Do I need the Lawyer for refinancing?

Hi, I’m currently in the process of refinancing 2 family rental property located in Brooklyn.
I wonder if it’s necessary to hire a lawyer. My lender is Ridgewood bank. I’m not sure if anyone is familiar with this lender. Any advice will be much appreciated. Thanks!

yigii

in General Discussion 4 years ago

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cate | 4 years ago

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We used a lawyer. We wanted to be sure everything was proper with the refinancing, and we’re glad we did. The legal office sent a paralegal for the actual closing, and answered a lot of questions later, since the bank kept asking us to redo paperwork they had corrected.

mrreedent

in General Discussion 4 years ago

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Congrats – I just refinanced as well – our original mortgage was with Ridgewood, and they were great, but their lawyer was a little intense (she refused to sign off on the mortgage until we remediated a perfectly sound but unpermitted deck). Anyway, we got a much better rate with Rocket Mortgage (a full percentage point lower) and it was crazily easy…

yigii | 4 years ago

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Thank you for the advice. I decided not to hire a Lawyer. Much appreciated.

NeoGrec | 4 years ago

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I have refinanced twice without a lawyer. That said, a good mortgage broker can be worth their weight in gold when it comes to answering questions and clarifying details. Both times I worked with the excellent Adam Dahill, who posts on this site, 917-696-6010. Adam talks fast (but can be slowed down!) and there seems nothing he doesn’t know about mortgages.

dorkofwindsor | 4 years ago

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We never have had an attorney involved in a refi (or HELOC for that matter). I have heard attorneys plead their case otherwise, but that could be construed as a tad self serving.

If you think “its all greek to me” when it comes to this stuff, then perhaps it is not a bad idea. Pretty sure we have at one point used Ridgewood in a refi.

Having said that, I’m not going to assume the liability of advising you either way ;). I am not a lawyer. If you are unsure, use one.