When it comes to refinancing your mortgage unless you hire a mortgage refinancing lawyer, no one else in the team represents your interests. Even if you have encountered the lender’s attorney and seem pleasant, it is important to know that they can never act in your interests because they represent your lender. Moreover, you should consider the value you get from having a refinancing mortgage lawyer, which surpasses even the legal fee. For example, your mortgage refinancing lawyer can save you from hidden fees or a refinancing scheme that you would not have discovered until too late. Again, it gives you peace of mind and satisfaction knowing that you are guided through the entire refinance process as they take care of detail-oriented and time-consuming tasks to ensure the loan process is smooth from intake to closing. With that in mind, below are the considerations you should make when choosing Mortgage Refinancing Lawyers.
Confirm the legal fees first
Before you sign any agreements with a mortgage refinancing lawyer, confirm the fees they are charging beforehand. Lawyers’ fees can be wide-ranging depending on the law firm. A good mortgage refinancing lawyer will provide you with a breakdown of their fees so that everything is clear about the services you are paying for. The cheapest one may not always be the best. For instance, a firm can entice you with very low legal fees, but you later realize that there were hidden fees you never discovered in the beginning. The lawyer may include additional charges such as mortgage stamping fee, CPF fee, and law society fee, which can cause an initial amount of $2000 to shoot to $3500.
Ensure you check your mortgage refinancing lawyer’s accreditation before anything else. Check the licensing and ensure it is up-to-date. More credits such as certificates and awards assure you that you are on the right path in hiring a legitimate lawyer.
Referrals from your family, friends, or close acquaintances who have been through the mortgage refinancing process are helpful. Such people will give you an honest opinion about a refinancing lawyer they worked with and what the experience was like. That way, you know what to expect.
However, be wary of recommendations from real estate agents. You can take suggestions, but you are free to choose. Beware of recommendations not based on the value of the mortgage refinancing lawyer but on the amount the agent gets paid for securing them a client. It can lead you to get poorer services than if you set out to look for a mortgage refinancing lawyer by yourself.
You may be tempted to hire mortgage refinancing lawyers from other locations because they have attractive rates. However, it is best to first search locally. Hiring a mortgage refinancing lawyer from your location is advantageous because they specialize there and are at par with local news and developments that may affect your property. Plus, it significantly speeds up the whole process.
Communication is key
A mortgage refinancing process is not a simple one. It involves a lot of detailed and time-consuming processes. You should choose a mortgage refinancing lawyer that promises to diligently communicate with you as the process unfolds. Ensure you can contact them anytime you require clarification.
The bottom line
Before you hire a mortgage refinancing lawyer, ensure you ask questions. If something is not clear initially, do not sign anything until you are on the same page.