That having been said, I would strongly urge you to talk to an attorney. You might have to respond and refund some of that money, but I wouldn’t start out with that proposition as a given. These things are difficult and often require a lot of negotiation and perhaps litigation.
DEAR BRUCE: The wife and I have decided to refinance the house and use the extra money to take a long-awaited honeymoon. My question is, how do I go about finding a mortgage lender with a good reputation instead of relying on word-of-mouth? — R.G., via email
DEAR R.G.: I think you are making this more complicated than it has to be. There are dozens of good mortgage lenders out there, and it’s not hard to find them. You might start with your banker. Ask him if he has someone he could recommend. It may be that the bank is in the mortgage business as well. Some banks are and some aren’t.
As far as the good reputation goes, I don’t think that’s a problem. What the lenders are offering are interest rates, terms, closing costs, etc. All of these variables have to be investigated. You should be able to take care of this in short order, assuming that you have a decent amount of equity in the home. Enjoy that trip.