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Why You Need a Real Estate Attorney to Refinance Your Mortgage

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Refinancing your mortgage has many potential benefits – you can secure a lower interest rate, make your monthly payment lower, or even switch to a different type of mortgage loan. If you are contemplating refinancing your mortgage, some lenders tell you that you can move forward without a real estate attorney, unlike purchasing a home in North Carolina.

Why You Need a Real Estate Attorney to Refinance Your Mortgage

At the same time, there are two primary reasons why working with a real estate attorney to refinance your loan is in your best interest. First, you need to make sure that the commitment for the refinance transaction matches your application. You also need to ensure your loan documents match the terms of your loan commitment. Although your mortgage broker/representative can help you with this process, they are not representing your interests and your clear understanding of the loan’s details are not necessarily their priority.

Second, you need to make sure that when you pay off your current mortgage by refinancing, the loan is properly and completely discharged from your record. If you do not do this, you may have a hard time securing a clear title for your home when you go to sell.

Third, a title search will have to be completed to ensure that the lender has clear title to close; and only a licensed attorney can perform a title search in North Carolina. Lenders can hire out the title search to a NC licensed attorney, but that attorney is only looking out for the lender’s interest and not your interests.

Your real estate attorney will represent you during the refinancing process, so they will protect your interests, making sure no issues arise that compromise your refinance or the potential to obtain clear title of your home later on. For personalized legal oversight for an upcoming refinancing, choose GPS Law Group to help with the transaction or any real estate transaction you have.