When taking a mortgage the borrower will incur closing fees. When refinancing some of the fees can be avoided as they were paid when the original mortgage was taken. To avoid some fees ask about mortgage modifications and assignment of the existing mortgage. Existing mortgage lenders can save their current borrowers money by doing loan [...]
If extra borrowing is not a priority and the purpose of the refinancing is merely to reduce the interest rate it may still be necessary to increase the principal balance to cover the closing costs of the refinance. In refinancing a borrower will normally incur bank (application, appraisal), title and legal fees which can cost [...]
When discussing a client’s refinance I usually go over a script on what to say to the mortgage brokers to get a GFE. When you call the right type of lender you should only need to answer a few general questions about your income and credit in order to get a GFE. Because a GFE [...]
I tell all my friends to call your real estate lawyer before you start the process. Even if you are knowledgeable about interest rates it never hurts to make a call to get some advice that could save money. While it serves to reason that a lower rate is better that is not the whole [...]
I often hear from clients “I pay my mortgage on time, my credit is good, I’m not borrowing any extra money, so all I want is to get a lower rate, why do I have to go through a whole process?”
Unfortunately, even if you are just looking to lower your interest rate and loan [...]
If you don’t know your goal you will never achieve it, is true of most things including refinancing your home. It is advisable for a borrower to discuss his refinancing plans with his attorney or accountant early on. Before starting the process I ask my clients to get me a copy of your current mortgage [...]
One of the few benefits of the current housing market downturn is that interest rates have fallen to new lows. With interest rates near 5% homeowners with higher rate mortgages can save thousands of dollars by refinancing to a lower rate. While refinancing should save you money it is important to remember that interest rate [...]
Before attempting to refinance your mortgage a homeowner should make do three things-clarify your refinancing goals, investigate several lenders and make sure you are in fact saving money. Whether your goal is to reduce your payments, borrow additional money for other uses or change your mortgage from an adjustable to a fixed rate, you need [...]
As a real estate attorney I often am faced with selling property owned by the estates of deceased clients. While real estate can often be sold without the necessity of probating a will it is always easier when a will is involved as it answers many of the questions asked by the heirs. This is [...]
If you can’t keep up with your mortgage payments and your house is worth less than the amount due on your mortgage, what can I do? Unable to refinance your loan and falling further behind in your payments may lead to foreclosure and loss of the property. A solution may be asking your lender to [...]
5 Myths That Can Ruin the Purchase of Your Home
