Manhattan Real Estate Attorney Natalia Sishodia Discusses Refinancing Mortgages in New York City
Manhattan real estate attorney Natalia Sishodia releases a new article (https://sishodia.com/do-you-need-a-new-york-real-estate-attorney-when-refinancing-a-mortgage/) that discusses refinancing mortgages in New York and whether a real estate attorney is necessary for this situation. The lawyer mentions that even though interest rates are climbing up, it is still possible to get a refinance or CEMA at a reasonable price.
“Refinancing a mortgage can save homeowners thousands of dollars each year, especially when interest rates are low. It's difficult to ignore the continuous onslaught of advertisements enticing homeowners to refinance their mortgages in New York. Although appealing, not all refinancing options may be the right choice for you, and while many refinancing offers may be valid and scam-free, this is not always the case,” says the Manhattan real estate attorney.
The lawyer explains that there are three main reasons why a real estate attorney is important when refinancing a mortgage. These three reasons are 1) homeowners often fall victim to scams, 2) a lawyer ensures accuracy and understanding of all documentation, and 3) a lawyer acts as a liaison and helps to ease the refinancing process.
Attorney Natalia Sishodia says that many homeowners usually fall victim to scams because of a promised low-interest rate. However, these advertised rates rarely apply to mortgage refinancing. It is important for a homeowner to read the fine print thoroughly in order to avoid these scams.
In the article, attorney Sishodia also adds that having a real estate attorney may be able to help the client ensure that all the legal documents pertaining to mortgage refinancing are accurate. Instead of trying to understand the documents alone, it would be helpful for the client to seek the help of an experienced attorney who may be able to help them easily digest the information.
According to real estate attorney Natalia Sishodia, “Your attorney can guide you through the process and correspond with your old bank, new bank, and the title company. This means they can order payoff letters from your old bank to pay off existing mortgages and loans, prepare you for the upcoming closing, which includes a review of the title report and title commitment, and represent you at closing.”
Lastly, the attorney emphasizes the importance of having a real estate attorney for matters such as refinancing a mortgage. A skilled attorney may be able to help the client understand the documents and ensure that the transaction is going to be safe.
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