Real Estate
Financing Agreement
New York
Can refinancing my mortgage help me save money in the long run?
I am currently considering refinancing my mortgage and would like to know if this option can help me save money in the long run. I purchased my home three years ago and have been making regular mortgage payments since then. However, I recently learned that interest rates have significantly dropped since I obtained my mortgage, and I am wondering if refinancing would allow me to secure a lower interest rate and reduce my monthly mortgage payments. I am also curious to know if there are any potential drawbacks or costs associated with refinancing that I should be aware of before making a decision.
Answers from 1 Lawyer
Answer
Real Estate
New York
Arthur S.
ContractsCounsel verified
July 12, 2024
Depending on the rate differential between your current mortgage loan and the refinancing proposal, the saving in the long term can be substantilal. In the short term, the savings in debt service payments will be off-set by the cost of the refinancing, e.g. commitment and loan fees, appraisal and other underwriting costs imposed by a new lender), mortgage title fees and atty fees (taking into account you, the borrower, customarily pays the new lender's atty costs). That said, many residential lenders limit the costs to residential borrowers of the financing costs of any such refinancing),
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Who has the lawyer draft the purchase agreement for a for sale by owner?
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Need help with back pay for rent at a hotel
To whom it may concern: :Samuel Hi my name is luanne Migneault I'm in the hotel since September 1 2021 do to the hurricane I got flooded out my partner left me three weeks ago in the hotel I'm on disability and already used my check on the room and I'm waiting on FEMA TO send my check I need help paying for the rest of this month please. At 115 dollars a night I never ask for help from No one I lost everything in the flooded I had back surgery and has a hole in my back I can't go in to a shelter I also have a service cat for the 9 months I have been trying to get housing .please can you help me with housing and help me pay the hotel this month Luanne.72migneault@gmail.com 914-484-8518 sincerely yours Luanne Migneault
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Please submit a proposal for lawyers to bid on.
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