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Before Buying a Home Consider The Area at Various Times of Day | New York Homebuyers Advice

Purchasing a home in Staten Island or anywhere in New York City can be a great experience but it is important to make sure the home you are purchasing is the one you want to keep and will not regret. One thing to make sure of when purchasing a home is to make sure the environment is what you are wanting in a home. Visit the home during different times during the day to make sure the noise level, traffic volume and crime level are what you expect. For more information on New York real estate law call our Staten Island real estate law office at 718-979-4300.

New York and New Jersey Real Estate Questions

New York real estate questions and New Jersey real estate questions can be answered by a real estate lawyer. State specific real estate laws should be addressed to a real estate lawyer in your state. Call 718.979.4300 for questions regarding New York real estate laws and New Jersey real estate laws.

How Much House Can I Afford: 5 Questions You Should Answer Before Looking at Homes

For most homebuyers finding an affordable house is a top priority. If you are in the process of looking for a house to buy in New York Steven T. Decker Staten Island real estate lawyer has 5 questions you should answer before looking at homes to ensure you are looking for a home you can afford. For more information regarding our real estate legal services to Staten Island, Brooklyn and throughout New York and New Jersey call 800.976.4904.

Fewer U.S. Homes Have Underwater Mortgages

According to MSNBC there are less homes with underwater mortgages this quarter than last. For New York homeowners and homeowners across the nation this report shows that the housing market may be slowly rebounding.

How to Get Approved for a Mortgage Modification Successfully

Getting approved for a mortgage modification can sometimes be difficult but knowing key steps in how to get approved for a mortgage modification can be helpful when applying for a mortgage modification. We have listed tips on how to do a mortgage modification on your own but if you are unable to get approved on your own or if you would like a Staten Island New York mortgage modification lawyer handle your mortgage modification call 800.976.4904.

Important Tips for First Time Homebuyers

Purchasing a home for a first time involved many aspects that you, the prospective home buyer, may not be fully aware of. For instance, you will want someone explain to you what the process is for applying for a mortgage for the first time. Other important things include why you need a real estate lawyer, real estate agent and a home inspection and many other things. Steven Decker a Staten Island real estate lawyer at the Staten Island real estate law firm of Decker, Decker, Dito & Internicola, LLP explains. For more information or if you are looking for a real estate lawyer to handle your closing in NY or NJ call 800.976.4904

One of the Most Important Things To Do When Buying a Home

One of the most important things to do when purchasing a home in New York or anywhere for that matter is to higher a real estate lawyer.  Now I know what you are thinking - of course we would say that because we real estate lawyers - but this genuinely happens to be one of the most important things that you could do for yourself that will help you not only now but for many years to come considering that purchasing a home for most people is a long term investment. 

Hiring a real estate lawyer means you will have an experienced person who knows the real estate law for the state you are moving into and will be able to help you with the following type of issues:

• Help you negotiate terms and price on the binder (if you have a real estate lawyer in this stage of the process)
• Review and explain the contact to you and make necessary negotiations  with the seller's attorney
• Assist in the process of helping you obtain your mortgage commitment
  
• Review the title which would include information on the seller's, yourself and the property
• Set up the closing date
• Represent you during the closing of title to make sure your transaction goes as smooth as possible

Real estate lawyers are not very expensive and nothing can replace being represented by an experienced and knowledgeable attorney throughout the process of buying your home.

If you live in the New York City area and would like us to represent you throughout your purchase and at the closing of title or if you just have real estate questions call 800.976.4904 or fill out of contact form.

3 Tips On Purchasing a Home In New York If You Don't Have Enough Money Saved for the Downpayment

Purchasing a home may seem like it is an impossible task for some people, especially for those who have never owned a home before.  Sometimes it can be challenging to find the perfect home but even more of a challenge to some may be saving up money for a downpayment on a house. 

Downpayments for homes in New York is generally 10% of the purchase but can be higher or lower depending on the seller of the home.  You may find yourself in a dilema because you want to purchase a home and want to take advantage of the homebuyer tax credit, low interest rates and low housing prices but do not have enough money saved up right now for the downpayment amount. 

Here are some tips that may help you get the money for the downpayment amount you need so that you can purchase a home and take advantage of the first time homebuyers tax credit of up to $8,000 before the time is up on April 30, 2010 (must be in contract by this date):

•  If you see a house you are interested in find out how much they are asking for the downpayment amount if it is a little too pricey for what you are looking for in a downpayment amount but you are able to handle the monthly payments it would cost for the mortgage of the house try to negotiate with the seller to find out if they would be flexible with the downpayment amount and lower it slightly;
  
• If you get a lump sum of money back for taxes and are expecting your refund to arrive soon you may want to consider using the money you get back from taxes for a downpayment on a home;
  
• If you do not have enough for a downpayment on a house and are looking to purchase a home in New York City (Staten Island, Brooklyn, Manhattan, Queens and the Bronx) you may be eligible for assistance with your downpayment amount with the HomeFirst Downpayment Assistance Program.
  

The Homebuyer Tax Credit: Do You Know When You Have to Be In Contract By?

Now may be the time to take advantage of the home buyers tax credit - $8,000 for first time home buyers and $6,500 for anyone who has owned a home in the past 3 years and would like to purchase a home now - contact Steven T. Decker at Decker, Decker, Dito & Internicola, LLP at our Staten Island real estate law firm at 800.976.4904 or email us http://www.dddilaw.com/contact.cfm

New York City Listed as a Top 10 City to Bargain for a House

According to ABC's Good Morning America and Zillow.com New York City is one of the nations top 10 place to find a bargain on a house right now. 

New York City - Staten Island, Brooklyn, Manhattan, Queens and the Bronx - ranked number 8 out of 10 for the nations best bargains across the U.S. right now. 

If you have been considering purchasing a house in New York City now is the time to buy if you want a bargain according to this recent report.

If you would like more free information such as Steven Decker's book 5 Myths that Can Ruin the Purchase of Your Home call us at 800.976.4904 or email our real estate law firm.  If you are looking for an attorney to represent you in the purchase of your home contact Steven Decker to discuss the process of purchasing a home and how to go about obtaining a real estate lawyer from our firm.

New York City Listed as a Top 10 City to Bargain for a House

According to ABC's Good Morning America and Zillow.com New York City is one of the nations top 10 place to find a bargain on a house right now. 

New York City - Staten Island, Brooklyn, Manhattan, Queens and the Bronx - ranked number 8 out of 10 for the nations best bargains across the U.S. right now. 

If you have been considering purchasing a house in New York City now is the time to buy if you want a bargain according to this recent report.

If you would like more free information such as Steven Decker's book 5 Myths that Can Ruin the Purchase of Your Home call us at 800.976.4904 or email our real estate law firm.  If you are looking for an attorney to represent you in the purchase of your home contact Steven Decker to discuss the process of purchasing a home and how to go about obtaining a real estate lawyer from our firm.

How Do I Know What to Do In This Real Estate Market? Is It Time to Buy or Sell a Home or Not Do Anything?

The real estate market these days can be so confusing no matter where you live in America and one thing you have to understand is the national housing reports may not reflect your local real estate condition or it may.  With there being so many conflicting reports in the news about the housing market how are you supposed to be able to determine if it is a good time to buy a house, sell a house or just hold off from doing anything?

We understand that it can be difficult to figure our what you are supposed to be doing and looking in the newspaper or searching the internet news section to this answer may only make things more confusing for you.  The only way to get the honest opinion of what move is best for you in your areas real estate market whether you live or are looking at a home in Staten Island, Brooklyn or any other part of New York is to speak with a real estate expert.  Speaking with a real estate expert such as Steven Decker Staten Island real estate lawyer will help you determine what is good not only in your areas housing market but also what is best for you personally. 

To speak with Steven Decker and our real estate team at Decker, Decker, Dito & Internicola, LLP call 800.976.4904 or email us and we will help you determind what move is best for you right now, if any. 

Finding the Right Decisions in Real Estate Transactions

Whether you are purchasing a home or selling a home you always have many questions and throughout the real estate process you may often wonder if you are being too safe or too risky and if the decisions you are making are the right ones.

According to a recent article in the Staten Island Advance titled "Walking Real Estate Tightropes" The article explains the similarities between an documentary about a man who in 1974 walked between the twin towers on a tightrope and the current real estate situations and decision a person must make when buying or selling a home.

Often times questions may arise throughout your real estate process that require you to take the safe approach or the "risky" approach but sometimes the safe approach may not always be the correct choice.

For some the answer to certain real estate questions may not have an actual correct or incorrect answer but may just depend solely on the opinion and risk level that a person is willing to take while other times there may be a correct answer but you may not know what it is.  The article explains that in these type of situations where there is a correct answer out there it makes sense to not just move forward with a decision based on your own opinion but rather to seek advice from a real estate expert to help find out the correct decision you should be making.

Speaking with a real estate expert such as a real estate attorney will help clarify a lot of questions that are lingering over your head regarding the real estate process.  It is good to educate yourself by speaking to other homeowners who have been through similar situations, by speaking with a real estate lawyer and by reading real estate books.  If you would like more information regarding purchasing or selling a house in Staten Island or Brooklyn New York call Steven Decker Staten Island real estate lawyer at 800.976.4904 or email us by filling out our contact form.

Staten Island Homeowners Can Appeal their Property Assesments Until March 2010

If you live in Staten Island New York recently you may have received a property assessment. If you disagree with the property assessment amount or the market value amount the New York City Tax Commission is giving you a chance to appeal the amounts listed on the property assessment.

Quick and Inexpensive Home Fix-ups that Can Help Your Home Sell for More

In this economy it may not seem practical for you to invest money in fixing up your home if you want to sell it but there are some quick fixes that are very inexpensive and it will make your home look more appealing and sell for more. If you are selling your New York or New Jersey home there are some quick tips you can use to fix up your home to sell at a higher price. Staten Island real estate lawyer Steven Decker can not only help you with advice through this website on how to get the most value for your home but also take care of the legal process of selling your home. If you would like to speak with an experienced Staten Island real estate attorney call 800.976.4904 today to see how we can help you and then you can determine if we are the best Staten Island real estate lawyers for your New York or New Jersey home sale.

Staten Island Home Sales: What to Do if Your Home Is Worth Less Than the Mortgage

When your home is worth less than the amount of your mortgage it is considered to be negative equity. Some homeowners are able to ride out the recession and down economy and will be able to remain in their home but others may struggle to keep their head about water and may feel like they want to sell their home but do not know what to do because their home has negative equity. If you would like to sell your Staten Island home but have negative equity contact Steven T. Decker Staten Island real estate lawyer to discuss how you can sell your negative equity home at 718.979.4300.

Staten Island Real Estate: Latest Data from Case-Shiller Shows Now is the Time to Buy a Home

Some of you, especially if you are considering buying a home, may constantly be checking to see if the housing market is improving to base your decision of whether or not you should buy a house, may have recently seen the Case-Shiller report which recently was released.  According to a recent article in the Wall Street Journal the Case-Shiller report should be used as evidence that now is the time to purchase a home.

According to the Case-Shiller report two things are true and those same truths are reasons why now may be the perfect time to buy a home:

• The Case-Shiller 10-city index shows that real estate prices have fallen 30% since 2005

• Mortgage rates have fell.  Mortgage rates are currently 1.4% lower for a 30 year fixed loan than in 2006.
  

These two major points that were released in the Case-Shiller report show that individually it improves a buyers reason to purchase a home.  When these two things are put together it is an ideal time for someone to purchase a home as long as they have the funds to do so. 

If you are interested in purchasing a home in New York and are looking for legal representation for your home purchase contact Steven T. Decker Staten Island and Brooklyn real estate attorney at 718.979.4300 or 800.976.4904.  We look forward to speaking with you and answering any legal questions you have regarding your Staten Island or Brooklyn real estate purchase.

First Time Homebuyers Were Very Active In Purchasing Homes in New Jersey in 2009 According to Survey

By now you probably know about the First Time Homebuyers Tax Credit that has been available to first time homebuyers and homebuyers who have not owned a  home in the past three years and you may have even heard that the first time homebuyers tax credit has been extended until spring of 2010.  But is this tax credit really working?  Well in New Jersey it seems to be. 

According to the New Jersey Association of Realtors (NJAR) the number of first time home buyers rose in 2009 to account for 52% of the total real estate purchases that took place in the state of New Jersey.  In 2008 first time homebuyers accounted for 49% and in 2007 they accounted for only 36%. 

Many people are saying that now is the perfect time to buy a home especially in the northeast area such as New York or New Jersey.  When compared with other national real estate market statistics the northeast seems to be experiencing an overall better housing market than the rest of America in many aspects such as house value along with the amount of equity earned in from the house. 

When the first time homebuyers who bought homes in New Jersey recently what was the biggest reason for the move it was because of the First Time Homebuyers Tax Credit and because of low mortgage rates. 

Currently if you are a first time homebuyer purchasing a home in New York, New Jersey or anywhere else in the United States you may be eligible to receive up to $8,000 back for the purchase of your first home.

If you would like to know more about the purchase process and are currently residing or wish to reside in New York or New Jersey you can contact our real estate law office for any questions you may have regarding the legal aspect of purchasing a home.  Steven T. Decker Staten Island real estate lawyer can be reached at 718.979.4300 or 800.976.4909.

The Most Common Mistakes Homebuyers Make when Having their Home Inspected

Purchasing a home is usually the most expensive purchase you will ever make in your life and you will not want to skimp on necessary things during your purchase process such as a home inspect or a real estate attorney (why do I need a real estate attorney if am buying a home in New York?)  Making sure you included important precautionany steps during the home purchasing process will be key to you ultimately being happy with your new home. 

One important aspect of purchasing a home is making sure that there are no hidden defects in the home's structure or large appliances such as the hot water heater.  A home inspection report (also known as an engineers report) will reveal any problems with the house and will allow you to make an educated decision with your home purchase.  Having a home inspection done costs a few hundred dollars but if not done can potentially cost you tens of thousands in the long run. 

Eventhough you have a home inspection done doesn't mean that you are completely in the clear there are some guidelines that you will want to follow when choosing a home inspector and when the home inspection is taking place that will help ensure you get the most out of your home inspection and that you won't get any unexpected unpleasant suprises a few months or years down the road after you move into your new home.

Some guidelines you will want to follow when having your home inspection done are as follows:

• Make sure you get a home inspection done even if the property is newly constructed
• Choose a home inspector based on the experience and knowledge of the person not by the cheapest price
• Be present for the home inspection
• Follow your home inspector's recommendations (after all they are the expert in this field)

Following these steps will help ensure that you get the most out of your home inspection. 

If you would like more information on purchasing a home you can contact us to receive a free copy of "5 Myths that Can Ruin the Purchase of Your Home".  We are currently offering this real estate book written by Staten Island real estate lawyer Steven Decker at no cost to those purchasing a home in New York or New Jersey. 

Short Sales Should Eventually Become a Shorter Process

If you are a troubled homeowner who was at risk of having their home foreclosed on you may be considering something called a short sale and you may or may not be familiar with the process of a short sale.  If you are considering the process of a short sale for your home as an alternative to foreclosure it may be the best things for you because unlike a foreclosure the debt does not stay with you and it does not go on your credit report that you have been involved in a foreclosure (foreclosures stay on your credit report for 7 years).  But one thing that short sales are known for in the past are for not being short.

Short sales usually never take under three months to close.  As a matter of a fact, short sales on average take six months or longer.  Eventhough the process is worth the wait for the seller and most of the time, as long as the sale goes though, for the buyer and bank also.  But that is not to say that the wait is not a time that many wish would go buy faster. 

According to a recent announcement made the Department of Treasury has decided to step in and do something that sellers can't do when they are involved in a short sale and that is tell the banks to make the short sale process and loan modification process go by faster.  The main thing motivating the Department of Treasury to make the short sale process faster is that currently 80% of all short sales fall through because the process is taking too long and the buyer decides they no longer want the home. 

Other people than the seller and purchaser will profit from changes being made to the short sale process in the future also.  Real estate agents have been reluctant to take on short sales because a lot of times it results in the realtor's commission being decreased in order to allow the sale to go through when the lender says that they would like the house to be sold at a higher price than what the purchaser is willing to offer.  Often times the real estate agent decreases their fee in order to allow the sale to still go through - under the new short sale rules this will no longer be able to happen so realtors may be less reluctant to accept short sale deals.  

Under the new short sale rules lending institutions will be required to approve or disapprove a short sale within 10 days and will also have to excuse the individual applying for the short sale from all debt obligations once the short sale is completed.  The Department of Treasurty has advised banks and lending institutions that they have until April 5, 2010 to put the new short sale rules into effect.  

The Importance of a New York Real Estate Attorney: Why You Need a Real Estate Lawyer When Purchasing a Home in New York?

Purchasing a home for many people may seem like a simple task from the outside looking in but once you have experienced the process of purchasing a house you quickly find out that there is more involved to it than just picking a nice house, signing one document and then arranging for your furniture to be moved into your new house.  In fact there are many smaller processes involved within the process of buying a home. 

Buying a home requires the experience and skill of someone who will be able to guide you based on their legal expertise and will be able to look out for your best interest.  Many people who are purchasing a home in New York wonder why do I need a real estate lawyer when I purchase my home? 

Here are some reason to consider why hiring a real estate attorney is helpful in the home purchasing process:

• Negotiations - Although a real estate lawyer is not necessary during the negotiation stages of a real estate purchase it can be helpful to speak to an attorney if you have any questions regarding the purchase price and tax related issues is you are concerned at all.  Presenting your concerns and questions to your real estate attorney will give them the opportunity to address a situation prior to you already being bound to a house and will be able to ease your mind if you do not have that one question hanging over your head.
  
• Contract of Sale - A contract of sale is not a simple document or at least it shouldn't be.  This is one stage that a real estate attorney is especially necessary.  A New York contract of sale contains many different specifics associated with the purchase of the house and although the sellers attorney is normally the one who prepares the contract of sale the purchasers attorney is the one who will sit down with you, the purchaser, to explain everything you will need to know about what you are signing and what it means for you.  A real estate contract of sale usually includes many important factors such as: what is included in the sale, the purchase price, the amount of the downpayment which is to be paid, if the downpayment will be held in escrow by the seller's attorney and what the provisions of the escrow are, how many days you have to obtain a mortgage commitment and what happens in the event that you are unable to obtain a mortgage committment, what will happen if substancial damages to the house are present or termites exist in the house, the requirement of a certificate of occupancy, the requirement of a clear title in order for closing to occur and what will happen if there is an issue that can not be cleared on the title, when the closing date is scheduled to be (the "on or about" date) and how long after that you have to close, what happens if the seller is not ready to close and you are and many other important issues As you can see having an attorney to explain the details, requirements and repercussions of these different topics is very helpful.
• Obtaining a Mortgage – Most buyers finance the majority of their home purchases though a mortgage.  Not only is it important that the correct provisions be in the contract of sale regarding you obtaining a mortgage but it is also important to have an experienced attorney’s opinion on what mortgage is best for you individually and the terms and conditions that the mortgage comes with.
• Title – In order to close on a property it is usually necessary that there be a clear title.  A title is something that is ordered from a title insurance company and will list any violations against the seller, you (the purchaser) and the property address.  Violations against the seller and buyer may include traffic tickets, warrants and many other areas and the violations that may show up on a house are fines that have been issued due to complaints and many other things.  An attorney will review the information and will make sure everything is clear on all ends before moving forward with the purchase of the home. 
• Zoning and Survey – Knowing where your property lines are is something that is very important when purchasing a home.  You want to make sure your fence and everything that is about to be yours is in your property lines.  Your attorney will be able to order a survey for you and have it certified to you.  This will help ensure where the property lines are and will show proof of when the survey was last done.  Your attorney will be able to explain the findings of the survey and will be able to answer any questions you may have. 
• Closing – The final step that your real estate attorney will handle is the closing of title.  This is when the deed is signed over to you.  Having an attorney present at closing will ensure that your deed and the supporting documents which include information for tax purposes are executed properly and have the proper language in them.  Your real estate attorney will also handle the distribution of closing costs to the proper parties and will be able to make sure that your funds are going to the right place.

If you would like to speak with an experienced real estate attorney in Staten Island, New York and would like to speak with one regarding representing you throughout your purchasing process please contact Steven T. Decker at 718.979.4300.  For more information on real estate related matters and issues continue browsing our website.

Low Mortgage Rates are Enticing Potential Homebuyers

For many people who have been recently considering purchasing a home they are just one step closer to making a decision to purchase a home because of another recent drop in mortgage rates.  Low mortgage rates are driving potential homebuyers to purchase the homes that they have been considering and with the housing tax credit this may just be the thing to push a lot of people who were undecided off of the fence. 

Making a decision to purchase a home is something that many people are considering with the home prices as low as they are, foreclosures and short sales as high as they are and mortgage rates as low as they are.  Currently 30 year fixed mortgages have dropped for the 5th straight week in a row to 4.71% (Freddie Mac). 

The cause for the recent drop of mortgage rates is two fold. 

• The Federal Reserve has indicated their intents to extend the period of time that they will be offering short-term interest rates.  
• Strong demand for government issued funds
  

If you would like more information about purchasing a home or have legal questions concerning purchasing a home your best move is to contact a real estate attorney.  A real estate attorney will be able to explain the process you need to go through to purchase a home from beginning to end.  Understanding the importance of a contact of sale, getting your mortgage committment, having a clear title and closing title are all things that can be explained by an experienced real estate attorney. 

If you would like to speak with a real estate attorney regarding the purchase of a home in New York or New Jersey contact Steven T. Decker Staten Island real estate lawyer.  Steven T. Decker will be able to assist you with understanding the legal side of purchasing a home and will also be able to represent you throughout the entire real estate purchasing process.  To speak with Steven Decker you can either call 718.979.4300 or 800.976.4904 or fill out our web form. 

Also, if you are considering using our Staten Island real estate law firm for your real estate transaction and closing of title we recommend that you read Steven T. Decker's book "5 Myths that Can Ruin the Purchase of Your Home".  If you would like a copy we are currently offering this real estate book at no cost and no obligation to those considering purchasing property in New York or New Jersey. 

Staten Island and Brooklyn Lawmaker Speak Out on the Housing Tax Credit Extension

As you may have heard the time you have to purchase a house and take advantage of the housing tax credit was extended officially and went into effect yesterday.  The extension will be a four month extension which will being the extension to April 30, 2009. 

Michael McMahon, Congressional representative for the 13th district of New York which includes Staten Island and Brooklyn, said that he "encourages all who are able to take advantage of this extension".  The extension was not only extended as far as a time extension is concerned but is also being extended to current homeowners who have have owned their home and been residents of it for five years or more.  Current homeowners taking advantage of the tax credit will receive a tax credit of 10% of the purchase price up to $6,500 and first time homeowners will be given a credit of 10% up to $8,000.

For many Staten Island and Brooklyn residents this is a great time to purchase a home and the new housing tax credit may be just the thing to cause them to make a move to purchase a new or first home. 

If you are interested in buying a home in Staten Island or Brooklyn there are five things that you may want to consider to avoid ruining your home purchase.  If you are interested in finding out how to avoid these five things request a free copy of Steven Decker Staten Island real estate lawyer's book "5 Myths that Can Ruin the Purchase of Your Home". 

Also if you would like to speak with a real estate lawyer regarding a possible Staten Island or Brooklyn home purchase or if you just have real estate legal questions that you would like answered before you decide to purchase a Staten Island or Brooklyn home contact us at 718.979.4300 or 800.976.4904 for assistance.

For more advantages on purchasing a home in New York click here.

Purchasing an Investment Property in New York or New Jersey: Are Investment Properties Right for You?

Buying an invest

Lower Mortgage Interest Rates: Should I Refinance or Modify my Mortgage?

If you are currently a homeowner and have a high mortgage rate that you are locked into or if you have an adjustable rate you may be interested in lowering your mortgage rate or locking into the current rate.  Recently the mortgage rates dropped down to under 5% for the first time in months. 

The governments efforts to make sure new buyers and current homeowners receive low mortgage rates are not only benefiting the new buyers and homeowners seeking to purchase a new home but it is also benefiting those who are looking to modify or refinance their mortgage (although studies have shown that many people have not been choosing to modify their mortgage but rather prefer to refinance). A study which was done over the past year showed that only approximately 10,000 people modified their mortgages whereas approximately 3 million mortgages were refinanced and on average the people who refinanced their mortgages saved an average of $150 per month.

A lot of people believe that the reason mortgage modifiications are not as popular as refinancing is simply because banks have offered refinancing options to their clients for years and it is a simple process that they are used to doing.  Another reason for mortgage modifications being less popular among homeowners looking to lower their monthly payments is possibly because they are not fully aware of what modification to their mortgage is whereas, similar to the banks, they are used to the idea of refinancing.

To help you understand what mortgage modifications are and what refinancing is here is a description of both:

• Loan Modification - The process where the terms of the mortgage is modified outside of the original terms of the mortgage agreement (contract) agreed to by the borrower and lender.  The loan may be modified to change the terms of the interest rate, loan terms, loan balances, the length of the loan or any other part of the loan agreement.
• Loan Refinance - The process where an existing debt obligation is replaced with a new debt obligation with different terms.  You are essentially paying off an old loan with a new loan with different terms. 
  

Refinancing or modifying your loan may be a smart thing for you to consider if you:

• Currently have a high mortgage rate
• Have an adjustable rate mortgage (commonly known as ARM)
• Need extra cash
• Want to consolidate high interst credit cards

If you would like to discuss the legal side of refinancing with a real estate attorney to make sure your best interest is being looked after contact Steven T. Decker Staten Island real estate attorney at 800.976.4904 or 718.979.4300.