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.