Real Estate

What does the Attorney do?                                                                                                 Many tasks from paying conveyance taxes to making sure the Title is clean of any liens or encumbrances, to making sure all of the checks are sent out properly. A host of problems can occur when buying or selling a property, an experienced attorney can help solve any of these problems.                                                                                                                            Closing Responsibilities:

  • The Contract
  • The Deed
  • Mortgage and promissory note if required
  • Escrow agreements
  • Affidavits
  • The settlement statement (HUD-1)

Refinances

Interest rates are at an all-time low, and expected to stay that way until the end of 2014. Generally, if you can get a rate that is lower by 0.5%, then all the costs of refinancing will be paid back within two years and it’s in your best interest to refinance. Availability of refinances expanded this year under the Government HARP and MHA programs.

Example for a $100,000, 30 year mortgage:

Interest

Total Costs

                                5.00%                                                             $193,255
                                3.00%                        $151,777

That’s $41,478 in your pocket, and monthly loan payment goes down from $537 to $421.

Many people don’t know this, but for the first 10 years of your mortgage you are paying about 90% interest every month. If you can afford an extra $100 per month, you can knock about 8 years off of a 30 year mortgage.

Example for $100,000, 30 year mortgage with extra $100 per month:

 

Interest

Total Costs

                          5.00%                               $193,255

extra $100

$162,676

                          3.00%                             $151,777

extra $100

$136,322

And you are done paying in 22 years instead of 30 years. 10 and 15 year mortgages also offer savings, though not as drastic.

Whatever your situation, now is a great time to refinance. Often , the bank who now holds your mortgage will waive many of the closing costs, if not, many of the smaller banks in the area will work with you better than the big banks.

Please use The Gauthier Law Office for your closing.

For more information on refinancing please see

Can I refinance if my loan is underwater and Is refinancing worth it for me?

Elder Law

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The Gauthier Law Office

1060 Route 32

Uncasville, CT 06353

(860) 373-7703

www.thegauthierlawoffice.com

thegauthierlawoffice@gmail.com

© The Gauthier Law Office 2013

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