Q&A: I want to refinance my mortgage. Do you have any advice for me?

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.

Best answer:

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!

Know better? Leave your own answer in the comments!

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2 Responses to Q&A: I want to refinance my mortgage. Do you have any advice for me?

  1. Rob says:

    use mortgage brokers to get better deals.
    we use 3 to fight each other.

    expect to pay closing costs as little as 2000
    up to 10,000 depending on where u at .
    find out actual cost b4 hand.

    be sure u not upside down.
    be sure to get own appraisal if u do not
    like the banks.

    learn the laws of re-fi in your state as they differ.

  2. Chase says:

    refinancing is not a good idea.

    refinancing at a lower interest rate may lower you month payment . but in the long run you will end up paying more money for a longer period of time.
    also consider the cost of refinancing- it may take several years to break even on that cost

    refinancing many times is a scam from the banks. be careful

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