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Do I Need a Lawyer to Refinance My Mortgage?

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Do I Need a Lawyer to Refinance My Mortgage?

Many Canadians choose to refinance their mortgage to help lower their current interest rate or even to receive access to equity they have in their home. By refinancing, homeowners can access as much as 80 percent of their home’s value, less the balance of the mortgage. Although this is an exciting prospect, it can also leave some homeowners wondering if they are missing any critical details. Many homeowners ask if they should hire a Mississauga real estate lawyer to complete this type of significant transaction.

The Benefit of Hiring a Lawyer for Refinancing Your Home

While you do not have to hire a lawyer to complete the refinance of your home, it is always a good idea. There are many benefits to doing so. Using the lender’s legal services might be tempting as it can sometimes be cheaper, but doing so can cause the refinancing process to take longer than it needs to. Your own real estate lawyer in Brampton has the time to give you and your financial situation the attention you deserve. You are not just another number or loan when you hire your own lawyer.

What Your Mississauga Real Estate Lawyer Can Do

When you meet with your own real estate lawyer, there are several tasks they will perform. First, they will review your mortgage loan and its terms and conditions. They will make sure that you understand its terms and conditions, that they are legal, and are fair to you. Your real estate lawyer will also conduct a title search to see if there are any leans that have been placed against your home and can register your new mortgage. A lawyer can facilitate the entire financial transaction between you and the lender.

Avoiding Scams

Unfortunately, there are people who prey upon homeowners facing foreclosure or other dire financial situations with their homes. They usually come unsolicited and promise reduced interest rates. These types of scams are notorious for their upfront fees and not explaining the costs and fees incurred by refinancing. A lawyer with experience in real estate law can help you inspect a refinancing offer and determine its legitimacy, saving you from an offer that will charge fees but never provide any type of relief or refinancing.

Thinking about Refinancing? Hire a Real Estate Lawyer in Mississauga

If you are thinking about refinancing your home, you are most likely motivated by the financial benefits. You are not required to hire your own lawyer for mortgage refinancing and can use the legal team provided by your lender. However, it is crucial that you hire your own lawyer to ensure you are not being scammed, that the terms and conditions of your refinance are legal, and that your questions are answered.

Receive your consultation with a real estate lawyer from Nanda & Associate Lawyers by calling (905)-405-0199 or use our online contact form. We help real estate clients of all nationalities and backgrounds and offer services in 15 different languages, including English, French, Hindi, Punjabi, Gujarati, Bangla, Chinese, Italian, Telugu, and Tamil.