Depending on the credit market, a debtor may want to refinance and replace an old obligation and encumbrance with a new one. The prime consideration is whether the debtor can refinance at a lower interest rate, thereby lowering his monthly payment schedule. Further factors to consider may be found within the existing security instrument such as a loan modification. For example, if there is a high prepayment penalty in the existing note, refinancing may not be advisable and very costly. A thorough examination of a borrowers loan documents will typically reveal the best course of action.
At Lavaee Law Group, we believe that in any real estate transaction, it is in the client’s best interest to employ an attorney to complete the due diligence necessary in order to insure that the client obtains the best possible outcome. If you do decide to refinance your existing mortgage, you will have many loan options to consider. Let us assist you in considering which option is right for your situation.
To get started with a free and confidential consultation, please contact our office toll free or via email to speak with an attorney.
