Mortgage Re-Finance-Is a RE-FI in Your Future?
The main reasons borrowers refinance are:
1. Debt Consolidation. Maybe the most common because it makes the most sense. Again you are using the cheapest money (a first mortgage rate) to pay off the most expensive (credit cards) and other debts. There is no cheaper lending rate than a first mortgage rate.
2. Save Money. If the market rates are lower now than when you took out the loan or if your financial condition has changed enough to get you a better credit score then you may benefit for a refinance at a lower rate. Just making the change to a fixed rate loan will usually be cheaper than an ARM.
3. Get Cash Back. If the value of the home has risen enough this represents the cheapest money there is and can give you money to make home improvements, travel, etc. When applying simply request more than the existing loan and keep the difference.
Of course there can be other reasons but these are the most common. Once you've made the decision to refinance your work has just begun. Here is at least one thing to do before you sign the papers: Shop, Shop, Shop.
There are banks, mortgage banks, real estate company owned lenders, credit unions, Internet portal lenders ALL of whom want your business. They are all in business to make money-how? They do this by charging you as much as they can with or without your knowledge. Some institutions like banks are exempt from disclosing fees and charges required under RESPA (Real Estate Settlement Procedures Act)-so buyer beware.
Here's a guarantee. If you fail to shop around and compare prices and fees and literally pit one lender against another bidding for your business at the very least you will never know if you got the best deal and worst case you probably didn't get the best deal and paid thousands too much.
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