Can a lawyer help you with a refinance?

In some states, the attorney can also act as your closing agent, and explain the paperwork affiliated with the refinance transaction.

When do you have the right to rescind a refinance?

The Right of Rescission. Under the Federal Truth in Lending Act, borrowers who refinance a loan on their primary residence with a lender other than their current lender, can cancel the deal at no cost to themselves within 3 days of closing.

Do you regret refinancing from adjustable to FRM?

RP – 5. Refinancing from an adjustable to a fixed-rate mortgage (FRM) probably has the lowest regret potential of all refinance transactions. The borrower incurs transaction costs and accepts a higher interest rate in order to get rate stability. Borrowers who do this are already looking to the future and are unlikely to regret their actions.

Can you refinance from a fixed rate to an arm?

Refinancing from a fixed-rate to an adjustable rate mortgage (ARM) in order to lower the mortgage payment has significant regret potential. To obtain lower payments now, the borrower is risking higher payments in the future.

In some states, the attorney can also act as your closing agent, and explain the paperwork affiliated with the refinance transaction.

What do you need to know about refinancing your mortgage?

A local attorney can explain the legal issues you are facing in refinancing your mortgage and assist you with contract terms and negotiation. In some states, the attorney can also act as your closing agent, and explain the paperwork affiliated with the refinance transaction.

Can you extend the term of a refinance?

Lowering your monthly payment is often the goal, and it can be tempting to extend the term to get the lower payment, but not always the best option. You can also reduce the term and get a lower interest rate, but this will make the monthly payment higher.

Do you have to pay off second mortgage before refinancing?

Your lender may require that you resolve any potential liens, like tax liabilities, before refinancing. When it comes to secondary mortgages, your lender may require that the second mortgage be paid off and/or your HELOC closed out before or as part of the refinance transaction.

How does refinancing work in a mediated divorce?

One thing to consider when refinancing is who is going to pay the refinance fees. Often in a mediated divorce the clients will split the refinance fees. The idea is that since both people benefit from getting someone’s name off the mortgage, they should both share in the cost.

Who are the lenders for multifamily home loans?

Our company has access to multiple capital sources, including: Fannie Mae, Freddie Mac, HUD, numerous local and national banks, Wall Street conduit lenders, Agency lenders, credit unions and insurance companies. We will entertain multifamily loan requests of all sizes, beginning at $1,000,000.