Interest rates have remained at historic lows following the 2008 financial crisis, so now is a great time for borrowers to refinance home mortgage loans that are locked in at significantly higher rates. At Ianniello Anderson, P.C. our team of real estate attorneys regularly reviews refinancing documents and helps clients in the eastern upstate New York region overcome all the obstacles necessary to secure their lower-rate loans.
While some individuals attempt to go through the refinancing process without legal assistance, this is not recommended. There will be a lawyer, or lawyers, involved in the process even if the borrower does not hire one of his or her own. The lender will have at least one lawyer involved in the refinancing. It is important to note that the lender’s lawyer does not represent the interests of the borrower, and is not the borrower’s lawyer, even if the borrower is paying the lender’s lawyer’s legal fees. If the borrower wants legal representation, the borrower needs to hire his own separate attorney.
There are a couple of reasons a borrower might want to hire his own attorney. First, having an attorney at your side to answer your questions from a non-biased perspective can give you peace of mind. Home loans are the biggest financial undertaking most people make during their lifetime. An attorney can help to ensure that you’re making the right choices as the process moves along.
Secondly, some refinancings are not as straightforward as others. Sometimes when the bank is doing all the pre-checking required to proceed with the refinancing it discovers that there are other “open” or outstanding mortgages or liens on the property, and it refuses to move forward until all the open items are “closed” or paid off. This can happen even in refinancings where the open lien on the property was paid off years and years ago.
It is a real headache to track down all the old mortgages and liens, get documentation proving they have been satisfied, and get the county clerk to modify the property records to show that the property’s title is clear. So, many borrowers in this situation hire an attorney to do the legwork for them.
If you are a property owner in eastern upstate New York, and you would like some assistance with your refinancing, do not hesitate to contact the experts at Ianniello Anderson today at (518)350-7755. Our initial consultation is always free, and can be done out of any of our offices, which are conveniently located in Albany, Glens Falls, Saratoga Springs, and Clifton Park. We serve clients in the greater Albany, Amsterdam, Clifton Park, Saratoga, Schenectady, and Troy metropolitan areas.