Getting a new mortgage to replace the original is called refinancing. Refinancing on your home is done to allow a borrower to obtain a better interest term and rate. The first loan is paid off, allowing the second loan to be created, instead of simply making a new mortgage and throwing out the original mortgage. For borrowers with a perfect credit history, refinancing can be a good way to convert a variable loan rate to a fixed, and obtain a lower interest rate.
In any economic climate, it can be difficult to make the payments on a home mortgage. Between possible high interest rates and an unstable economy, making mortgage payments may become tougher than you ever expected. That's why a CT real estate attorney is needed to go over contract terms, negotiation, and various other aspects of mortgage refinance laws. A real estate attorney in CT can prevent you from getting roped into a refinancing scheme, or entering an agreement that doesn't have your best interest in mind.
Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies. Discuss refinancing on your home with a qualified CT real estate lawyer to discover if your eligible for refinancing.