Refinance And Choice of Closing Attorney
Regarding refinance and choice of closing attorney: I am currently going through a refinance in Virginia. We are setting up closing and now I am being told via the Broker that the Lender does not approve of my attorney who practices Real Estate law.
I thought I was able to choose my closing agent and not be beholden to a "list" of their approved.
Kate Answers: Refinance And Choice of Closing Attorney
Dear Jon In Virginia, Frustrating, right? I actually made it my mission at a bank where I once worked to end this practice! To my amazement, I was successful but it took a couple of years.
First of all, let me say each of the 50 states could have a law superseding what I am about to say. So please consider that before you continue reading.
But the common practice Jon is this. He who has the gold makes the rules
. In other words, in order to refinance, you need funds. The mortgage company holds the funds and
makes the rules.
Have you asked the lender why they vetoed your choice of closing attorney? In my experience, asking that simple question can solve many problems. The lender's records may be old and perhaps all they need is a current updated copy of the closing agent's license.Learn more about closing attorneys called escrow agents in some states here
At the bottom of this page, I have provided links to more refinancing advice and tips for your convenience. After reading through them, please let me know if you have more questions.
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