How To Save Money When Refinancing Your Mortgage

Refinancing Your Mortgage in Massachusetts
By Attorney Chesley Oriel, Massachusetts Real Estate Lawyer

Times are difficult enough, without wasting your money. I urge clients who call me looking for assistance in helping them with the refinancing of their mortgage to shop around. We give them the names of 3-4 lenders who we work with and who we believe are very competitive with their rates and closing costs. The few minutes it takes to call around, can save them thousands of dollars.

Most people do not realize that every time they allow a potential lender to “pull” their credit, that it in fact has a negative effect and will lower their credit score.  So only after you have decided on which lender you are going to use, you then allow them to pull your credit.

My office covers the entire state of Massachusetts and we travel to the Borrower’s home if that is more convenient. Borrowers should ask their loan officers if they can choose their own closing attorney. If they tell you “no”, then you should look for another lender. The Borrower always ends up paying for the Closing Attorney, so why shouldn’t the Borrower be able to choose which one it will be. Many lenders today try to use what are called Settlement Service companies. They are for the most part out of state companies, who the Borrower has no control over, as compared to an Attorney who you select.

Always get a Good Faith Estimate before you make your final decision as to which Lender you are going to use. Our Office usually can provide closing fees that are lower than the Good Faith Estimate, and we provide written quotes for our fees, so there are no misunderstandings. We have been providing real estate closing services for over thirty years. We respond to emails as well as phone calls.

Remember, the loan officer needs you more than you need the loan officer. We are always available to help new homeowners who have never experienced the process of buying a new home, starting with a review of the Purchase and Sale Agreement. Although many first time buyers are looking at homes on a “short sale” basis, we advise them that it can be a very difficult and frustrating process. It can take many months to just get an answer from the Lender who is being asked to take the “hit”.

If you ever decide to buy on a short sale basis, make sure that you can get your deposit back without any requirement that the selling homeowner has to sign a release. Many times those homeowners who are selling “short” have no real interest in cooperating in returning the deposit. So, be sure to insist that no matter what, if you terminate the “short sale” process that you can get the deposit back. Saving you money, is what we do best, in addition to providing personal services at reasonable rates.

Massachusetts Real Estate Attorneys

Our attorneys provide real estate legal services throughout Massachusetts, in every County, City, and Town, including the Massachusetts Counties of Middlesex, Suffolk, Worcester, Plymouth, Essex, Norfolk, Bristol, Hampden, Hampshire, Dukes, Nantucket, Franklin, and Berkshire, and the Cities and Towns of Acton, Andover, Ashland, Attleboro, Auburn, Avon, Barnstable, Berlin, Bellingham, Beverly, Billerica, Bolton, Boston, Bourne, Boxford, Boylston, Braintree, Brewster, Bridgewater, Brockton, Cambridge, Canton, Carlisle, Charlton, Chelmsford, Clinton, Cohasset, Concord, Danvers, Dedham, Dorchester, Dover, Dudley, Dracut, Duxbury, Fall River, Falmouth, Fitchburg, Framingham, Franklin, Gardner, Gloucester, Grafton, Harvard, Hingham, Holliston, Hopkinton, Hudson, Hull, Leominster, Littleton, Lowell, Lynn, Mansfield, Maynard, Malden, Marlborough, Medfield, Medway, Mendon, Milford, Millis, Milton, Natick, New Bedford, Needham, Newton, North Grafton, Norwell, Norton, Palmer, Peabody, Plymouth, Princeton, Quincy, Randolph, Salem, Scituate, Sharon, Shirley, Shrewsbury, Southboro, Stow, Sudbury, Stoughton, Taunton, Upton, Walpole, Wayland, Wellesley, Weymouth, Wrentham.