Lawyer question

[Doc]

Am doing a refinance on my home. Just taking from a higher interest rate to a lower on thru the "HARP" program. Mortgage is held by Chase and its staying with Chase. Only thing changing is the rate (down from 5.75 to 3.87). I have 20 years left on a 30 year note so am refinancing it at 20 years and my monthly payment is dropping just over $400, or I continue with the current payment and have it paid off in 12 years. My home appraised for more than what is owed so its pretty straight forward. We are "closing" on Friday and I have a 72 hour to rescind.

So my question is do I need a lawyer or is it just simply a changing the paperwork thing?

[Doc]

I'm thinking if I get all the paperwork this week and drop it off with my lawyer (which I don't have at this time but do have several acquaintances who are lawyers), if that would be adequate?

[Jeeepcat]

Doc, speaking form the real estate ' personal experience side - I can't imagine a lawyer is necessary unless the HARP program makes it so (I have never dealt with this).

I have done several standard re-fis both business and personal and as long as you are comfortable with knowing what to look for, have time to sort through it and want to check their numbers - that about the long and short of it.

Things I have found in "bad" re-fi paperwork usually include hidden fees ($10,000 in one instance), bizarre insurance requirements, incorrect figures, etc. None of which should be an issue in your case as you aren't using a broker or changing the lender.

[Doc]

Thanks, that was my impression as well

[KSRBEvans]

Doc, agree that a look-through with an attorney will probably work on a refi.

[Darrell KSR]

Call a real estate lawyer and ask him/her, would be my recommendation. You might get a "no need/unnecessary," and I'd go with that if that's what they'd say....but if not....I'm thinking for an hour's worth of time, you'll probably get an "everything's ok," but for less than the cost of title insurance, you'll have somebody that knows what they're doing and what to look for make sure you don't step on any land mines.

If you don't use a lawyer--make sure you do as Jeeep suggests, and actually spend the time to review all the paperwork yourself. Look for "hidden" fees. Look for interest rate variations. Look for provisions that might alter the interest rate in given circumstances.

I don't recommend "not" using a lawyer unless one in that area says it is unnecessary. I know that's asking a salesman if you need to buy their product, but that's also why I recommend finding a few lawyers and trusting them in their areas. I have told prospective clients dozens of times they did not need a lawyer, or they could handle something themselves--particularly where the downside risk was tolerable. I would hope most would do the same thing. If you do end up getting one--ask how much they would charge for it. Might find it very reasonable.

Is the downside risk here tolerable? I dunno. Would the $400/monthly, nearly $5,000/yearly savings somehow be jeopardized if something is improper in the paperwork? Maybe not, I dunno. I just don't know the area. There's a risk/reward, too.

Good luck with it. Sounds great to save that much. Doc's buying the first round, guys.