Mortgage Refinancing: 3 Tips to Avoid Overpaying Before You Apply
Mortgage Refinancing - Choosing The Right Mortgage Type
Mortgage refinancing comes in two basic varieties: loans with adjustable interest rates and those with fixed interest rates. Don't automatically dismiss adjustable rate mortgages because someone told you that you'll have payment shock when interest rates go up. Homeowners that fully understand how Adjustable Rate Mortgages Work can save thousands of dollars in finance charges. If you have a low tolerance for financial risk and need a mortgage payment you can plan your budget around, choosing a fixed interest rate could grant you the peace of mind you need.
Mortgage Refinancing - Check Your Credit Reports First
Before you do anything else, request copies of your credit reports from each of the three credit reporting agencies and carefully review your records for errors. The interest rate you will qualify is based on your credit score, and your credit score is derived from the contents of your credit reports. Credit records are extremely prone to errors and can severely damage your score. If you find errors in your credit records you need to dispute them before applying for mortgage refinancing.
Mortgage Refinancing - Shop For The Best Loan Offer
Comparison shopping when mortgage refinancing can save you thousands of dollars. When comparing loan offers it is important to use the Good Faith Estimate instead of the Annual Percentage Rate (APR). The APR does not give enough information to make an informed decision; using the Good Faith Estimate allows you do perform a line-by-line comparison of each mortgage offer you consider. You can learn more about mortgage refinancing, including costly mistakes to avoid with a free, six part mortgage video tutorial.
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Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
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