10 Steps to Refinancing Your Home and Why You Need Your Real Estate Attorney
Most insurance is purchased to protect you in the event an accident or claim is filed against you should something occur in the future. Title insurance is the one type of insurance that protects you against what has happened in the past. If there are any undisclosed defects in the title history of your property or past events that may jeopardize your ownership of a property, title insurance works to protect you and your investment from those defects. From purchase to resale and possible refinancing, title insurance will protect your purchase and protect any lender giving you a mortgage. Read to learn the 10 steps to refinancing your home and why you need your real estate attorney.
Refinancing and How Your Real Estate Attorney Can Help
Owner’s title insurance can be purchased each time a property changes ownership. A lender’s title insurance policy is required if there is a lender involved in the transaction. Even if the same lender is used for purchasing a new home and again to refinance an existing one, there must be title insurance issued to the lender for each transaction to protect the lender’s investment.
Every sale or refinance requires a search for new liens, judgments or title defects that may have arisen since the previous transaction. Refinancing your home requires paying off the original mortgage loan with the proceeds of a new mortgage loan. With a new mortgage, a new or existing lender will require a title search and the issuance of a new lender’s title insurance policy. Richard S. Weinstein can help ensure the title and closing process runs smoothly and meets all legal requirements when refinancing your home In the event there are title defects and depending on what those defects are could potentially cause you to lose the home you so desperately want.
The 10 Steps to Refinancing Your Home
Step 1 – Prepare yourself by checking your credit report and score. Your credit score can determine the mortgage rate and term you get.
Step 2 – Find the the right refinance loan. Get quotes from at least three mortgage lenders or brokers.
Step 3 – Complete the application carefully.
Step 4 – Order the appraisal and know your home value.
Step 5 – Your application and appraisal will be submitted to the underwriter for review. They will appraise your home to determine the amount of equity, which will determine your refinance amount.
Step 6 – Review loan approval and conditions.
Step 7 – Lock in an interest rate.
Step 8 – Order the loan documents.
Step 9 – Scrutinize all documents by reviewing them before the closing. Sign all documents if they are in order.
Step 10 – Close on your loan and know the fees you will need to pay.
With over 50 years experience as an attorney, Richard S. Weinstein assists clients with the important financial situations in their lives. Whether you are dealing with bankruptcy, real estate (both commercial and residential, including short sales, foreclosures and title insurance), estate planning, probate, business formations, or sales or mergers, Richard S. Weinstein is the attorney with the education, experience and knowledge you need! Call us at (561) 745-3040 or visit his website at rweinsteinlaw.com.
Law Office of Richard S. Weinstein, P.A.
250 S. Central Blvd. #101
Jupiter, FL 33458
Phone: (561) 745-3040
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