As we observe interest rates going up, there is still a chance to get a refinance or CEMA (Consolidation, Extension, and Modification Agreement) at a reasonable rate. Refinancing a mortgage can save homeowners thousands of dollars each year, especially when interest rates are low.
It’s difficult to ignore the continuous onslaught of advertisements enticing homeowners to refinance their mortgages in New York. Although appealing, not all refinancing options may be the right choice for you, and while many refinancing offers may be valid and scam-free, this is not always the case. Consulting with a New York real estate attorney can help homeowners choose the best fit, whether traditional or CEMA, and save them thousands of dollars.
Three Reasons to Hire a New York Real Estate Attorney When Refinancing a Mortgage
1. Homeowners Often Fall Victim to Scams
Promising a low interest rate is one of the many tools lenders use to entice homeowners to make a quick decision to refinance, however, advertised interest rates rarely apply to the typical homeowner seeking to refinance a mortgage. Reading the fine print – which can be difficult for even the most cautious homeowner – is crucial to avoid falling victim to scams. A lawyer can help ensure a refinancing offer is legitimate.
2. A Lawyer Ensures Accuracy and Understanding of All Documentation
A New York real estate attorney will take all steps to ensure legal documents pertaining to mortgage refinancing are accurate and in accordance with all applicable local, state, and federal laws. Rather than attempting to understand legal documents yourself, you should enlist the help of a qualified attorney who can clearly explain what the documents mean in an easily digestible format. A lawyer can help you avoid the unnecessary stress and anxiety that’s often associated with the refinancing process.
3. A Lawyer Acts as a Liaison and Helps to Ease the Refinancing Process
Your attorney can guide you through the process and correspond with your old bank, new bank, and the title company. This means they can order payoff letters from your old bank to pay off existing mortgages and loans, prepare you for the upcoming closing, which includes a review of the title report and title commitment, and represent you at closing.
Refinancing Your Mortgage? Consult with a New York Real Estate Attorney First.
With the help of a New York real estate attorney, homeowners can make decisions based on facts and data, not simply emotions. To find out how an attorney can help you, contact Sishodia PLLC today online or by calling 833-616-4646.