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Deciding Whether to Refinance a Mortgage Loan
If you're considering whether or not to refinance your mortgage
loan, you may find that the decision that you make will
influence your finances for years to come. Refinancing can be a
powerful tool to save money and receive better interest...
It's not to Late To Get a Great Mortgage Rate
Despite recent increases mortgage rates are still very competitive. Weather you’re considering to refinance or to purchase a home it is still possible to get loans still in the upper 5% range. Rates like this are still making it possible for people...
Mortgage Tips For The Frantic
It is a curious fact of human nature that people will haggle over the price of an umbrella, but buy a house on a whim. We understand small amounts of money; we know what they can buy. £200,000 is harder to grasp; you can't fit it in your pocket....
Second Mortgage for Home Improvement
Now that you have been in your home for a few years and you have established some equity, you may be considering doing some home improvement with a second mortgage.
Home improvement comes in many forms. Such as a new kitchen, bathroom, roof,...
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...
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Refinance Mortgage Loan – Tips on Refinancing Your Home Mortgage
Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage payments. You can save money on your payment or pay off your entire mortgage faster when you have better terms. Here are a few things to pay attention to when you refinance your mortgage loan, to make sure that you don’t overlook anything that you might regret, or that can cause you problems later:
1. Apply for a pre-approval to many different lenders to make sure you are getting the lowest rate possible. When you do this, make sure that with the initial pre-approval application, the lender is not pulling your credit history. You will want to reserve your credit pull for the lender that you are most likely to work with. You can decide that after you have gone through the preliminary pre-approval process with a few lenders. Each time your credit is pulled, it docks your credit score just a little. If you have too many inquiries, it could keep you from refinancing your mortgage loan with the lowest rate possible. When you pre-apply for home mortgage loans online, most lenders or mortgage service companies will not initially pull your credit. Check for information about this on their website. They will usually tell you whether or not they are going to pull your credit. Also, if on the application you do not give them your social security number, they cannot pull your credit. If, on the application, they ask you to describe your credit, they are probably not pulling your credit.
2. Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with the
mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about the amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty.
3. When evaluating different lender offers, in the mortgage loan pre-approval process, pay closest attention to the interest rates they are offering & the closing costs. These are the two biggest factors that will help you figure out which lender is right for you. If one of these two factors is too high, it could offset the benefit of refinancing for you.
4. Get your interest rate and closing costs in writing as soon as you decide on a lender to work with. Get your lender to give you a commitment in advance of all of the costs that will be involved with your loan. Find out if the refinance loan you are getting has a pre-payment penalty as well. Sometimes lenders will leave out important information like this, if they think it might scare you away from refinancing with them.
To view a list of highly recommended refinance mortgage lenders, most of which will not pull your credit in the initial application, visit this page: Recommended Refinance
Mortgage Loans
About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com. ABC Loan Guide is an informational loan website with informative articles, the latest finance news and lists of recommended mortgage lenders.
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