McOmber McOmber & Luber, P.C.

Business & Employment Lawyers Red Bank & Marlton New Jersey

732-842-6501

Do I need a lawyer when I refinance my mortgage?

Lenders sometimes advertise quick and inexpensive refinances, but you should beware of these offers. If you refinance your mortgage, you should hire a real estate lawyer to help you renew your title insurance and ensure that the lender is acting in your best interest.

Related FAQs

  • What do I do if I do not see my real estate question answered here?

    If you have questions other than the ones listed on this frequently asked questions page, or if you want to know more details about the topics listed here, contact the real estate lawyers at McOmber McOmber & Luber, P.C. in Red Bank, New Jersey.

  • What is a short sale?

    A short sale is a last-ditch effort to avoid foreclosure. A homeowner who cannot pay their mortgage sells the house for less than the mortgage amount and gives the entire proceeds for the bank. This allows the buyer to buy the house at an affordable price. 

  • What is a foreclosure sale?

    A foreclosure is when the mortgage lender (usually a bank) repossesses the house after the borrower has stopped making payments on the mortgage. Therefore, the lender is just trying to recover their losses by selling the house to you, so they are often willing to sell at a low price.

  • What is a 1031 exchange?

    A 1031 exchange is mostly similar to any other sale of a real estate property, except that the gains from the sale are not taxable, at least not in the same tax year that the sale took place. 1031 exchanges have been popular among small-scale real estate investors, but laws that went into effect in 2021 will restrict the circumstances where you can conclude 1031 exchanges. 

  • What is title insurance?

    Title insurance protects you from enormous legal fees in case a dispute arises about the title to your house, such as if a previous owner was not truthful about their ownership of the house. The buyer, with the help of their lawyer, should obtain the title insurance. The cost of the premium depends on the sale price and the mortgage principal amount.

  • What must the buyer pay at closing?

    The buyer is responsible for paying for the inspection, survey, title searches, title insurance, mortgage costs, taxes, and attorney’s fees. Depending on the type of property you are buying, you might also need to pay for condo fees or homeowner’s insurance.

  • What must the seller pay at closing?

    When you close on a sale, you must pay off your existing mortgage. You must also pay the NJ Realty Transfer fee, your real estate agent’s commission, and attorney’s fees. 

  • What inspections are necessary before I buy real estate?

    Mortgage lenders require termite inspections for all properties. They require well water and radon inspections for some properties. Structural and septic inspections are also recommended.

  • Is the closing date listed on the contract a sure thing?

    No. It is an estimated closing date. The buyer or the seller can move the closing date up to 14 days later without penalty. The only way to get the exact closing date set in stone is to include the words ‘Time of the Essence’ on the contract.

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