Mortgage refinancing can seem like a great opportunity you should jump into at the earliest opportunity. But as with all financial decisions, it needs careful consideration with the help of a lawyer experienced in mortgage refinancing.

There are several refinancing pitfalls you must think about. First, it is tempting to only look at the reduced interest rates as your reason for refinancing and forget that the new loan comes with costs. Work out what is greater between your interest savings and the expenses of getting the new loan.

Refinancing to cash out on the equity you have built up rarely produces the projected benefits because cash in hand is easy to misspend. If your goal is to invest the money, are the proceeds from that investment greater than the interest savings from refinancing with a lower interest rate or simply paying off your mortgage faster?

Before refinancing your mortgage, talk to an experienced real estate lawyer to weigh the benefits against the risks. De Sa & Associates’ real estate attorneys will judiciously review your refinancing decision to make sure it truly benefits you.