Real Estate - Buying, Selling, Refinance, Short Sales, & Reverse Mortgages

Buying, selling, renting or building can be complicated processes. We provide a full range of legal services, including enforcement of construction lien claims, representation of landlords in eviction and bankruptcy cases, representation of borrowers, lenders and financial institutions, representation of condominium and cooperative associations, and the purchase and sale of commercial and residential properties. When you are making major decisions regarding the purchase or sale of real estate, you need a detail-oriented lawyer who will protect you and watch out for your best interests. Frederic C. Goetz, Esq., LLC many clients throughout the northern Bergen County Area. From initial negotiation through successful closing, we can offer comprehensive advice in matters of: real-property land purchase or sale, construction and zoning, title issues such as title examinations, chain of title, quiet title actions and encroachments, reviewing the documents regarding mortgages and leases, unpaid mortgages and foreclosures, inspection contingency negotiations, review of broker contracts, and coordination with mortgage lenders.

Real Estate - Landlord/Tenant

We represent both tenants and landlords regarding a variety of matters concerning residential, private, and commercial properties. We offer lease drafting and negotiating services, and we can craft arrangements that prevent future disagreements between parties by reducing any ambiguities concerning the rights and responsibilities of both the property owner and a renter. We also handle disputes that may arise between landlords and tenants regarding their lease term.

REFINANCE Q&A:

Should I refinance my home at the current interest rate? / At what point does it make sense for me to refinance my home?

In this time of (possibly soon-to-be-gone) low interest rates, homeowners may be asking themselves if now is a good time to refinance their homes.

To be able to answer this question, you need to first answer three questions: 1. Will a lower rate actually work in your favor?; 2. How much will the refinance cost?;And, 3. how long do you intend to stay in the home after the refinance?

To put these questions into context, let's say your remaining mortgage balance is $150,000, and it will cost you $2,000 to lower your rate by one-quarter (1/4%) of a percent.

We'll assume that you'll pay the closing costs out of your own pocket.

You'll go from 4.75 percent to 4.5 percent. Your current mortgage payment (on your original, 30-year, fixed-rate $160,000 mortgage) is $834.64 per month. Your payment at the new rate will be $760.03. This is a monthly savings of $74.61.

To calculate the time required to recoup the costs of the refi, you would take the $2,000 cost and divide it by the monthly savings. So, in this case the time required to recoup costs would be $2,000/$74.61, or 26.8 months.

So, in this case, if you are planning on staying in your home for more than two years, it would be worth your while to contact your mortgage professional and explore your options with regard to refinancing.

Of course, larger loan amounts will have a shorter payback period, and smaller loan amounts will take longer to recoup with the same interest rates, but these are all factors that need to be taken into consideration.

Keep in mind also that a change in interest rate of greater than 0.25 percent will also shorten the time required to justify the costs of the refi.

For example, a drop in the interest rate of 1/2 percent in the above case would make the new rate 4.25 percent and provide a monthly savings of $96.73 per month, so the recoup period would be just over 20 months.

Please remember that the above s just a general guide - you will need to contact your mortgage professional to help you adjust the above scenario to your own situation, and you can always feel free to contact us here at Frederic C. Goetz, Esq., LLC, should you need and further assistance.