As mortgage rates drop people should consider if it is in their economic interest to refinance. In the twenty years that we have been conducting real estate closings in North Carolina we have worked with many lenders and hundreds of homeowners.
Most people either refinace to get cash out of their home or to lower their mortgage rate. We have many clients using the cash out refinance option. With a cash-out refinance you can use the equity from your home to payoff outstanding non-deductable debt or high interest debt. Dependening on your existing interest rate you may be able to refinance with a positive or neutral net economic impact. (In paying off a non-deductable debt you may extend your home payments but you are relieving your self of the non-deductable obligation and in all likelihood saving on the interest expense.)
At Devay & Coleman we have been handling real estate transactions since 1988. We have closed on properties in over a dozen counties and worked with at least a dozen title companies. When you pick your real estate attorney remember that you would not choose a house based on price alone -- when you pick you attorney consider experience and whether you will be dealing with an attorney or a para legal. It is important that you choose your own attorney and not let the seller or agent make this most important choice.
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