Homebuyers don’t need an attorney to apply for a mortgage. The mortgage lender is usually able to give an overview of the financial aspects of a particular loan program and is required by law to disclose the costs and fees involved.
That said, it makes sense to understand the legal aspects of a mortgage application and each lender’s particular requirements before proceeding with a mortgage loan. Every lender is different, and many require the borrower to make numerous representations about their financial situation, the details of the purchase, the source of the down payment, and other critical items. While many borrowers try to negotiate this process on their own, it is important for a buyer to know their rights and obligations before signing on with a mortgage lender.
The Law Office of Kathryn A. Toomey has a history representing buyers, borrowers, and their lenders. We understand the importance of the buyer and the buyer’s lender understanding one another, and we know that whether we represent the bank or the borrower, a thorough understanding of the relationship a mortgage creates is essential for both parties.