Interest rates for mortgages and refinance transactions are at an all time low. Many clients contemplating refinancing have contacted our office with questions about this process. While it is entirely legal to proceed without an attorney, you should be aware of at least two potential pitfalls in proceeding with a refinance transaction without hiring your own attorney.
Firstly, the commitment for the refinance transaction might not match your application, or the loan documents do not match the terms of your commitment. Of course, the bank, the mortgage company and/or its representatives will not assist you in this regard. Although they may be handling the entire transaction, they do not represent you or your interests. When that is the case, they are not protecting your interests when they review terms with you that may be unfavorable to you, or not in your best interests. Your clear understanding is certainly not a priority.
Secondly, it is crucial that the mortgage you are paying off by refinancing is properly discharged of record. If not, you may have difficulty in the future obtaining clear title for the purposes of selling your property. Many closings are delayed because a prior mortgage of record cannot be discharged in a timely manner, and often it is a result of an improperly handled refinance transaction.
For these reasons, refinances as well as most transactions involving real estate, deserve the attention of experienced real estate attorneys and staff.
Please contact our office immediately either
online or by phone to discuss how we can assist you.