Mortgage refinancing is the process of paying off an existing mortgage and replacing it with a new mortgage with a new set of terms and conditions than the original mortgage. There are many reasons you may want to refinance your mortgage. Some homeowners refinance to obtain a lower interest rate, or to convert from an adjustable-rate mortgage to a fixed-rate mortgage, or the other way around. Some homeowners may also want to use their home equity to finance the down payment of a new purchase or perhaps secure funds for a renovation. Others may want to consolidate debt. Similarly, some homeowners may want to refinance or remove someone from the title.
What individuals may not realize is that obtaining mortgage financing or mortgage refinancing, comes with various potential challenges, therefore, retaining the services of a qualified real estate lawyer is always a wise choice.
Banks and mortgage lenders typically require a real estate lawyer to be involved in most situations. This is because lenders want to ensure that the priority of their mortgage is preserved and that there are no defects related to the property which could impact the enforceability or validity of the mortgage.
This often involves the lawyer performing a search of the title to the property, as well as examining documents registered on the title. There are various encumbrances to title that could affect the use of the property and its value, such as, a mortgage, tax liens, easement or right to use another party's real property for a specific purpose, unpaid real property taxes and Certificates of Pending Litigation (CPL). These factors could affect the use of the property, and the value upon which mortgage refinancing is based. For these reasons, a mortgage lender will require the status of the property to be carefully examined by a real estate lawyer. A qualified lawyer will help ensure that you avoid potential legal complications and enable proper refinancing.
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