Financing of Residential Real Estate
The vast majority of home purchases involve the buyer obtaining a loan to finance a portion of the purchase price. This is one of the most important aspects of the home buying process. Most often, this is accomplished by applying for and securing a mortgage from a lending institution such as a bank or credit union. The mortgage creates an obligation for a buyer to repay the loan and also creates an interest in the property for the lender.
The most common type of mortgage is a 30-year mortgage with a fixed interest rate. However, many other financing options of both interest rates and term (length) of mortgage are available to home buyers.
In obtaining a mortgage, most buyers will utilize a loan officer employed by a lender or a third-party loan broker to assist them in the application and decision-making process. Unfortunately, that loan officer or broker may not have your best interests at heart. Quite often, that person may be more interested in maximizing their commission rather than in securing the best mortgage for your situation. An attorney experienced in real estate matters and financing can assist you with this decision-making process and objectively advise you regarding your different options.
A Real Estate Attorney Can Protect Your Interests
Many homebuyers find it helpful to enlist the services of a lawyer to represent their interests when purchasing a home. The lender typically drafts the loan documents with the lender's best interests in mind. An attorney can review the loan documents to ensure that they do not contain any material errors or terms that are unfavorable or over-reaching. An attorney's review of your loan documents can also protect you if the lender or any other party to the transaction has engaged in any type of fraudulent activity. Having an attorney review documents before you sign them will give you peace of mind and ensure that your rights are protected.
The Conejo Valley Law Group can help put your mind at ease by reviewing your loan documents before you legally commit to the terms of the loan. Legal disputes surrounding real property ownership can be lengthy, complicated and frustrating. As a believer in proactive planning, Jeff will work, in your best interests, to prevent potential disputes before they arise.