Real estate

John Schoen offers tips on housing, rates

Feb. 22, 2012 at 1:34 PM ET

TODAY Money expert and msnbc.com senior writer John Schoen joined us for a live web chat Wednesday to talk about the housing market.

Here is John's answer to one of the questions in the chat and a complete archive:

One chat guest asked:

“Good morning John. I am going through a divorce right now and getting ready to refinance the home in my name only. Are there any tips you might recommend or things to watch out for? I am working directly with a mortgage broker because there are so many moving parts.”

John replied:

“I would be more concerned with how the refinance will affect your divorce settlement than with getting the best rate or mortgage terms. That’s the limit of the broker’s expertise. They’re not equipped to give advice on the laws governing marital property, which are different in each state. So I would rely on my attorney for advice about how to refinance and let the broker stick to getting you the best terms.”

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