The Elliot Legal Group, P.A. Offices | Fort Lauderdale and Miami

3101 N. Federal Hwy., Suite 609,
Oakland Park, Florida 33306

*Licensed in England and Wales, Florida and Washington D.C.

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Surfside real estate attorney refinancing

If you have recently had a change in your financial circumstances--perhaps you lost your job, received a pay cut, or have taken on additional costs--the mortgage that has been affordable over the past decade may no longer be feasible. You may be concerned that because your mortgage exceeds your income, you will soon be on the path to losing your home. Without taking any additional action, foreclosure could soon be on the horizon. However, there are a number of actions that you can take before getting to this point, including refinancing your home.

What Is Refinancing?

Refinancing your home means replacing your current home loan with a new one. There are a number of benefits that refinancing has to offer, such as reducing your interest rate, cutting monthly payments, or tapping into your home’s equity when needed. Refinancing can also allow you to pay off your loan quicker or switch from an adjustable-rate to a fixed-rate loan. Refinancing your home may seem like the perfect solution to your financial difficulties; however, there are certain requirements that must be met in order to qualify.

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Sunrise residential real estate attorney

The thought of buying a home may seem like an endeavor that is far in the future. Maybe you are waiting until you have a family, or perhaps you do not think that you are financially stable enough to make such a large purchase. While both of these are valid reasons to hold off on purchasing a home, many are unaware of the benefits that buying a home, rather than renting, has to offer. Aside from having a place to call your own, purchasing a house also provides several tax benefits and the ability to grow equity.

The Continuous Increase in Rent

Rent prices have increased at a fast rate throughout the United States, regardless of the state in which you reside. According to research from the Urban Institute, rent in many markets has grown exponentially compared to median incomes. In other words, your rent will continue to rise while your paycheck will likely remain stagnant. In many areas, monthly mortgage costs are comparable or even cheaper than monthly rent.

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