SonnieP
Silver Member
Re: Mortgage brokers..Pro\'s or Con\'s
I respectfully disagree Junkman... being in the finance business for over 20 years, that ain't how it typically works. Most attorney's could care less, they want their money just like the lender wants their fees, and most of them don't even read the paperwork (sign here... sign here... sign here), if they did it would cost you a bunch more for them to review it. What? Most customers are gonna back out? I doubt it... they are that close to gettng their money, probably already paid for an appraisal and waited several weeks for the closing... they are ready to close! Our attorneys charge a lot more than a few hundred dollars. A quick phone call to several attorney's will yield results of anywhere from 1% to as much as 3% in closing costs. You do the math on a $100K or $200K loan... it ain't a few hundred dollars. You ask one to explain the paperwork to you and they will summarize it as the standard. The attorney that only charges a couple hundred dollars for closing... hmmmm... I'd probably stay clear of him, UNLESS, he is a TRUE friend, and not everyone has an attorney as a TRUE friend.
Now, I've seen first hand the paperwork of Quicken Loans and it's fairly straight forward. You have the paperwork in your hands, not the attorney's... and YOU get the opportunity to review it YOURSELF. You can read. If you want to save the attorney closing cost and truly only pay an attorney a few hundred dollars then you can take the paperwork to your personal attorney and have him do a REAL review... maybe for as little as $100. YOU DO NOT need a closing attorney for a real estate loan... largely a waste of money. /forums/images/graemlins/grin.gif
I respectfully disagree Junkman... being in the finance business for over 20 years, that ain't how it typically works. Most attorney's could care less, they want their money just like the lender wants their fees, and most of them don't even read the paperwork (sign here... sign here... sign here), if they did it would cost you a bunch more for them to review it. What? Most customers are gonna back out? I doubt it... they are that close to gettng their money, probably already paid for an appraisal and waited several weeks for the closing... they are ready to close! Our attorneys charge a lot more than a few hundred dollars. A quick phone call to several attorney's will yield results of anywhere from 1% to as much as 3% in closing costs. You do the math on a $100K or $200K loan... it ain't a few hundred dollars. You ask one to explain the paperwork to you and they will summarize it as the standard. The attorney that only charges a couple hundred dollars for closing... hmmmm... I'd probably stay clear of him, UNLESS, he is a TRUE friend, and not everyone has an attorney as a TRUE friend.
Now, I've seen first hand the paperwork of Quicken Loans and it's fairly straight forward. You have the paperwork in your hands, not the attorney's... and YOU get the opportunity to review it YOURSELF. You can read. If you want to save the attorney closing cost and truly only pay an attorney a few hundred dollars then you can take the paperwork to your personal attorney and have him do a REAL review... maybe for as little as $100. YOU DO NOT need a closing attorney for a real estate loan... largely a waste of money. /forums/images/graemlins/grin.gif
