Options when it comes to modifying current loan terms or looking into refinancing with other lenders

Mike from Sorento, Florida called into the show with questions about his construction loan. He is in the process of reverification of his current loan commitment. He notified his current lender sixty days ago to start the process and they will not give him any information regarding the new terms. Mike called Robert Palmer to ask if he thinks that he should get a real estate attorney involved in the process to get some information and get a closing date?

In this situation Mike is not obligated to stay with his current lender. The best thing to do would be to shop around and look at possibly refinancing the loan with another lender. Refinancing the loan will cost between 1% and 1.5%, but he may be able to find a better deal that is financially a good choice. An attorney could definitely be an option. It is never really a bad idea to have an attorney involved, but another possible way to get the ball rolling would be to look for another lender. Get some other offers and call the current lender and let them know. Make them realize you're serious and if they don't get the process going then you will refinance the loan with another lender taking your business elsewhere. The threat of lossing business may be more powerful than the threat of getting an attorney. Look at both routes and see what the best opinion really is for you personally.