Legal Question in Real Estate Law in Illinois

Re: Mortgage practices

I can help you get a re-fi loan through Attorney Mortgage Assoc. who deals directly with Chase Bank. Not only will there be no junk fees, but you will get a lower interest rate because there is no broker getting a commission. You merely pay a one time legal fee to me for saving you thousands of dollars. Please call for a free report.

Re: Mortgage practices

Hard to say without knowing more specifics. But if the interest rate is significantly lower, over the course of the loan you've got to be saving significant amounts of money. Specific to the refi, I'd say your main concern should be the closing costs that the lender is charging. They vary but I think if you're talking much more than $1,000 you're not getting a very good deal.

Re: Mortgage practices

you need to check out the good faith estimate of closing costs. This will show your loan costs and the the payment etc.

There are always costs involved in getting the loan. The broker would not work unless [s]he got paid.

I can review the loan package, if you want me to.

Re: Mortgage practices

Refinancing closing costs are usually cheaper than new home loans. You should have your broker figure exactly what you are saving over the term of the loan. For example, a half percent reduction may not really save you all that much. If you are not comfortable, then follow your gut and find a broker you are comfortable with.

Re: Mortgage practices

Here is how you figure it out. Find your old truth and lending statement and compare it to the one that is being provided. Truth in Lending should reflect the entire cost of obtaining and paying for the loan, including fees, etc. Add to the current one, all fees paid out of your pocket before closing and you should be able to get a good grasp on whether you are being ripped off.