You already own property in New York and you have a mortgage lien against your property. You may be able to secure a better interest rate if you refinance your existing mortgage loan or you may need additional funds by drawing upon your equity and securing a Home Equity Line of Credit (HELOC).
Many people try to do this work on their own without the assistance of an attorney by working solely with a mortgage banker or broker and the loan has closed with no problems. However, from time to time I have received telephone calls from clients who have complained after the closing that the mortgage loan they were promised does not contain the terms that they thought to have agreed upon and they find themselves with many problems.
It is those instances which lead me to conclude that any time you decide to do something which may affect title to your property, it would be beneficial to have a professional counsel you, review the documents that you will be signing and advise as to the terms and your obligations therefor.
Before you sign for a new loan (refinance or HELOC), consider whether you will benefit from the advice and counsel of a trusted advisor.