how to refinance without an attorney present

• Refinancing Alone. When you refinance on your own, without the assistance of a real estate attorney, you save the money a lawyer would charge for what might amount to nothing ...
• The Refinancing Process. When you refinance without an attorney, the first step is to examine your current mortgage. ...
• Sources of Help. Refinancing without an attorney doesn't mean you'll be on your own to refinance your home. ...
• Avoiding Scams. One situation where you may want the services of a lawyer is if you suspect you're being targeted by a refinancing scheme.

Can you refinance without a real estate attorney?

Refinancing Alone. When you refinance on your own, without the assistance of a real estate attorney, you save the money a lawyer would charge for what might amount to nothing more than some advice and administrative tasks.

Do I need a lawyer for a refinancing scheme?

One situation where you may want the services of a lawyer is if you suspect you're being targeted by a refinancing scheme. Such schemes prey upon homeowners facing foreclosure. They generally come in the form of unsolicited phone calls or mailers that offer a reduced interest rate.

How can I refinance my mortgage without an appraisal?

There are 3 basic ways to get approved to refinance mortgage without appraisal: 1 Property inspection waiver on a Conventional Loan 2 Streamline without appraisal on FHA mortgage 3 Interest Rate Reduction Refinance on a VA loan More ...

Can I refinance my mortgage with a new lender?

Speak to your lender ahead of time about costs and penalties in the event you are thinking about refinancing your mortgage with a new lender, so you will have a full picture of the costs you are facing in order to switch.

Can I refinance in just my name?

Refinancing is the best way to take a person's name off a mortgage. Depending on your lender, it may be the only way. If you have sufficient equity, credit, and income — and your ex-partner agrees to give you the house — you should be able to refinance your current mortgage in your name only.

Do you have to be present for a refinance closing?

Closings usually take place at a title company. For a refinance, it'll be you and any co-borrowers and a closing agent in attendance. You'll need to bring a state-issued photo ID and a cashier's check or wire transfer to pay for outstanding items or closing costs that aren't rolled into the loan.

Can you refinance a home without both signatures?

Married couples buying a house — or refinancing their current home — do not have to include both spouses on the mortgage. In fact, sometimes having both spouses on a home loan application causes mortgage problems. For example, one spouse's low credit score could make it harder to qualify or raise your interest rate.

Why do you need a witness to refinance your home?

The Role of a Mortgage Witness The individual you choose must be in a position to verify that the signatures provided match the names of the signees, to protect the process from forgery.

How long does a refinance signing take?

30 to 45 daysYou might be wondering, "How long does a refinance take to close?" On average, you're looking at 30 to 45 days, overall, but closing times can vary. However, once you sign your home refinance documents with the title company, it won't take too long to make your refinance official.

What happens on closing day for refinance?

At closing, you'll go over the details of the loan and sign your loan documents. This is when you'll pay any closing costs that aren't rolled into your loan. If your lender owes you money (for example, if you're doing a cash-out refinance), you'll receive the funds after closing.

Can one person take out a loan on a jointly owned property?

One person can borrow on a jointly-owned property. All parties must consent to the loan. All parties are joint and severally liable for the loan. Every loan is considered based on its individual circumstances.

Can you refinance with just one spouse?

If you're the sole owner of a house, you can refinance without your spouse's signature or consent. If you own a property together and both of you want to remain as borrowers on the refinance loan, then your spouse will need to apply for and sign the refinance documents.

Can one person have a mortgage on a jointly owned property?

Joint mortgages are usually taken out by married couples but it is possible to take one out with your (unmarried) partner, a friend, or a family member. In fact, there are lenders who will allow up to four people to take out a joint mortgage.

Can a family member be a witness signature?

There is no general rule that says a family member or spouse cannot witness a person's signature on a legal document, as long as you are not a party to the agreement or will benefit from it in some way.

Who can witness a signature for a mortgage document?

The Mortgage Deed is to be signed in the presence of an independent witness, i.e. not a relative or anyone with an interest in the property.

Who can witness signing legal documents?

Anyone 18 years and over can witness or sign a will, but importantly, a beneficiary can't witness a will, and neither can their spouse or civil partner. In many cases, people will ask a friend or work colleague to sign and witness the will.

How to refinance a mortgage without an attorney?

When you refinance without an attorney, the first step is to examine your current mortgage. Determine whether it includes a prepayment penalty and figure out what your interest rate is . If you have an adjustable-rate mortgage, determine how close you are to the maximum interest rate and how soon your lender could raise your rates. The next step is comparing new mortgages, which is very much like the process of shopping for your original mortgage. Because refinancing is so similar to getting a mortgage, you're even more likely to be able to move through the steps without an attorney's assistance.

How can I save money on my mortgage?

By Dennis Hartman. Refinancing your mortgage can be one of the best ways to save money. Refinancing can replace your current home loan with one that has a lower or fixed interest rate or a longer payment period that reduces your monthly bill. Refinancing has its complexities, but most homeowners don't need the services of an attorney ...

Is refinancing a mortgage free?

The refinancing process still isn't free; lenders charge fees when you sign up for a new loan, and your old mortgage may have a prepayment penalty that you'll need to pay when you transition from your old mortgage to the new loan. If you choose to employ a mortgage broker, you'll need to pay a commission fee as well.

Can I refinance my home on my own?

When you refinance on your own, without the assistance of a real estate attorney, you save the money a lawyer would charge for what might amount to nothing more than some advice and administrative tasks. The refinancing process still isn't free; lenders charge fees when you sign up for a new loan, and your old mortgage may have a prepayment penalty ...

Is there a scam with refinancing?

They generally come in the form of unsolicited phone calls or mailers that offer a reduced interest rate. Refinancing scams usually require an upfront fee or don't explain the costs and fees associated with refinancing.

How to complain about a mortgage closing?

If you’re having issues with your mortgage, you can also submit a complaint to the CFPB online or by calling (855) 411-CFPB (2372).

Do I need an attorney to close a mortgage?

Do I need an attorney or anyone else to represent me when closing on a mortgage? It depends. Depending on your state’s laws, you may not be required to have an attorney at the closing. However, you can choose to have an attorney review your documents before closing. Technically, unless you hire an attorney to represent you at closing, ...

Can an attorney represent you at a closing?

Technically, unless you hire an attorney to represent you at closing, no one else participating in the closing exclusively represents your interests. It’s important to understand that other attorneys present at the closing – for example, the lender’s or seller’s attorney – do not represent you. These people may not be able to answer your questions ...

What is an IRRRL loan?

An interest rate reduction refinance loan (IRRRL) is the VA loan version of a streamline . It’s a simple way for eligible veterans to lower their interest rate on their VA mortgage without having needing an appraisal. Other benefits to VA IRRRL besides no appraisal: You can roll in closing costs.

Can you roll in closing costs on FHA streamline?

On an FHA streamline, you cannot roll in closing costs on the mortgage. So you either need to take a rate that has enough lender credits to cover costs, or you have to pay costs out of pocket. Other benefits to FHA Streamline besides no appraisal: Low credit is okay. No income verification.

Can you refinance a mortgage without an appraisal?

A refinance mortgage without appraisal on conventional is allowed on rate and term and cash out. Getting an appraisal waiver on a cash out refinance is extremely rare, but it does happen. Get started here.

Can you get a property inspection waiver on a conventional mortgage?

When refinancing into a conventional mortgage, there are cases when the lender will get a property inspection waiver (meaning no appraisal required on the refinance). The property inspection waiver will be granted on a case-by-case basis when the lender runs your loan through the desktop underwriting system that all mortgage lenders use.

Can I streamline my FHA loan without an appraisal?

Streamline without Appraisal | FHA Loan. If you currently have an FHA loan, looking to do a streamline refinance into a lower interest rate, you do have an option to get it done without having to get an appraisal. On an FHA streamline, you cannot roll in closing costs on the mortgage.

How to refinance a mortgage without appraisal?

FHA streamline refinance. To refinance an FHA mortgage without an appraisal, you must apply and be approved for an FHA streamline. You must be current (not delinquent) on your mortgage now and at least 6 months must have passed since you received your loan. Start your FHA streamline loan approval here.

How long does it take to get a waiver from Fannie Mae?

If you want to see if Fannie Mae or Freddie Mac will offer you an appraisal waiver, you need to apply with a lender. The application takes just a few minutes and there’s never any obligation to proceed.

Does Fannie Mae have appraisal free options?

Fortunately, that possibility is becoming more likely by the day, as agencies like Fannie Mae and Freddie Mac loosen refinance rules. And, government programs like FHA, USDA, and VA all offer appraisal-free options.

Can you refinance without requalifying?

Because of this, you’ll only be eligible for a streamline refinance without re-qualifying if refinancing results in a “net tangible benefit” to you .

Does Fannie Mae waive appraisals?

Here are the guidelines: Fannie Mae considers appraisal waivers for the following: 1-unit properties, including condominiums.

Is it worth refinancing a mortgage?

If refinancing your mortgage will solve a problem for you, it may be worth the expense of an appraisal. For instance, if your value has risen to the point that you’d be able to drop your mortgage insurance by refinancing, you should probably do it. You may recoup the cost of an appraisal in just a few mortgage-insurance-free months.

Do you need an appraisal for a home equity loan?

You’ll also probably need an appraisal to pull cash out of your home and make use of its equity. Because home equity financing, whether it’s a cash-out refinance, a line of credit (HELOC) or a home equity loan is some of the cheapest money available, the cost of an appraisal may not be much of a factor.

What is the approval for a refinance?

You'll need a good credit score, enough income to make the payments, and a low debt-to-income ratio. A refinance loan is the only way to add or remove a borrower from the mortgage loan.

Why do people refinance their mortgages?

Many homeowners refinance their mortgage loans to take advantage of lower interest rates, to consolidate other debts, or to get cash back by borrowing against the equity. A refinance loan is a completely new loan that pays off the existing mortgage loan.

Do you have to sign a contract to refinance a mortgage?

However, if you hold the title as a sole owner, your spouse won't have to sign. Depending on your state's laws, your spouse might have to sign a consent form or another legal contract.

Can my spouse sign paperwork for FHA?

Under the FHA's guidelines, your spouse might have to sign paperwork to consent that she isn't a borrower.

Can you refinance a mortgage independent of your spouse?

It's common for married couples to own property together and for the mortgage loan to be in both names. However, you might be in a situation where you want to refinance a mortgage independent of your spouse. Perhaps you own a second home, or your spouse might have less-than-perfect credit that would keep you from getting a better interest rate ...