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MckngBrdPC · Joined: 02 Dec 2009 Posts: 1 1.29 Dollars($)

my existing loan is with BoA ...
I can get a refinance at 1% lower than when I bought the house a yr & half ago from BoA...which would be @ 5%
Do I need an attorney for closing again?
Is this a NY State law?
I think this is fairly simple.
Thanks

gmakerley · Posted: Wed Dec 02, 2009 3:00 pm Post subject:

somebody has to provide a title policy to bank of america, so at the very least you'll need to work with a title company.

as to the law...i don't know the answer to that.

jveenstra · Posted: Wed Dec 02, 2009 3:40 pm Post subject: Refinance

If your present loan is with B of A and your new loan will be with B of A, are you doing this refinance as part of the special refinance program that exists??? or, are you applying for a new mortgage.

If your present B of A loan is owned by Fannie Mae or Freddie Mac (B of A is the servicer, not the owner), you just call B of A and ask them what the rate will be to refinance. In that case, you probably do not need an attorney and you do not have to pay the NY mortgage tax. B of A tells you what to do.

If you are just applying without going through this special rogram, you need a title company or an attorney and the bank often has its own attorney for NY closings.

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do I need a lawyer for a 2nd refinance