Refinancing a Home and Why You Need an Attorney

Refinancing your home can be overwhelming, but the amount of money you could save on interest and monthly payments is worth the headache. You always have the option of refinancing without the help of an attorney to save money, but this is one expense that is entirely worth it. Let’s take a look at why:

Evaluating Your Current Mortgage

A real estate attorney is trained in all things relating to mortgages and refinancing. They will be able to break down your current mortgage and let you know what fees may apply to repay your loan early. They will also help contact your current lender and get all the necessary information needed to prepare the transfer. 

Explain Your Options

A real estate attorney will be able to explain all the possible loans based on your specific financial credentials that you may not realize are available to you. There are government funded programs you may qualify for that your attorney can help explain.

Negotiation and Mortgage Terms

Your attorney will be able to negotiate on your behalf so that you get the best possible interest rate for your new mortgage. It’s easy to get taken advantage of by lenders if you don’t fully understand your contract terms. Your attorney will not only simplify that process, but they may be able to save you a lot of money compared to negotiating on your own.

Mortgage Lawsuits

Although it is unlikely, there is always the possibility that you may need to file a mortgage lawsuit to get out your current contract or if there is a dispute with current terms. Your attorney will be able to advise you on legal matters concerning the lawsuit and give you the insight you wouldn’t have otherwise.

Real estate attorneys are a useful resource to utilize when refinancing your home. Their expertise and advice can save you money and help you obtain a new mortgage that benefits you financially going forward.