New Jersey Real Estate Attorney

Martin Pankiewicz, Esq. focuses his practice primarily in residential real estate closings, including the purchasing of a home, selling a home and/or refinancing a home, the acquisition of multi family residential projects, condominiums as well as negotiating a short sale transaction. He provides his clients with the legal services they require in connection with their real estate closing.

NJ real estate attorney, Linden, NJ NJ real estate attorney, Linden, NJ

Refinancing a Home

Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many common reasons why homeowners refinance: the opportunity to obtain a lower interest rate the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa; the opportunity to tap a home’s equity in order to finance a large purchase; and the desire to consolidate debt. Some of these motivations have both benefits and pitfalls. And because refinancing can cost between 3% and 6% of the loan's principal and - like taking out the original mortgage - requires appraisal, title search and application fees, it's important for a homeowner to determine whether his or her reason for refinancing offers true benefit. The rule of thumb is to refinance if you are going to reduce your interest rate by at least one percent, but there are other factors to consider, such as the costs of the refinance.

Refinancing your home presents some of the same challenges as purchasing a new property. An experienced New Jersey home refinancing attorney can help avoid many problems, and resolve those that do arise. Martin Pankiewicz,Esq will guide you through all of the challenges and details of your refinancing. Whether this is your primary residence, a vacation home, or investment property, Martin Pankiewicz, Esq. can help you tackle the applications, rate & condition negotiations, insurance declarations, environmental regulations, title & ownership certifications, and other complicated faced in even the most basic New Jersey real estate legal transaction.

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