HICKSVILLE, N.Y., April 11, 2019 /PRNewswire/ -- You've made it through one of the biggest purchases and toughest challenges - buying a home! After you are in your house, you may come to a point where you consider refinancing your mortgage. While this may seem like a simple process, it can actually become quite complex. Real estate attorney Long Island Suffolk County, Markotsis & Lieberman, explain what questions to ask when refinancing a home.
- What is your goal? Determine what you want out of the refinancing process. Whether it's shortening your current loan term, taking cash out of your equity or lowering your interest rate, it's important to have a well-defined goal from the start.
- Do you know your credit score? Make sure you check your credit history and know what your credit score is. If you fall in the top percentile, you're likely to get a better interest rate when refinancing.
- What is the current value of your home? You can estimate the current value of your home by researching local sales of homes that are similar to yours. There are also numerous tools available online that will help estimate your home's value.
- Do you know where to get the best rate? You'll want to do your research and shop around for the best interest rate that's available at the time of refinancing. However, be mindful of the number of loan applications you submit as those will impact your credit score.
- What are your all-in costs? Do you have that money available? If it's been a while since you closed on your home the first time, all of the additional closing costs might have slipped your mind. Fees can include anything from application fees to appraisal costs to points. Although some lenders may boast a "no-cost refinance," fees are usually still incorporated into the process. When doing your initial research and budgeting phase, make sure you include a buffer for fees.
- Do you have the paperwork ready to go? Whether you have hard copies or digital versions, it's important to have all your documents in order and ready to submit to make the refinancing go as smoothly and quickly as possible.
Refinancing a home can be a larger venture than you expected. It's important to have an attorney involved who has your best interests in mind and can advise you accordingly to ensure you're making the optimal decision for you and your family.
About Markotsis & Lieberman, Esq.: Markotsis & Lieberman, P.C. Real Estate Law Firms is a general practice law firm. Practice areas include real estate, litigation (commercial and civil), business formations, agreements and transactions, and wills, trusts and estates. Our team of seasoned attorneys are here to guide you through every step of the legal process providing personalized attention to every client. When you're facing a complicated legal situation, our team of legal experts is there to fight for your rights.
SOURCE Markotsis & Lieberman, Esq.