Question by Caesar A: tips for refinancing mortgage?
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Answer by Workfortoday
There is a free tool you can use for tips by going to the site below
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Question by Caesar A: tips for refinancing mortgage?
Best answer:
Answer by Workfortoday
There is a free tool you can use for tips by going to the site below
Give your answer to this question below!
Yes! Shop for your mortgage like you would shop for anything else. Obtain MULTIPLE quotes!
use a direct lender, one who “funds loans in house”. Shop around but stick to these types of lenders or larger banks. With the houseing market slowing down, the larger banks or direct lenders, really want to keep & service the loans they create.
So, they’re especially competitive with rate & amt. of closing costs.
These places that say “no closing costs” , they’re just going to stick that amt. into your rate, thus making your payment higher.
Talk to the lender about “hard” & “soft” pre payment penalties as well.
You might want to look into what is called an ALOC, or Advanced Line Of Credit. It’s new and very savvy. I had to watch the video on it a few times to get my mind around the concept, but it makes sense. You can do it with your existing mortgage and it will reduce the term of your loan by a big margin. One of the other Account Executives at my credit repair company offers it, and I think I’m gonna do it myself. I think the website is U1stfinancial.com. It’s worth checking out. You just have to get past the old, tired idea that we all have to finance our homes like our fathers, and theirs before them.
Good luck!
Get a GFE from a few different lenders, make sure you compare apple to apples, many lenders will give you a quoted rate and forget to tell you the reason it’s so much better than everyone else is because he is charging you 3 points! Some lenders will go as far as saying No Points but some how on the GFE it cost you $ 3000 on a $ 100,000 loan for something called origination fee,brokers fee,lock in fee etc. they will call the points something other than points so add up the lenders fees on each (not the settlement fees from the closing agent) and the bank fees should all be about the same, then compare the rates, our fees are around $ 1000 with the appraisal which is about what most lenders charge, anything a lot more than that you are getting the screws to ya. Hope this helps, feel free to contact me with any questions you may have.