Five Important Reasons to Have a Mortgage Attorney


Buying a home is the largest investment many individuals will make in the span of their lifetime. As such, it’s important to make sure everything is completed accurately and in a timely fashion. That’s why it’s important to have a mortgage attorney on call when purchasing a home.

A mortgage attorney is a lawyer trained in real-estate transactions. They are able to deal with the minutia of the legalities surrounding the purchase or sale of a home. Having a mortgage attorney can help you avoid pitfalls which can cost a substantial amount of money or result in a transaction falling through. Here are three ways mortgage attorneys help:

They Advocate for You

When you hire a mortgage attorney, your best interests become theirs. A mortgage attorney will be able to identify ambiguous wording and potential pitfalls in your offers and paperwork. They can also provide clear, legal terms with which you can get out of the transaction should a problem arise.

For example, if your ability to purchase a home is contingent on financing, a mortgage lawyer can enter specific terms to ensure you aren’t committed to something you can’t afford. If you are able to afford a home at 4% financing but not at 6% financing, a lawyer can word the document to reflect this.

They Know the Tedious Details

Real estate transaction paperwork is long, tedious, and full of legal jargon that makes little sense to inexperienced home buyers and sellers. Not only does a mortgage attorney understand the documentation, but they can also progress through it in a timely manner and explain the pertinent contents to you plainly.

This level of expertise can prevent hours of frustration and costly pitfalls during the course of the transaction. According to the experts at, “Most pitfalls are unforeseen when it comes to the residential real estate acquisitions, and a lawyer will ensure that you understand every clause before you sign.”

They are Unbiased

Real estate agents make their money based on a percentage of the sale. Mortgage attorneys, on the other hand, charge a flat rate regardless of the price of the house. They can help you avoid being raked over the coals by an unprofessional mortgage lender, and ensure your real estate agent hasn’t altered their commission rate from your initial agreement. At the end of the day, your mortgage attorney gets paid the same regardless of what the other parties receive.

They Discharge Previous Mortgages

Unless you’re a first-time homeowner, chances are you’ll be leaving an old mortgage behind. Your mortgage attorney can make sure this process is handled properly. They will ensure that the incoming money from your home sale is applied properly to the remaining mortgage total. Once that is complete, they will make sure your name is removed from the previous home’s title deed. These important steps can prevent any setbacks and costly complications during future home sales.

They Help you Protect Your Assets

Once the transaction is complete, the real fun begins. You now own a costly investment that is vulnerable to changes and challenges in your personal life. Your mortgage attorney can set you in the right direction to protect this important asset, by setting you up with a will and power-of-attorney documentation. They may be able to refer you to a colleague who handles these items, as well as contacts that can help you ensure you have adequate life insurance and disability protection.

Compare listings