Legal Guidance for Connecticut Homeowners Navigating Mortgage Refinancing
Helping clients negotiate best terms for loans in Connecticut
If you bought your house in the last few years when rates were high, you might be looking to secure a lower interest rate. At Collins Hannafin, P.C., our real estate attorneys represent homeowners in refinancings. We have the legal and technical knowledge to scrutinize loan instruments and negotiate the best possible terms on your behalf.
Types of refinancing available for Connecticut homeowners
The primary goal of refinancing is to save money. You can do this by lowering your monthly payment or shortening the term of the loan. Lenders offer a wide array of loan options for homeowners looking to refinance. Types of loans include the following:
- Fixed-rate — The interest rate never changes over the life of the loan.
- Adjustable-rate — The interest rate starts out lower and increases after a certain period.
- Cash-out refinancing — This is a refi based on the value of your home. It allows you to borrow more than you currently owe, so you can use that excess cash for another purpose, such as paying off high-interest credit card debt.
- FHA loan — Refinancing with a mortgage loan backed by the Federal Housing Administration is a good option for borrowers with a higher debt-to-income ratio and lower credit scores.
- VA loan — Homeowners who purchased their home with a Veterans’ Administration loan can refinance with an Interest Rate Reduction Refinance Loan or a “cash-out” refinance loan backed by the VA.
Lenders can explain the differences between the available loan options, but they do not represent you and will not advocate to protect your interests.
Comprehensive refinancing legal services
Our residential real estate attorneys understand how the lending industry works, as well as the pitfalls that await unwary borrowers. We perform the due diligence necessary to protect your interests, which includes a comprehensive mortgage refinance document review. Throughout the loan process, we scrutinize loan estimates, closing disclosure statements, promissory notes, deeds of trust and contract terms. We closely examine potential risks, bringing concerns to your attention, so you can make a fully informed decision.
Why you need a real estate attorney for mortgage refinancing
A reputable loan officer will try to match individual borrowers to the most appropriate refinance option. But the loan officer’s primary objective is to make money for the lender. The borrower’s interests are secondary. Therefore, you may get incomplete information and inadequate warning about areas of concern. What you certainly won’t get is any indication that you might do better than the terms being offered. For that, you need your own advocate.
When you retain a real estate attorney at our firm to oversee your refinancing, you gain a knowledgeable ally to help you obtain the best terms possible for your loan. We provide personalized guidance tailored to your situation. We alert you to red flags we perceive, but homeowners often miss because they are couched in technical terminology. Moreover, we know the refi market. We can discern whether you’re getting the best terms you qualify for. If not, we’ll negotiate a better deal on your behalf.
Contact our Danbury real estate attorneys to discuss your home refinance
Collins Hannafin, P.C. represents clients seeking to refinance their homes in the greater Danbury area. For knowledgeable counsel that delivers value, call us at 203-885-1938 or contact us online to schedule an appointment.
