Should I Refinance My Home?

Obtaining lower monthly mortgage payments can be an attractive proposition, however, there are costs associated with it so it is important to do a cost-benefit analysis. Refinancing costs and changes involve a change in interest rate, a change in loan repayment length, and a possible change in the type of rate, whether fixed or adjustable, as well as origination fees and recording taxes.

The potential advantages of refinancing include:

  • Reducing your interest rate and lower monthly payments
  • Shortening or lengthening the repayment time
  • Taking out cash,
  • Consolidating mortgages
  • Avoiding the risk of rising interest rates if changing from an adjustable to a fixed-rate mortgage
  • Reducing or stopping private mortgage insurance if your home has increased in value

When mortgage rates are declining, the long-term savings and the lower monthly payments make refinancing more economically attractive. Refinancing is very similar to the procedures that occurred during the initial home purchase. A mortgage application must be submitted, credit reports are reviewed, property appraisals are obtained and title searches are prepared. Finally, once the loan is approved, a closing is held to sign the loan documents.

There are some refinancing fees that are negotiable. An attorney can help you negotiate a good refinancing deal. For example, mortgage quotes are marked up to create a commission for the person arranging the loan or to create a premium when your loan is sold to investors on the secondary mortgage market. For assistance with home refinancing, contact an attorney experienced with property matters.

Weinstein Chase Messinger & Peters is an experienced real estate law firm serving Brooklyn and all of New York with quality legal services. If you need a consultation, please contact our office today. 

Address Icon

We Practiced Over 50 Years At
26 Court St.
Suite 1503
Brooklyn, New York 11242

Currently Practice Resides At
40 Wall Street, Suite 2744
New York, New York 10005

Phone Icon 718-304-0550
Clock Icon

9:00AM – 5:00PM

About Us

The personal injury law firm of Goldberg & Chase, LLP. in Brooklyn, New York represents clients throughout the New York (NYC) metropolitan area, including the five boroughs: Brooklyn, the Bronx, Manhattan, Staten Island, and Queens. The counties we serve include Suffolk County, Nassau County, Westchester County, and Putnam County.