HOW DO I GET STARTED ON MY REFINANCE May 5, 2009

Call me and let me know your plans.  I will ask you to send me a copy of your current mortgage statement to determine your interest rate and principal balance and we will discuss your goals.  Depending on your credit and income I will suggest a couple scenarios and different lenders to contact.  I will tell you what to ask the lenders so you can obtain a few different GFEs which we will review.   These steps are done prior to you selecting the lender to whom you will make your application.  If rates are comparable your current lender is the choice because a modification will ordinarily be the cheapest way.  A modification can be best but you still should shop around (get GFE) to make sure the rate is in line with other lenders.  While it may pay to take a slightly higher rate from your current lender and do a modification to avoid closing costs, we must determine whether the closing cost savings outweighs the additional interest costs.  If another lender’s refinance is more cost effective the option of doing an assignment (and CEMA) needs to be explored to save mortgage tax.  Finally I usually can point out several items on a GFE that can be waived by a lender and its title company when you understand how to request them.

Steven Decker is a New York Personal Injury attorney specializing in New York real estate law , New York business law, and New York franchise law. You can visit his Law Firm Decker, Decker, Dito and Internicola website by clicking here, download his FREE New York Car Insurance book, or call him at 718-979-4300 or 1-800-310-5520 for a free case analysis.

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