Question by sdn90036: I want to refinance my mortgage. Do you have any advice for me?
There are many banks and mortgage brokers. How should I select the best one? What do I need to watch out for?
Thank you for your assistance.
Answer by falsi fiable
Check your FICO Scores at http://www.myfico.com . That will cost you $ 40 to get your Equifax and Trans Union scores. Unfortunately, you cannot buy your Experian FICO Score.
Direct lenders and mortgage brokers almost always offer better rates and fees than the big banks. The current rate for a 30-year fixed-rate mortgage is 3.625% with NO fees and NO points (APR 3.625%). Assumptions: owner-occupied, single-family residence, 740+ FICO Scores, 25% equity, and loan amount $ 300,000.
Do not use Lending Tree or any of those on-line websites that shop around for you. They will ding your FICO Scores badly!
Unfortunately, you missed the market bottom of 3.250% last month.
You might consider reading the mortgage sections in the book “Home Buying for Dummies” to learn more about the process. Good luck!
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