Refinance Real Estate

Refinance Real Estate 

What is Refinancing in Real Estate

Refinancing in real estate refers to the process of replacing an existing mortgage debt obligation with another mortgage debt obligation but under different terms.

The terms and condition may vary widely from state to state and from country to country based on several economic factors.

These economic factors may include political stability of a country, projected risk, currency stability, inherent risk, borrower’s credit worthiness, bank regulation and credit rating of a country.

You can refinance a mortgage loan for various reasons:

  • To reduce the amount paid on a monthly basis to the lender
  • Enables the borrower to enjoy a better interest rate for the mortgage loan
  • Enables the borrower to consolidate other debt(s) into one loan
  • Enables the borrower to free up cash
  • To alter or reduce the mortgage loan risk

In most cases borrowers in financial constraint take up refinancing in real estate to reduce the monthly repayment amount. In addition, borrowers who want to save money or to pay off the debt faster can also take up refinancing.

Refinance Real Estate

Refinancing Process

When you are planning to refinance your mortgage loan, you need to take the following steps for a successful refinancing:

  • Prepare proper documentation normally requested by the mortgage lenders. Having this documentation will facilitate the application process.
  • Find the best mortgage refinancing option that will suit you. Keenly evaluate your main objective of seeking mortgage refinancing before choosing the mortgage refinancing option.
  • Complete the application process ensuring that the details entered are accurate and matches your documentation.
  • The loan agent will view your application and documentation after which you will need to order your appraisal. The appraisal determines if you have enough equity on the property to support the loan.
  • Your appraisal and application will go to an underwriter for review to determine your capacity to repay the loan.
  • The underwriter will provide you with an approval letter and conditions he or she is satisfied with your application.
  • If you are satisfied with the loan approval and conditions, the loan agent will ask you to lock your refinance mortgage rate. You will then need to order documents from the loan agent. Finally, you will need to sign the documents in the presence of both parties before finishing the mortgage refinancing process.
What is Refinancing in Real Estate
We Can Guide You Through It All

Refinancing a Home

Refinancing a home mortgage loan is essential when the owner wants to save cash by enjoying better interest rates. The owner may also want to free up cash through reduction of the monthly payment.

Zapicchi & Liller law firm helps homeowners in the mortgage loan refinancing process to ensure protection of their interests.

Refinance Real Estate Loan

Real estate loan refinancing may be an option to avoid an upcoming balloon payment in order to lower the long term interest rate.

You will need to follow the refinancing process discussed above to secure an advantageous refinancing.

Refinance Real Estate Taxes

When property owners refinance their mortgage loan, they will have to pay for the mortgage registration taxes charged by the state. Additional loan and legal issues fees are deductible on the mortgage loan refinancing process.

Mortgage Debt Obligation

Refinance Rental Property

When planning to refinance a rental property, expect to pay higher interest rates than residential property. The rental property refinancing agents impose stricter LTV requirements. You need to find out what the lenders are looking for to refinance a rental property. You can shop around to determine the best lender with a flexible requirement.

Choose Zapicchi & Liller Law Firm

We have a team of dedicated real estate lawyers focused to help you through the mortgage loan refinancing process. Our team ensures protection of your interests during the mortgage loan refinancing process. Contact us today for more information!

Refinance a Mortgage Loan
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