The current real estate market in New Jersey is proving to be a once-in-a-generation phenomenon. People throughout the state have successfully sold their homes at higher prices that would have been difficult to imagine only a short while ago, and buyers continue to purchase homes at historically low interest rates, even as competition among buyers remains high due to low market inventory.
However, not every homeowner wants to sell right now. If that describes your situation — but you still want to take advantage of low interest rates — refinancing may make the most sense.
Refinancing allows you to replace an existing mortgage with a new loan that has a lower interest rate. This can lower your mortgage payments or help you obtain equity in cash. Or, you may have a 30 year loan at a higher interest rate, which current rates may allow you to now re-cast as a 15 year loan for about the same monthly payment. That would result in huge interest savings over the life of the loan. Bottom line: when the circumstances are right, refinancing helps many people save thousands of dollars.
Before you refinance, talk to an experienced, client-focused real estate attorney
It is always a good idea to seek legal guidance before engaging in any kind of real estate transaction, including refinancing. At the real estate law firm of Mariano & Coiro, P.C., we have guided thousands of clients through residential real estate transactions throughout New Jersey. We help our clients avoid a variety of pitfalls in refinancing, including potential liens.
It is important to understand that refinancing typically involves select third parties, and lenders will often push borrowers toward title companies and other entities that the lender is affiliated with. That may yield profits for the lender and the third parties, but it can also add unnecessary costs for the borrower seeking to refinance their home. If you are seeking a home equity loan or a second mortgage, it is crucial to work with an established real estate legal team to ensure that your interests are protected.
Independent legal counsel can advise on every aspect of a refinancing, including the purchase of new title insurance and all matters related to the closing, as well as post-closing matters.
To learn more, please see our helpful Refinancing FAQ for homeowners in New Jersey.
Mariano & Coiro’s pro-client and results-driven legal team has ably represented a valued and diverse clientele for more than 36 years. We always welcome the opportunity to do so, providing a FREE & CONFIDENTIAL consultation. Our attorneys can be reached by phone at 800-800-9933 or through the firm’s contact page.