Buying a home can be an exciting time in your life. However, while it is natural for you to feel excited or even a bit anxious to complete the purchase of your new home, it is important to remember that this purchase represents a significant milestone in your life and will also be one of the largest singular purchases you ever make. Consequently, it is essential to make sure that each line of your mortgage contract has been expertly reviewed by a mortgage lawyer before you choose whether or not to sign on the dotted line. Below you will learn more about a few of the many reasons why it is so important to always have this legal document reviewed by a qualified attorney before moving forward with the purchase of your new home.
Don't Allow Yourself To Become The Victim Of Predatory Lending
First time home buyers, senior citizens, individuals with less than ideal credit, and other individuals who are anxious to secure the necessary financing to purchase a home can easily fall victim to predatory lending practices. For instance, some less than reputable mortgage lenders will target individuals with lower credit scores and offer them mortgage financing with interest rates that far exceed the industry standard or they may insist on a contract that includes mortgage terms that set the borrower up for failure as their monthly payments balloon dramatically over time.
If you do not know what to look for when reviewing a mortgage contract, these terms may be overlooked simply because they are purposefully worded in a way which is meant to confuse you. A qualified mortgage lawyer will be able to quickly see past all the legalese used by these predatory lenders to try and confuse anxious buyers and help prevent you from becoming their next victim.
Make Sure You Know Your Rights
A well drafted mortgage contract will not only spell out the rights and responsibilities of the lender but of the borrower as well. For instance, this contract should clearly indicate your right to seek a loan modification in the event that you are no longer able to keep up with your financial obligations under the current contract's terms. This type of legal clause can make a world of difference if you should ever lose your income and find yourself facing the potential of foreclosure. Having your mortgage contract reviewed by a qualified mortgage lawyer will not only allow you to ensure that the contract includes any clauses which are necessary to establish your rights, but also that you fully understand these rights and how you can go about choosing to exercise them if needed in the future.