommendation for a neighborhood attorney that only charges $200. What a difference.

Elke Mariotti · 03-18-2009, 08:30 PM

Quote:

Originally Posted by Teresa1127

Thanks everyone. After calling several LI attorneys and being quoted 750-1000, I called our local Ozone Park real estate office and got a good recommendation for a neighborhood attorney that only charges $200. What a difference.

Good for you! Sounds like this attorney realizes that a refi doesn't involve much work--and s/he must be "hungry", because that doesn't even cover an hour's worth of work. Whatever, it saves you $$

longislandmike · 03-20-2009, 04:31 AM

Watch the "hidden" charges FROM EVERYONE, including your attorney.

Sunny H · 03-20-2009, 08:23 PM

Chase just told my husband refinancing to a lower rate would cost a bit under $4000. The rate quoted was 4.5. We have to have a new appraisal done on the house which is included in that number.