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Mortgage Refinance and Equity Line Closings

Mortgage Refinance

You may be tired of making two payments: one for your first mortgage and another for your second. Perhaps it's time to reduce your current interest rate to a lower fixed or adjustable rate. Maybe you have an adjustable rate that you want to convert into a fixed-rate mortgage. You may want to cash out some of your equity, or lower your overall mortgage payment. Whatever the reason, you will want an attorney with the knowledge and experience that will ensure your Mortgage Refinance transaction goes smoothly.

Determining your eligibility for refinancing is similar to the approval process that you went through with your first mortgage. Your lender will consider your income and assets, credit score, other debts, the current value of the property, and the amount you want to borrow. If your credit score has improved, you may be able to get a loan at a lower rate. On the other hand, if your credit score is lower now than when you got your current mortgage, you may have to pay a higher interest rate on a new loan. At Heekin Law, we will be able to assist you with determining eligibility and moving forward with a Mortgage refinance that is appropriate for you.

Equity Line Closings

A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because a home often is a consumer's most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses.

With a home equity line, you will be approved for a specific amount of credit. Many lenders set the credit limit on a home equity line by taking a percentage (say, 75%) of the home's appraised value and subtracting from that the balance owed on the existing mortgage.

To review all the features of Home Equity Lines of Credit and to assist you with the Closing Process, contact one of the highly trained attorneys at Heekin Law at (904) 998-9733.