Refinancing your home presents a wonderful opportunity to save some money by replacing your current home loan with one that has a lower interest rate or a longer payment period which reduces your monthly payments. However, it can also be quite complex, in terms of the amount of paperwork and simply understanding the terms to which you are agreeing to. Below are a few reasons to help you consider if hiring a lawyer is right for you when deciding to refinance your mortgage.
Why You Should Hire A Lawyer When Refinancing
Represent Your Legal Interests
Whenever you hire an attorney, they should have your best interest in mind. The same goes In the case of refinancing your mortgage. Without an attorney, you are the only who is representing your best interest. Without the help of a real estate attorney, you may face some difficulties and unforeseen factors in the hassle of refinancing that could have been avoided with legal help.
In our current climate with the coronavirus pandemic, mortgage rates are at an uncommon low right now. Why wouldn’t you want an attorney on your side to help you negotiate this, get the most out of refinancing, and not get taken advantage of?
The amount of paperwork alone that comes with refinancing your mortgage can be a scary sight. The last thing you want is to find out about hidden fees. Such closing costs to watch out for are origination fees, appraisal and inspection fees, mortgage fees, title fees, and whether or not is is an adjustable rate or fixed rate mortgage. Thankfully, with the help of a real estate attorney, they know how to examine agreements and help you make sense of all the closing costs that come with refinancing your mortgage.
It’s important to be careful of refinancing scams that take advantage of those facing foreclosure. Refinancing scams are often seen in the form of unsolicited phone calls and direct mail that offer you a reduced interest rate. However, this is not always true…remember, it’s a scam. There is usually an upfront cost, hidden fees, and little to no explanation of the fees associated with this “deal.”
This is where having a lawyer would be beneficial to you. They can determine if this offer is real or not, and at what cost to you. Without a lawyer, you could end up paying more in fees and other costs associated with the refinancing scheme than if you would have just hired a lawyer in the first place.
Need Refinancing Legal Help?
If you are in need of assistance from a real estate attorney in and around Ocean City, Maryland, it’s imperative to have a qualified attorney in your corner. An attorney that cares about helping you and can not only advise you but help you build your case and negotiate on your behalf.
Contact the Law Office of C. Gregory Coburn today to schedule a free consultation with one of our lawyers. Aside from real estate law, we provide legal assistance and representation as well in Criminal Defense, DUI, Traffic, Civil, and Business Law.