"It was a unique experience. "
In my world it is very common to have an attorney at a real estate closing for a HELOC or refinance who PERSONALLY represents only the borrowers; i.e., the attorney has the borrower's best interests at heart, not the lender's. Borrowers do pay more this, but what they get in an INDEPENDENT legal opinion of what they are signing.
I've seen a number of borrowers walk away from a refinance because of the loan terms. Sometimes what they heard their friendly loan officer say or explain and what was actually written weren't the same. Not to say LOs attempt to deceive, sometimes it is a matter of explaining the legal ramifications and COSTS of a deal through an attorney who-represents-you eye. For example, independent attorney can exclaim, "Wow! I've haven't seen closing costs this high in months ..." or "This rate is awfully high compared to the current market, is there something wrong with your credit that you have to accept a rate 1 point higher than standard?" |
