Real Estate Law:
Refinancing your mortgage essentially means replacing your existing mortgage with a new mortgage. There are various reasons why you may want to refinance your mortgage, including getting a lower interest rate or to reduce your existing monthly payment.
While refinancing can have many benefits, it is important to consider having a refinancing lawyer guide you through the process to ensure that no legal issues arise.
The Process of Refinancing
a. Firstly, when you decide that you want to refinance your mortgage, you should contact your current mortgage company to determine their requirements for refinancing. Some lenders might have existing conditions that must be met before a mortgage can be discharged or adjusted.
b. Determine if you want to refinance with the same lender you are currently with or shop around and see the interest rates other lenders offer.
c. Be prepared to pay additional fees, if applicable, upon finalizing and closing your refinance.
Contact our refinancing lawyer at Brace Law today for your consultation for guidance on refinancing your mortgage.