Why It is Important to Have Your Own Attorney When Refinancing Your Home
Refinancing your home is a major financial decision that requires consideration. The right deal can mean lowering your interest rate, lowering your payment or even reducing the loan's term. Some refinance packages even allow you to borrow against your home's equity.
Time and paperwork are required when refinancing your condo. It can be a stressful time, and the borrower may encounter many terms and provisions with which they are unfamiliar. Although an attorney isn't required to help you complete this process, there are situations in which it may make sense to seek legal advice.
For instance, when you are refinancing your home, you may encounter a situation in which the loan documents with which you are presented at the end of the process do not match what was promised to you. Perhaps it is the result of a simple mathematical or typographical error that can be quickly corrected. However, if you find that your understanding and that of the lender are widely different, then you may need to consult a real estate lawyer of your own choosing.
A common misconception is that while there will likely be an attorney at the closing and signing of the loan documents, the attorney, if not specifically hired by you, is actually the attorney for the lender who is simply present to ensure that the documents are signed by you. The attorney for the lender is not your attorney and has no obligation to explain any of the documents to you.
It also may be necessary to ask your own attorney to ensure that the original mortgage that is being paid off is properly discharged. If it is not, then you may have difficulty in the future when trying to obtain a clear title. You don't want refinancing your condo to affect your ability to sell it in the future.
Occasionally, it makes sense to call in a real estate attorney at the beginning of the process when you're hoping to discover the reputation of a potential new lender. The unfortunate reality is that there are numerous scammers out there that are happy to steal your personal data or sell you a mortgage that is not precisely above board. If you have any questions or concerns about a mortgage company or feel that you may have been the victim of a scam, do not hesitate to contact an experienced lawyer.
If you are thinking about refinancing your home, don't be in too much of a rush. This is a complicated financial transaction that requires time and consideration. The choice you make may affect your future for decades, so it's worth a delay of a few weeks to ensure that you're really getting a good deal.
Contact the real estate attorney Sabra Sasson at the Sabra Law Group at 646-472-7971 to learn more about how they can help with refinancing your home, condo, or coop.