In the situation of a mortgage refinance during a pandemic can seem uncertain at times and Pettle Law would love to assist you and can provide comprehensive help. Considering the fact that refinancing a mortgage may raise numerous legal concerns, working with Pettle Law is a major benefit.
Our expert professionals will assist you with the availability of mortgage refinancing; foreclosure and junior mortgages; expedite the process as well as negotiate the terms of the contract, as well as cover all other aspects of mortgage refinance law
Historically, refinancing your mortgage was worth the cost if you could reduce your interest rate by two percent. Now, lenders say one percent savings is enough of an incentive. Doing this also helps you increase the rate at which you build equity in your home and can decrease the amount of your monthly payments.
When interest rates drop, homeowners can refinance an existing loan for another loan that has a significantly shorter term. Switching may not change your monthly payments by much.
This motivation can be a sound financial strategy when the interest rate continues to drop. When this happens the periodic rate adjustments on ARMs result in decreasing rates and smaller monthly payments, which eliminates the need to refinance when rates fall. On the other hand, when rates rise, switching to an ARM would be unwise.
Refinancing your mortgage may not always be a wise choice, as it can be a slippery slope to never-ending debt. Keep this in mind when considering refinancing for tapping into home equity or consolidating debt. Accessing equity is often done to cover major expenses like a child’s education or home remodelling. Refinancing can also be done to consolidate debt by replacing high-interest debt with a low-interest mortgage. This step, however, should only be taken if you can resist the temptation to spend once the refinancing gets you out of debt. This motivation to refinance your mortgage requires extreme self-control not to repeat the cycle and get into debt once again by using the credit.
If you want to refinance your mortgage and want assistance into navigating the decision, seeking help from a real estate lawyer is the solution. Since refinancing a mortgage can bring about various legal issues, working with Pettle Law – Real Estate Lawyers is a huge benefit. Our lawyers can help you deal with the availability of mortgage refinancing; foreclosure sales and junior mortgages; expediting the process; negotiating contract terms; and other aspects of mortgage refinancing laws.