OWNER REFINANCES
Many homeowners have refinanced homes at some point during their ownership. Refinancing been done for several reasons. Sometimes the goal is to borrow money by taking equity out of a home for home improvement or payment of liens and other bills. Other times the goal is to obtain a lower monthly payment through a new mortgage loan with a better interest rate. Still other times the goal is to change from an adjustable rate to a fixed-rate loan so the payments cannot fluctuate, were to get out of a balloon loan that matures before the entire loan is paid off. Lastly, and the a new loan product known as a reverse mortgage has developed and is used primarily by senior citizens to borrow money against the equity in their home, while deferring the pay back of the loan for a significant period of time.
The recent credit crunch and collapse of the subprime mortgage loan market has caused a drop-off in refinance volume, and has eliminated a lot of available loan products. However, borrowers continue to face a variety of different types of loans, underwriting terms, and costs, when evaluating whether to refinance their homes. Many borrowers are confused by the loan products being offered.
In this day and age homeowners are solicited very heavily by banks and mortgage brokers to refinance their homes. There are times when refinance transactions are beneficial to the homeowner, and other times they are not. The aggressive solicitation that has been done has caused a lot of people to accept refinances that do not truly benefit them. These bad loans to exist, but I believe that the vast majority of refinances that have been originated in the past have been truly beneficial to the homeowner. I have been the settlement agent closing thousands of refinances representing the homeowners or the lender. My office has developed a system to close these transactions with speed and precision. If you are considering refinancing you should consult with an real estate attorney experienced in handling refinances, for the purpose of making sure the refinance you arer considering is beneficial for you. I offer consultation to homeowners in evaluating the benefit of doing the refinance transaction. While the majority of refinances foreclosed by title insurance agencies, I believe that the homeowner would be better served by paying a little more for the benefit of an experienced real estate attorney closing their refinance. I have studied numerous closing statements, and believe that my fee and closing costs are not much more expensive than the title agency closing. I welcome all calls regarding the services I offer to homeowners, including a quote of my attorney fee and costs.