Borrower and Refinance Lawyers

How Refinancing Lawyers Can Help You With Your Mortgage

Helping Borrowers with Refinancing Their Mortgage

Rozhik Law Firm PLLC assist and represent borrowers with refinancing mortgages, whether it is a first mortgage, a second mortgage, or a line of credit.

Before you decide to refinance, you should ask yourself the following questions:

• Are you eligible for a lower-rate on your mortgage due to your credit score having improved?
• Would it makes sense to change to a different type of mortgage?
• Have interest rates dropped?

How you answer these questions will affect your refinancing choices.

Rozhik Law Firm Refinancing Lawyers

Before you start refinancing you mortgage, contact our refinancing lawyers at Rozhik Law Firm PLLC for a free consultation. We will help you understand all your refinancing options, while also helping you save on your costs.

We offer the following Refinance Services:

• Explanation and review of mortgage commitments
• Loan term negotiations
• Payoff letters from the current bank to pay off existing loans and mortgages
• Correspondence with the title company, the new bank and the current bank
• Title commitment reviews
• Preparing the closing, including obtaining title work
• Representation at closing

Is a Lawyer Required For Refinancing Mortgages?

You may decide to refinance your mortgage without seeking the assistance of refinancing lawyers to try to save money. You should however understand that unless you use an attorney during this process, there will be no one to represent your interests. Although you may deal with the lender’s attorney and they may be very pleasant, they don’t represent you and can’t act in your interest. They will always act in the best interest of the lender.

You should also take into account the value you receive when using an attorney, as this is often much more than the legal fee. Experienced real estate attorneys may for example be able to save you from hidden fees or a refinancing scheme that you may otherwise not be able to discovered on your own until it is too late. A real estate attorney will also provide you with peace of mind as they will guide you through the refinance process while they perform many detail oriented and time consuming tasks, while preparing the loan transaction right from intake until closing.

What Do Refinancing Lawyers Do?

Different attorneys do things differently and offer different services, making it difficult to determine the exact role they may play when representing someone that wants to refinance. There are however a number of things an attorney should do when representing a client that wants to refinance their mortgage. The attorney should first meet with the client to get to know them better and understand what’s important to them and to determine their ultimate aim.

Once the attorney knows what the client wants to accomplish by refinancing their mortgage, they should apply this knowledge to ensure that there won’t be any obstacles during the refinancing process and to make sure it actually makes sense for the client to refinance. At this stage, the attorney should also look at things like the client’s credit score, closing costs and the equity that is available. This should all be done before the client applies for refinancing of their mortgage.

Once the decision to refinance has been finalized, the attorney should help the client prepare the basic documents that a lender requires during the application process.

Basic Documents Required by a Lender

These documents typically include:

• Current pay stubs
• Tax returns for the last 2 years
• Bank account statements for the last 2 months
• W-2s for the last 2 years
• Most recent mortgage statement
• A letter explaining negative credit issues, if any

The client should now shop around and make sure that they get a lender with the best deal for them. We provide our clients with a list of issues and questions to consider. Although everyone wants the lowest and best interest rate, there are other issues that should also be considered as well.

We need to for example ensure that there aren’t any pre-payment penalties if the loan is paid off early, which is basically what is done with the existing mortgage. The lender’s fees should also be established. These can be found on a disclosure statement or good faith estimate which we’ll review with the client. We also always look for lenders that make our client feel comfortable. The attorney will work closely with various parties during the refinance process to ensure that the process runs smoothly. These include the title company and the refinance lender. Any potential title issues that may arise are cleared and we’ll attend the refinance review and closing, while also explaining all critical mortgage and closing loan documents.

An experienced attorney will be able to guide and represent their client through the entire refinance process while making it stress free and easy.