Why Refinance Your Home With An Attorney?


Why Refinance Your Home With An Attorney?

     To refinance, or not to refinance... That is the important question. For information regarding the basics of the refinancing process and if refinancing is a practical option for you, stop by our blog, "Refinancing in Real Estate"

     Here's a quick recap:

    • Refinancing Can Help You Lower Your Monthly Mortgage Payment 

    • Refinancing Can Reduce the Length of Your Home Loan

    • Refinancing Allows You to Cash-Out Your Equity

     Now, let's get into the good stuff. There are three major points as to why it is valuable to hire an attorney when refinancing your home. 1.) Understanding & Preserving your interests, 2.) Mitigating scams, and 3.) Simplifying the process. 

Understanding & Preserving your Interests

     When refinancing your home, there can be a lot at stake if you're not properly informed. You could end up with higher long-term costs or a longer break-even period if you're not careful. While some lenders work in your best interest, others may work to benefit their wallet. That can look like being persuaded into a refinance when it may not be a good fit for your current situation, or being pushed into a refinancing direction that could be costly to you in the long run. By having an attorney in your corner, you are equipped with a professional whose primary job is to protect your interests. An attorney will understand your needs, goals, and expectations for a refinance and will work from an unbiased perspective to ensure you are receiving a quality of service that is tailored to you.

Mitigating Scams

    Without denouncing lenders, (because we work with and love them dearly), there are the occasional bad apples or predatory lenders amongst the crowd; To be fair, there are bad apples in just about any crowd. Along with predatory lenders advising clients in ways that may be problematic, they can also charge hidden fees, making their services appear affordable while leaving you in a financial bind later on. Hiring an attorney for legal representation can set you up for success by having an advocate review the necessary fees and charges; Keyword being necessary... Oftentimes these hidden fees will not be revealed until after the services have been completed. $50 here and there for unnecessary fees will add up, leaving you financially underprepared. 



Simplifying the Refi Process

     There are many gears working together during the refinancing process. This can sometimes cause issues such as miscommunication, missing or incorrect information, or general confusion to the client.  From informing you of the refinancing process to addressing any questions or concerns, your attorney will work with you to make the refinancing process as seamless as possible.  An attorney is equipped with the knowledge to ask and answer important questions, pay attention to procedural details, and keep you informed along the way. 

     Don't get caught by surprise during your home refinance. Shepard Law attorneys have over 30 combined years of experience representing clients through Real Estate purchase and refinance. We work directly with your lender to ensure that every step is done in a matter that is cost-efficient and to the client's benefit. Click the link here to learn more about predatory lending and how to detect red flags in all of their various hues. To consult with an attorney regarding your next refinance, send us an email at closings@shepardlawpllc.com