The world of real estate can be confusing and this can cause anxiety when you know that there is a lot on the line. According to the real estate experts at Zillow, the average home in the U.S. today costs $334,269. This is a big purchase and a very important investment in your life. To make sure that you get the best mortgage rates, and to ensure that you are treated fairly during the purchasing process, you can hire a mortgage attorney, also known as a real estate attorney. Keep reading to learn more.
What Does a Real Estate Attorney Do?
Real estate law is complex, as it involves understanding laws surrounding commercial and residential real estate, home ownership, property taxes, housing discrimination, mortgages, and more. Real estate lawyers earn their law degrees, and some even have further degrees or certification.
When it comes to residential real estate and buying a home, a real estate attorney will help you prepare the legal documents needed in the sale or purchase of a home. Such documents may include purchase agreements, mortgage documents, transfer documents, and title documents. This professional can also help to ensure that the sales agreement you are considering is legal and protects your rights and interests. In some cases, a real estate attorney can also help you negotiate better mortgage rates and loan terms.
Real estate attorneys can also be of assistance if there is an issue with the buyer and the seller of a home property. They also handle the transaction of the property from one person to another, thus attending the closing of a home or building, too.
How Are Mortgage Rates Determined?
You may be wondering how mortgage rates are determined in the first place. Any attorney will tell you that the real estate market, inflation, and the overall economy are significant factors. However, your personal factors also play a large part in whether you qualify for a low interest rate. If you have a high credit score, a low loan-to-value (LTV) ratio, and a low debt-to-income (DTI) ratio, you’re in better shape to qualify for a lower mortgage rate. A real estate attorney may provide you with professional advice to help you improve these factors so you can earn the best rate possible.
Why Do I Need a Mortgage Attorney?
A mortgage attorney could be a beneficial professional to have on your side if you are looking to get involved in a complicated real estate transaction or a very costly transaction. Even if you’re buying your first house, hiring this attorney will prove to be helpful.
If you want to ensure that every detail of the transaction is legal and in your best interests, you will want the assistance of this professional. This is a good way to avoid costly mistakes, or legal oversights that could have serious implications for you as the buyer. A real estate attorney, or a mortgage attorney, can help to protect you during these confusing transactions.
If you are in need of experienced real estate legal assistance, please contact The Law Office of Lawrence M. Centanni today. We will be happy to help you with your legal questions and help you get the best possible mortgage rate for your new home or property!