If you are in the process of refinancing your mortgage, you may know that it is not an easy feat.

You have to compare quotes. And, when you do, make sure you read the fine print so you know exactly what you’re signing up for. Then, once you decide to go ahead, it can seem like you’re drowning in paperwork.

That all said, getting to the end of the process can be highly rewarding. And save you a lot of money over the course of your mortgage!

There are many motivations to refinance your loan. These may include adjusting your high interest rate or adjusting the duration of your house loan contract.

As you being the process, one question many people have is, “do you need an attorney to refinance a mortgage?”

If you are wondering what resources you need to refinance you have come to the right place. In this article, we will answer this question and discuss the process in more detail.

Do You Need An Attorney To Refinance A Mortgage?

No, you do not need an attorney to refinance your home loan. Yet, in some cases, lawyer services may be helpful when you are refinancing your home loan. 

In most cases, if you use a real estate attorney to help with a refinance, they will be there to give advice and help with some administrative tasks pertaining to mortgage refinancing. As you’ll learn below, they can also help protect you.

The choice to refinance your mortgage without the help of a real estate attorney can certainly help keep the costs of refinancing low. However, it could end up saving you in the long run.

Additional Refinancing Expenses

There are additional expenses through refinancing your home loans. 

First, your current lender will charge you fees to refinance for a new mortgage loan. 

Second, you may need to pay a prepayment penalty when you choose to sign up for a new loan. 

Third, if you choose to use a mortgage broker’s aid, they will require commission fees to refinance your new home loan.

How to Refinance a Mortgage without a Real Estate Attorney

If you are planning to refinance your mortgage without the aid of a real estate attorney, you first need to first examine your current mortgage. Check if there are prepayment penalties if you get out of your current loan before it expires. 

For home loans that have adjustable interest rates, check how close you are to the maximum interest rates. Examine how soon your mortgage lender can raise your rates. 

Next, start shopping for new mortgages. Again, depending on some factors, you may need the help of a real estate attorney. 

When to Consider a Real Estate Attorney

You may want the service of a real estate attorney to avoid getting scammed during the refinancing process. 

Certain home loan lenders can be predatory lenders. Some may charge hidden fees and provide misleading or false information about the house loan’s terms and agreements. 

In these cases, a real estate attorney can help by checking if everything about the terms and agreement is transparent and true. This is one of those situations where they can end up saving you a lot of money (and headaches) in the long run.

Another benefit of hiring a real estate attorney is that they can help you protect your own interests. Real estate attorneys simplify the process for you when you want to refinance your mortgage loan. And they can save you a lot of time too.

Botton line here is that although attorneys are not integral to the refinancing process, they can help make this process smoother. And, yes, hiring one will add to your upfront expenses. But the time and money savings they can provide may be well worth it.

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