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Finding the Best Mortgage Refinance Rate
You may have become used to the monthly house payment that you
make. But for many of us refinancing our homes is a great way to
save money, lower the house payment, and unlock some of the
equity already built change such as refinancing in the...
Home Mortgage Refinancing - Things To Consider When Looking To Get Cash Out On A Refinance
When you refinance your home mortgage, lenders often tempt you with the option of cashing out part of your home’s equity. Cash at a comparably low interest rate may seem like a good option, but make sure you will financially benefit from it first. ...
How to save hundreds a month on your mortgage.
When it comes to American spending habits, the sad truth is that most people don't put their financial assets to the best use. One of the greatest examples of this is the home mortgage. Surprisingly, most people fail to educate themselves about the...
Using a Business Mortgage to Grow your Business
So you want to be a Player?
The real movers and shakers of America are always looking to move up the ladder of success. They also have a particular penchant for desiring to display their success through their purchasing power. You may...
What the Bank Won’t Tell You About Mortgage Refinancing
So you have a mortgage, and you need to refinance to get your interest rates low. Most people simply walk into their bank, ask to refinance, and then end up paying more money long term than they would have otherwise. Some banks would like everyone...
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Mortgage Refinancing Tips
As interest rates continue to creep upwards, many home owners
are looking at refinancing options. Here are some mortgage
refinancing tips.
Mortgage Refinancing Tips
Rates have been increasing steadily for the last six months.
These increases are expected to continue into 2006. Such
increases are putting pressure on homeowners who took out
adjustable rate mortgages or have been borrowing money against a
home equity line of credit. For people in this position,
refinancing into a fixed rate mortgage is starting to look very
attractive if for no other reason than to avoid future bumps in
the rates.
If you are considering refinancing your mortgage, there are a
couple of things to keep in mind. Unlike the rushed process of
trying to get funding for a purchase, you have more time to
evaluate and compare mortgage options. Shop around and find out
what different lenders are offering that fit your potential
needs.
1. What is your goal? - Is your goal to lower the monthly
payment or to simply try to pay less interest? While these
questions may seem like the same thing, a lower interest rate
can be translated into the same month payment amount, but with
more of the payment being applied to the principal of the loan.
This, of course, helps you pay off the note faster. The
bigger
point is to simply figure out your goal and find a loan that
meets it.
2. Shop Lenders - One of the best ways to do this is seek a
pre-approval from a variety of lenders. You might be concerned
this will hurt your FICO score, but refinance credit requests
often don't ding your FICO. If you're not sure about this,
simply don't supply the lender with you social security number.
They will give you a less definite loan offer, but you'll still
have the advantage of reading the fine terms to make sure it
accomplishes your goals.
3. In Writing - Once you choose a lender, you need to nail down
three important things in writing. The first is the interest
rate. The second is the closing costs, if any. The third is any
pre-payment penalty associated with the loan. If the lender
drags there feet on any of these, consider walking away from the
loan.
Refinancing a mortgage is a less stressful process when compared
to getting a purchase loan. You are in the catbirds seat, so
don't let lenders push you around.
About the author:
Dan Lewis is with http://www.gwhomeloans.com - a San Diego
mortgage brokers providing San Diego home loans. Visit
http://www.gwhomeloans.com/services.html to learn more about
options on San Diego mortgages from a San Diego mortgage broker
company.
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