Closing on a house can be overwhelming, but a skilled real estate attorney can help you through the process. A typical closing can take anywhere from 30 to 45 days to complete all of the steps. A successful closing involves home inspections, communications with lenders, legal documents, and a home appraisal. The stress involved with all of this and more can be greatly reduced with the help of a real estate attorney from Adler Law, A.P.C. Call us today at 818-222-4060 to find out how we can help you.
When you decide to buy a house, you likely seek a new line of credit through a home mortgage. The home mortgage process can be complex. The bank, credit union, or other lenders will review income, debts, assets, and other monthly payments. They will assess your credit score and evaluate your ability to repay a home loan. Obtaining financing by opening a new line of credit can be stressful.
Experts agree that mortgage payments should equal no more than 28 percent of your monthly gross income. Additionally, your total debt payments, including your new mortgage, should be no more than 43 percent of your gross monthly income. These estimates can provide you with a general idea of how much mortgage you can afford.
A real estate attorney can recommend reputable lenders as well as help you handle your debt. If you have more debt than is recommended, you may consider paying off some of it before applying for a home loan. A lawyer can help you communicate with lenders and creditors while presenting them with necessary documents regarding your income and debt.
During the closing process, you must have the home you wish to buy appraised. Your lender will want to see that the home is worth at least as much as they are giving you in financing. If the appraised value is below the sale price, your lender may deny your mortgage.
A real estate attorney can recommend an appraisal agency that will treat you fairly. They can also renegotiate a price with the seller if the appraised value of the home is lower than the sale price. In the event that your appraisal is too low, an attorney can help you obtain a second appraisal that may be in your favor.
SELLING YOUR CURRENT HOME
Many buyers must sell their current home before they’re able to purchase a new home. Mortgage loans may be contingent upon the sale of a current home. Buyers can rarely afford to manage two mortgage payments at the same time.
A Calabasas, California real estate attorney can advise you through the selling process of your current home. If any issues arise involving the buyers of your current home or their loan, a lawyer can evaluate the situation and provide solid legal advice to help you achieve your goals.
MAKING MAJOR LIFE DECISIONS
It’s best to deal with one major life decision at a time. If you’re hoping to buy a house, this is not the time to change jobs or obtain new credit cards and go on a spending spree. In fact, lenders will want to see that you have a stable job and are making responsible decisions with your money. A real estate attorney can discuss your specific situation with you and help you make any major life decisions that may arise prior to buying a house.
A CALABASAS REAL ESTATE ATTORNEY CAN HELP YOU THROUGH THE CLOSING PROCESS
You may agree to buy a house; however, the deal isn’t sealed until after the closing. There are many steps in the closing process that can cause you problems. An experienced real estate attorney can guide you through the process and handle the legal issues while you focus on your future. Call Adler Law, A.P.C. today at 818-222-4060.