Cost of registering a 2nd mortgage?

[Nir]

Hello,

How much APROXIMATELY would you pay your lawyer to regiter your downpayment as a second mortgage if the money is coming from another person/investor? (assuming the bank`s contract (1st mortgage) has no provision not allowing you to do so of course)

THANKS.

 

[BobHudson]

We do our 2nd mortgages after closing to keep things clean. In the most recent one we did, the legal fees to set up the second mortgage were $272.00.

 

[Nir]

Thank You Bob.

 

[PeterKinchMortgageTeam]

QUOTE (investmart @ Jan 11 2008, 08:07 AM) Hello,

How much APROXIMATELY would you pay your lawyer to regiter your downpayment as a second mortgage if the money is coming from another person/investor? (assuming the bank`s contract (1st mortgage) has no provision not allowing you to do so of course)

THANKS.


It depends on the lawyer you`re using and the lender. Many private lenders (MIC`s) require the borrower to pay the lenders legal fee (from a different lawyer) as well as their own. Make sure you ask your broker and carefully read the committment letter as it should be outlined there.