Refinancing in NJ- Do I need a lawyer? What fees are involved?

Question

What have people paid in application fees when refinancing in New Jersey? Do most people get a lawyer when refinancing or is it straight forward?

Upen Patel · Answer

@Julie Verardi A traditional mortgage is going to be a fixed rate, while a HELOC is going to be a variable rate tied to the Fed Rate. So the HELOC rate will keep on going up as the Fed Rate does.

HELOC is much cheaper to get then a traditional mortgage.

So you have to decide, short term pain (pay the cost of a traditional mortgage and get a fixed rate) OR long term pain (get a HELOC with the possibility of rates increasing on you).

Dan Schoenbaechler · Answer

Hi Julie, I know an excellent Title Company in Hoboken, as well as some great Lenders that regularly closes Hudson County properties with great efficiency.   Like everyone else said, they are the only people you'll need to deal with as attorneys aren't needed for this process.  Feel free to DM me

Joseph Scorese · Answer

Hi @Julie Verardi.

Welcome to BP!

Title Insurance is Regulated in NJ (Means all Title Costs are the same, unless they charge a junk fee) - Title Companies have an attorney on staff usually but an attorney is not required for the closing.

Depending on Bank and or Broker there is a potential Charge for the Loan.

Escrows should be your only other costs.

Let me know if you have any questions.

Regards,

Joe Scorese

Upen Patel · Answer

@Julie Verardi You don't need a lawyer for a refi in NJ. The title agency handles it.

Julie Verardi · Answer

@Upen Patel thank you!

Julie Verardi · Answer

@Robert Soto Yes it did. The property I'm refinancing doesn't have a mortgage on it (I own it out right) so is it in different to which one I use? I was going with a refinance but they seem pretty similar. I'm not sure if one has better then the other.

Julie Verardi · Answer

What is the difference between doing a refinance or a home equity line of credit when you're trying to take cash out to invest in your next place?

Cheryl Schuck · Answer

you do not need an attorney as you have already seen.  do you need a lender to talk to about the refi?  if so, let me know for a have a couple of good ones that i use all the time, along with a great title company.

Refinancing in NJ- Do I need a lawyer? What fees are involved?

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