My Mortgage Refinancing Nightmare

The HELOC is Making a Comeback

2012-02-19T10:32:00.001-08:00

Are you considering cash-out mortgage refinancing to borrow against equity in your home? Did you know that lenders are beginning to offer Home Equity Lines of Credit again and that this type of home equity loan could save you thousands of dollars in fees? Here’s an article from RefiAdvisor.com with several of the pros and cons of cash-out mortgage refinancing vs. a Home Equity Line of Credit:

If you’re thinking about borrowing against equity in your home there are several options for cashing-out. Mortgage Refinancing will get you a new home loan at today’s low refinance rates; however, you’ll be required to pay significant fees at closing. Lenders are bringing back the Home Equity Line of Credit (HELOC) after suspending these loans following the housing meltdown.

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Just remember whichever option you choose to pay close attention to the fees you’re paying. With interest rates at sixty-year lows lenders are resorting to junk fees to make up for lost revenue. You can save yourself thousands of dollars by carefully scrutinizing all of the fees you’re paying by correctly using your Good Faith Estimate and HUD-1 Settlement Statement.

You can learn more about avoiding unnecessary fees and markup on your next home loan by checking out RefiAdvisor.com’s Underground Mortgage Videos.

How to Earn 7 Percent Cash Back Refinancing Your Mortgage

2012-02-08T18:36:00.003-08:00

Did you know cash-in mortgage refinancing can earn you a 7% return on your investment? That’s a better rate of return than the interest bearing savings you’re getting from your bank or credit union. Here’s an article on RefiAdvisor.com about the benefits of cash-in mortgage refinancing:

Refinance Mortgage Rates have dipped below four percent and many homeowners, including your neighbors, are doing whatever it takes to qualify. According to Freddie Mac doing whatever it takes often means bringing cash to the closing table. Nearly half of homeowners were paying down their mortgage balance at closing just to get approved last year. Here’s a great tip that can earn you an immediate return and help you qualify for the lowest refinance mortgage rates from today’s best mortgage lenders.

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Just remember the return you’re getting on your money from cash-in refinancing is offset by the fees you pay at closing. Lender junk fees make it more difficult, even impossible to break even on your out-of-pocket expenses. The less you pay, the more bang you’ll get for your cash-in mortgage refinancing dollars. You can learn more about getting the best deal for your mortgage refi by avoiding unnecessary fees and markup with RefiAdvisor’s free Underground Mortgage Videos.

How to Earn 7 Percent Cash Back Refinancing Your Mortgage

2012-02-08T18:36:00.001-08:00

Refinance Mortgage Rates have dipped below four percent and many homeowners, including your neighbors, are doing whatever it takes to qualify. According to Freddie Mac doing whatever it takes often means bringing cash to the closing table. Nearly half of homeowners were paying down their mortgage balance at closing just to get approved last year. Here’s a great tip that can earn you an immediate return and help you qualify for the lowest refinance mortgage rates from today’s best mortgage lenders.

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Mortgage Refinancing for the Underwater Homeowner

2012-02-04T18:33:00.001-08:00

If you thought mortgage refinancing is out of your reach because your home loan is underwater, there is an option you might not have considered. Cash-in mortgage refinancing is allowing many homeowners to take advantage of the lowest refinance rates in nearly 60 years. Here’s an article on RefiAdvisor.com explaining how cash in mortgage refinancing works and if it’s right for you:

Are you struggling to qualify for refinance mortgage rates with today’s best mortgage lenders like Amerisave because of your loan-to-value ratio? While the President promises to submit broad based mortgage refinancing to Congress, many homeowners are qualifying for better refinance rates with cash-in mortgage refinancing. In fact, according to Freddie Mac one half of mortgage refinance transactions today paid to qualify.

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Remember that your out-of pocket expenses determine how good of a deal you’re getting from mortgage refinancing and with the cash-in option you’re paying a lot more to qualify. You can still break even recouping your closing costs and whatever you’re putting down to get your loan-to-value ratio up to snuff; however, the more you pay, the longer it’s going to take to reach that break-even point. If you sell or refinance before breaking even then mortgage refinancing is a losing proposition no matter how good your interest rate.

You can learn more about getting the best refinance rates from today’s best mortgage companies by checking out RefiAdivsor.com’s Underground Mortgage Videos.

Tips Before Refinancing Your Home

2012-01-28T09:14:00.001-08:00

If you’re considering mortgage refinancing to take advantage of incredibly low mortgage rates today, there are a couple things you need to know about fees. The fees you pay at closing make or break your refi. Pay too much, including lender junk fees and you’ll never break even recouping those out-of-pocket closing costs. Here are several helpful tips from RefiAdvisor.com on keeping your expenses to the bare minimum when refinancing.

Are you still on the fence about mortgage refinancing and are searching for the lowest mortgage rates today? There are several things you should know about the mortgage refinance quotes you get from lenders like Amerisave before jumping in to your next home loan. Here are several tips before you refi to help you avoid paying unnecessary fees like discount points when shopping for the lowest mortgages today.

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Remember that you recoup closing costs from refinancing by lowering your payment amount. The more you pay, including those pesky junk fees, the longer it’s going to take you to break even. Avoid unnecessary lender fees and you’ll be sure that you’re getting a better deal than your neighbors got on their refi.

Refinancing Your Home with an Adjustable Rate Mortgage

2012-01-23T11:12:00.001-08:00

Adjustable Rate Mortgage (ARM) loans got a bad rap during the housing crisis. Well-deserved or not, there are circumstances when refinancing your home with an Adjustable Rate Mortgage makes sense, as long as you can avoid unnecessary fees and prepayment-penalties. Here’s an article on RefiAdvisor.com to help you decide if mortgage refinancing your home with an ARM is a smart move for you:

Adjustable Rate Mortgages aren’t always a bad idea when mortgage refinancing; in fact, right now it’s cheaper to refinance with an Adjustable Rate Mortgage than it is to let your ARM reset.

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If you’re only planning on keeping your home for 5-7 years refinancing with an Adjustable Rate Mortgage can let you take advantage of today’s low refinance rates without the risk inherent to this type of home loan. Just make sure your new home loan doesn’t include a prepayment penalty that crops up when you’re ready to sell or refinance again. Keep in mind that the fees you pay when refinancing your home actually determine how good of a deal you’re getting when refinancing. If you’re not able to break even recouping your out-of-pocket expenses you’re going to lose money no matter how low interest rates fall.

You can learn more about refinancing your home with today’s lowest refinance rates without paying unnecessary fees by checking out my free Underground Mortgage Videos.

7 Ways to Pay Less for Mortgage Refinancing

2012-01-15T08:07:00.001-08:00

via refiadvisor.com

Great read with quick tips for reducing your out-of-pocket expenses closing on your home loan. The tip on cleaning up your credit before applying alone is worth the read.

How Not to Lose Money Mortgage Refinancing

2012-01-14T10:09:00.001-08:00

If you’re considering mortgage refinancing with today’s best mortgage lenders there are a number of common mistakes that could cost you thousands of dollars. Getting today’s lowest refinance mortgage rates isn’t the only thing to consider, you have to pay attention to lender fees to avoid losing money. Here’s an article on RefiAdvisor.com with several tips before you refi to make sure your neighbors aren’t getting a better deal than you:

Why is it then that some of your neighbors are getting a better deal than others? I mean really, why should those jerks get lower mortgage rates than you? Here are several tips before you refi to make sure your neighbors don’t one-up you when it comes refinancing your home.

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The deal you get when refinancing your home depends on how much you pay for thinks like the mortgage broker’s fee and other closing costs. The reason fees are so important is that you’ll have to recoup these out-of-pocket costs by lowering your monthly payment. If you never break even on the lender fees then you’re actually losing money by refinancing your home.

You can learn more about saving money on your next home loan by checking out RefiAdvisor.com’s Underground Mortgage Videos.

How to Refinance Mortgage Loans

2011-12-12T12:37:00.001-08:00

Are you looking for help on how to refinance mortgage loans without losing cash at closing? Getting today’s lowest refinance rates isn’t hard; however, what’s tricky is avoiding paying too much in lender and loan origination fees. Here are several tips from RefiAdvisor.com on getting the lowest rates without paying lender junk fees or unnecessary markup.

If you’re searching for information on how to refinance mortgage loans without overpaying the lender at closing, you’re bound to find a lot of bad advice online. Falling for the wrong advice could cost you thousands of dollars in unnecessary fees or even result in missing out on thousands of dollars in savings.

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The fees you pay refinancing your mortgage are the single most important aspect of getting a home loan. You can get the lowest interest rate available and still be losing money hand-over-fist in closing costs that you’ll never be able to recoup from that lower rate. The goal of mortgage refinancing for most is not just to lower your payment and interest rate, but recoup your out-of-pocket expenses from the savings. Keep in mind that the average homeowner refinances every four to five years. If you haven’t broken even recouping your out-of-pocket expenses by then you’re losing money.

You can learn more about minimizing your out-of-pocket expenses by avoiding unnecessary lender fees and markup by checking out RefiAdvisor.com’s free Underground Mortgage Videos.

Refinancing Your Home Without Junk Fees

2011-12-03T12:17:00.001-08:00

Are you searching for tips how to refinance without paying lender junk fees? You can get today’s lowest mortgage refinance rates without paying unnecessary fees or lender markup. Here are several tips from RefiAdvisor.com on how to refinance your home without overpaying the lender or the broker’s loan origination fee.

Want to know how to refinance with the lowest mortgage rates without paying unnecessary lender fees? If you’re in the market for a new home loan you might be disappointed to find that the refinance mortgage rates you’re being quoted by lenders like Amerisave are higher than what’s being advertised on television.

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Remember that the test of how good of a deal you’re getting on your next home loan comes not from getting the lowest interest rate but paying the least amount out-of-pocket at closing. The less you pay for the loan origination and lender fees the faster you’ll break even recouping your expenses. You can learn more about paying less at closing while getting today’s lowest refinance rates by checking out RefiAdvisor.com’s free Underground Mortgage Videos.

How to Refinance Without Overpaying

2011-11-26T15:18:00.001-08:00

If you’re considering refinancing a mortgage with today’s low rates you might be concerned about what it will cost you to close. Paying unnecessary lender fees at closing can negate any benefit you get from refinancing by making it difficult, even impossible to recoup your out-of-pocket expenses. Here’s an article on RefiAdvisor.com with several tips for taking the risk out of refinancing your home by avoiding those dirty sucker fees:

Are you thinking about refinancing a mortgage but want to avoid paying unnecessary fees or lender markup? One of the most common mortgage mistakes is focusing on getting the lowest refinance mortgage rates from lenders like Amerisave at the expense of closing costs. Unnecessary fees and markup when refinancing a mortgage makes it difficult (if not impossible) to recoup your expenses, making your new home loan a losing proposition.

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You recoup your out-of-pocket expenses by lowering your monthly payment with a lower interest rate. One of the disadvantages no one talks about when refinancing is that you’re resetting the amortization clock of your home loan. Mortgage amortization is important because in the early years of your home loan almost all of your payment goes to interest and very little is applied to repaying the principal balance. Every time you refinance you’re resetting the loan amortization and go back to stuffing cash in your lenders pockets.

One way to minimize the effect of resetting the clock is to keep making your old payment amount, meaning what you would be saving will be applied to the loan principal. The problem with this strategy is that you’ll never recoup your closing costs because you’re not realizing any savings. This is okay if you look at your lender fees as an investment in your home’s equity. You can learn more about mortgage refinancing without paying unnecessary lender fees or markup of your interest rate by checking out RefiAdvisor’s Underground Mortgage Videos.

Mortgage Origination Fee Pitfalls

2011-11-19T17:54:00.001-08:00

Are you considering mortgage refinancing and want to avoid paying cash for the loan origination fee and other closing costs? If you allow the lender to pay your closing costs you’ll find that you’re paying double (even triple) for those fees over the lifetime of your home loan. Here’s an article on RefiAdvisor.com with several reasons why you should consider paying the loan origination fee for a good broker on your next home loan:

If you’re considering mortgage refinancing you might want to avoid paying the loan origination fee. Considering that many of the big names like Amerisave and Wells Fargo Refinance promote no fee refinance offers you might wonder what’s the point of paying the loan origination fee? The truth of the matter is that there are no free lunches when it comes to mortgage refinancing. Take a close at the fine print on those no fee refinance offers and you’ll find there are good reasons for paying your broker’s loan origination fee on your next home loan.

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The fees you pay at closing determine how good of a deal you’re getting when mortgage refinancing. The more you pay, including lender junk fees, the longer it’s going to take you to break even recouping your out-of-pocket expenses. If you allow the lender to pay your closing costs you’re going to be accepting a higher interest rate which will compound your costs over time.

One of the most common mortgage mistakes people make is trying to get the lowest refinance rates at the expenses of fees. All of your closing costs can be negotiated to pay less, saving you hundreds of dollars out of your pocket at closing. You can learn more about avoiding unnecessary mortgage lender fees on your next home loan by checking out the free Underground Mortgage Videos at RefiAdvisor.com.

How to Refinance Without Fees

2011-11-11T08:28:00.001-08:00

If you’re considering mortgage refinancing you might be interested in this strategy of how to refinance without paying fees. The closing costs you pay when refinancing your home are so important because you’ll have to recoup your out-of-pocket expenses before benefiting from your lower payment. Here are several tips before you refi on RefiAdvisor.com to help you avoid lender junk fees:

Are you searching for tips on how to refinance without getting taken to the cleaners? Mortgage refinancing has great potential to lower your payments, saving you cash at the end of the month; however, one common mistake is focusing only on getting the lowest payment at the cost of fees.

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Paying unnecessary fees at closing is one of the most common mortgage mistakes and can cost you thousands of dollars. Overpaying closing costs can make it impossible to recoup your out-of-pocket expenses as the average homeowner refinances every four years. If you refinance again before recouping your lender fees you’re losing money. You can learn more about refinancing your home loan without paying unnecessary fees by checking out the free Underground Mortgage Videos on RefiAdvisor.com.

Who Are Today’s Best Refinance Companies?

2011-11-06T08:08:00.001-08:00

If you’re thinking about mortgage refinancing you’re probably shopping around for the best refinance companies for your next home loan. Mortgage rate shopping can be a confusing and intimidating process for many homeowners; however, there is help available for you. Here’s an article on RefiAdvisor.com with straight-forward advice for cutting through all the lender crap on your mortgage refi:

Are you shopping for the best refinance companies for your next home loan and want to avoid unnecessary fees? Choosing a big company like Amerisave doesn’t guarantee you’ll get the lowest refinance mortgage rates; in fact, there are a number of common mortgage mistakes that can cost you thousands, even with the best refinance companies. Here are several tips before you refi to help you find the best refinance companies without overpaying the lender or your mortgage broker at closing.

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Remember that the fees you pay when mortgage refinancing make or break your new home loan. This is because you’ll have to recoup your closing costs, including the loan origination fee before benefiting from your new home loan. Most of your neighbors are overpaying for their mortgage loans because they focused only on getting the lowest refinance mortgage rates at the expense of fees. This is a common mortgage mistake that results in overpaying thousands of dollars.

You can learn more about getting today’s lowest mortgage refinance rates without overpaying one red cent by checking out the free Underground Mortgage Videos at RefiAdvisor.com

Waiting For Lower Mortgage Refinance Rates Could Cost You

2011-10-29T14:09:00.001-07:00

If you’ve been putting off mortgage refinancing because you’re waiting for interest rates to dip below 4% you should reconsider. The money you’re losing by continuing to pay that higher interest rate is building up past the point that you’ll ever recoup your loses when you do refinance. Here’s an article on RefiAdvisor.com with several points why it makes more sense to jump at today’s low refinance mortgage rates than wait for what you think might happen tomorrow:

If you’ve been waiting for the lowest refinance mortgage rates instead of refinancing your higher rate mortgage loan you could be losing out on thousands of dollars. Refinance mortgage rates from companies like Amerisave are next to impossible to predict so if you’re spending time trying to game the market there are other more tangible ways to save money. Here are several tips to help you get the lowest refinance mortgage rates from the best mortgage lenders without overpaying closing costs on your next home loan.

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Remember you’re going to have to recoup closing costs no matter when your refinance; delaying because you think mortgage rates will go lower only means you’re spending more money than you have to paying on your old home loan. Before you gain any benefit from your new payment you’ll have to break even on the loan origination fee and closing costs…the more you pay the longer it takes to recoup lender fees.

You can learn more about refinancing with today’s lowest mortgage rates without paying lender junk fees by checking out RefiAdvisor.com’s Underground Mortgage Videos.

Why You Cannot Get Today's Best Refinance Mortgage Rates

2011-10-23T09:52:00.001-07:00

Are you looking for today’s lowest refinance mortgage rates? Mortgage lenders advertise super low interest rates; however, you can’t have them. Unless you’re willing to pay a hefty fee you’re going to have to accept higher interest rates when mortgage refinancing…unless you take steps to improve your application for a new home loan. Here’s an article on RefiAdvisor.com with 7 tips to today’s best refinance mortgage rates.

If you’re shopping for the lowest refinance mortgage rates you might be disappointed to find the quotes you’re getting from companies like Amerisave are much higher than what lenders are advertising. Mortgage lenders use a bait-n-switch trick when advertising refinance mortgage rates; advertised rates are frequently based on a credit score of 780 or better.

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Bait-n-switch mortgage lender tactics are alive and well in the United States. Nearly every one of your neighbors was suckered into paying more than necessary on their mortgage refi. Paying discount points and lender junk fees will rob you of nearly all of the benefit you get from mortgage refinancing making it difficult or impossible to recoup your closing costs.

You can learn more about getting today’s best mortgage refinance rates without paying unnecessary points or junk fees by checking out RefiAdvisor’s Underground Mortgage Videos.

Refinancing Your Home With Top Mortgage Lenders

2011-10-20T13:15:00.001-07:00

Refinancing your home with today’s low mortgage refinance rates can save you thousands of dollars, unless you fall for lender junk fees. One of the most common mortgage mistakes is focusing on getting the lowest interest rate with no regard for fees. Paying unnecessary fees will rob you of any benefit from mortgage refinancing; here’s an article on RefiAdvisor.com with tips for finding the top mortgage lenders without overpaying at closing:

If you’re considering mortgage refinancing you might wonder who the top mortgage lenders are for your refi. Should you go with a nationwide giant like Amerisave or can a broker find you a better deal? Here are several tips before you refi to help you find the top mortgage lenders while avoiding junk fees and unnecessary markup.

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Remember you’ll need to recoup your closing costs before benefiting from your new home loan. The more you pay at closing the longer it’s going to take to break even. Avoid paying lender junk fees and you’ll not only keep more cash at closing but start saving from the payment a lot faster. You can learn more about avoiding unnecessary fees while refinancing with today’s lowest mortgage rates by checking out RefiAdvisor’s Underground Mortgage Videos.

Finding The Best Mortgage Refinance Companies

2011-10-14T10:03:00.001-07:00

Are you looking for the best mortgage companies to refinance your home loan? Homeowners who focus solely on finding the best refinance companies or the lowest mortgage rates overpay thousands of dollars in lender junk fees. Here are several tips from RefiAdivsor.com on how to find the best mortgage refinance companies without falling for lender “sucker” fees:

If you’re shopping for the best mortgage companies when refinancing your home loan there are several things you should know to avoid paying unnecessary fees and markup. Interest rates are at historic lows so even the best refinance companies are trying to boost their profits at your expense with junk charges. Here are several tips before you refi to help you find the best mortgage companies without overpaying one red cent for new home loan.

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Did you know that the fees you pay closing on your mortgage refi make or break the deal you’re getting? The reason that your closing costs are so important is that you’ll have to recoup your out-of-pocket fees before benefiting from a lower mortgage rate and payment amount. Falling for lender junk fees means it’s going to take longer to break even; paying too much at closing can even make it impossible to break even in today’s uncertain economy.

You can learn more about paying less for mortgage refinancing while avoiding those lender “gotcha” fees by checking out the free Underground Mortgage Videos at RefiAdvisor.com.

Deceptive Mortgage Advertising Can Cost You Thousands

2011-10-08T08:36:00.001-07:00

Lenders were advertising refinance mortgage rates below 3% for a thirty-year fixed rate loan. Were interest rates really this low or was this just a slight-of-hand trick? Mortgage refinance rates on a true 30-year fixed home loan have never dropped below three percent; this is simply deceptive advertising that could wind up costing you thousands of dollars. There are several tips on RefiAdvisor.com’s mortgage blog to help you avoid being a sucker for deceptive lender advertising:

If you’re shopping for refinance mortgage rates you might be disappointed to find that the quotes you’re getting are coming in higher than what lenders are advertising. There are two reasons this could be happening: your credit score and deceptive lender marketing. Here are several no BS tips to help you get the best refinance mortgage rates and pay less than your neighbors closing on your next home loan.

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Paying discount points to buy down historically low mortgage rates is a common mortgage mistake that costs your neighbors thousands of dollars. Finding the right mortgage broker can nab you today’s lowest refinance rates without paying points or lender junk fees. How do you find the right mortgage broker that won’t overcharge your loan origination fee?
Start by telling prospective mortgage brokers you’ll pay them a reasonable loan origination fee of one percent for arranging your mortgage refi and keep an eye out for mortgage rate lock fees, courier fees, application fees, and processing fees.

You can learn more about getting today’s lowest refinance mortgage rates without paying unnecessary fees by checking out RefiAdvisor’s free Underground Mortgage Videos.

How Much Closing Costs Are Reasonable?

2011-10-04T12:22:00.001-07:00

If you’re in the process of mortgage refinancing the fees you pay closing on your new home loan are extremely important because you have to recoup these out-of-pocket expenses before benefiting from your new home loan. What Are Reasonable Closing Costs of Refinancing? The more you pay, including lender junk fees, the longer it’s going to take you to break even. Here’s an excellent resource on RefiAdvisor.com with several tips for paying less when closing on your mortgage ref:

If you’re in the process of mortgage refinancing you might be wondering what are reasonable closing costs of refinancing your home loan. Low closing cost refinancing can be difficult to find because most homeowners fall for common mortgage mistakes like no fee refinance offers that drive up costs making it difficult, if not impossible, to recoup out-of-pocket expenses. Here are several tips before you refi to help you find the best deals to refinance mortgage loans without overpaying one red cent, unlike most of your neighbors.

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One of the most common mortgage mistakes is simply not haggling over fees when mortgage refinancing. There are no “standard” fees despite what your broker or lender tells you; all of the closing costs you find on your Good Faith Estimate and HUD-1 are negotiable and vary widely across lenders. Question everything when it comes to lender fees…be a jerk, threaten to take your loan elsewhere, negotiate. You’ll save hundreds, even a thousand dollars at closing and avoid the predatory lending practices lenders like Bank of America use to boost profits at your expense.

You can learn more about getting the lowest refinance rates for your next home loan without paying unnecessary fees by registering for RefiAdvisor.com’s free Underground Mortgage Videos.

How to Avoid Common Mortgage Mistakes

2011-10-01T10:06:00.001-07:00

If you’re considering mortgage refinancing to take advantage of today’s lowest refinance rates there are a number of common mortgage mistakes you’ll want to avoid. Overpaying at closing and choosing the wrong loan type can quickly turn even the best refinance rates into a really bad deal. Here’s an article on RefiAdvisor.com with tips to help you avoid overpaying with these common mortgage mistakes.

If you’re in the process of mortgage refinancing there are a number of common mortgage mistakes you should know about that can take away nearly all the benefit you’ll get from your new home loan. Lender junk fees, deceptive marketing practices, and overpaying the loan originator will all take cash out of your pocket that you should not be paying.

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Falling for mortgage lender junk fees when refinancing negates the benefit you’ll get from your new home loan by lengthening the amount of time it takes to recoup your closing costs. The more you pay at closing the longer it will take to break even on the loan origination fee; which is one of the most common sources of overpaying.

You can learn more about refinancing your home without overpaying at closing by checking out RefiAdvisor’s Underground Mortgage Videos.

Don’t Fall For These Mortgage Lender Sucker Fees

2011-09-28T10:09:00.001-07:00

If you’re thinking about mortgage refinancing to take advantage of today’s low refinance rates there are a few bumps in the road to avoid. Mortgage lender fees and markup can quickly negate any benefit you get from refinancing by making it difficult if not impossible to recoup your out-of-pocket expenses. Here are several tips on RefiAdvisor.com to make sure you never fall for mortgage lender “sucker” fees again:

It’s no secret that the best refinance rates are at historical lows and mortgage refinancing can save you thousands of dollars in finance charges on your home. The problem for many homeowners is that they become so focused on getting the best refinance rates at the expense of fees that they throw thousands of dollars away in the process.

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Did you know that all of the fees on your Good Faith Estimate are negotiable and vary widely from one mortgage lender to the next? One of the most common mortgage mistakes is simply accepting the fees on your loan documents without question which leads to overpaying thousands of dollars. Invest a little of your time when rate quote shopping haggling over fees and you can literally slash hundreds, if not a thousand dollars from your out-of-pocket fees.

You can learn more about getting today’s best refinance rates without falling victim to lender “sucker” fees by checking out the free Underground Mortgage Videos at RefiAdvisor.com.

Who is The Best Mortgage Company?

2011-09-25T09:21:00.001-07:00

Is finding the best mortgage company for your next home loan at the top of your list when shopping for mortgage refinancing? Did you know that this could lead to a common mortgage mistake that results in overpaying thousands of dollars in what I call mortgage sucker fees? Doing your homeowner can help you avoid paying unnecessary fees and literally save you thousands of dollars closing on your new home loan. Here’s an article on RefiAdvisor.com with tips for finding the best mortgage company without paying junk fees or unnecessary markup:

It’s no secret that mortgage refinance rates are at historical lows and with the government doing everything they can do to pressure the bond market in an attempt to push mortgage rates lower what’s a lender to do but charge higher fees? The problem with these unnecessary closing costs, I call them “Sucker Fees” is that they lengthen the amount of time it takes to break even on your out-of-pocket expenses, often negating any benefit you’re getting from mortgage refinancing.

http://www.refiadvisor.com/pblog/tips-before-refi/best-mortgage-company/

The faster you recoup your out-of-pocket fees when mortgage refinancing the more you’ll benefit from today’s lowest refinance rates. The problem with refinancing in today’s market is that most people are just used to overpaying lender fees and don’t question what they’re being charged.

Did you know that all of the fees found on your Good Faith Estimate (GFE) and HUD-1 Settlement Statement are negotiable and there is not standard for what lenders are charging? Invest a little bit of your time haggling and you can slash hundreds if not a thousand dollars from your closing cost. You can learn more about finding the best mortgage company for your next home loan while avoiding sucker fees by checking out my free Underground Mortgage Videos.

Refinancing Your Home With The Top Mortgage Lenders

2011-09-20T07:45:00.001-07:00

If you’re in the market for refinancing and are looking for the top mortgage lenders for your next home loan there are several things you’ll want to know to avoid overpaying. Financing your home with the “best” lender isn’t necessarily going to get you today’s lowest refinance rates or help you avoid paying junk fees. Here’s an article on RefiAdvisor.com to help you find the top mortgage lenders without paying unnecessary fees or markup;

One of the most common mortgage mistakes is focusing only on getting the lowest refinance rates at the expense of fees and points; the closing costs you pay make or break your mortgage loan and can quickly turn the deal into a big sticky lemon.

http://www.refiadvisor.com/pblog/tips-before-refi/top-mortgage-lenders/

The reason closing costs are so important when refinancing your home is that you’ll have to recoup these out-of-pocket fees before benefiting from a lower mortgage rate. The less you pay the faster you’ll break even and start saving. Did you know that closing costs are negotiable and every lender charges different amounts at closing? How can you tell what’s reasonable and what’s junk when it comes to mortgage fees?

You can learn more about getting the best deal for your mortgage refinance without paying junk fees to the broker by checking out my free Underground Mortgage Videos.

Beware Overpaying Closing Costs When Mortgage Refinancing

2011-09-17T08:25:00.001-07:00

Are you considering mortgage refinancing and wonder how much you should pay in closing costs for refinancing a mortgage? One of the most common mortgage mistakes is focusing only on getting the lowest refinance rates at the expense of unnecessary fees. Fees will literally make or break your mortgage refinance loan because you’ll have to recoup these closing costs before benefiting from a lower payment amount. Here’s an article on RefiAdvisor.com on how to pay less closing on your next home loan:

How much can you reasonably expect to pay closing on your mortgage refi? What fees are necessary and which ones are pure junk? The difference can make or break your mortgage refinance because you’ll have to recoup these out-of-pocket expenses before benefiting from your new home loan. The more you pay, including lender junk fees, the longer it’s going to break even on your closing costs.

http://www.refiadvisor.com/pblog/tips-before-refi/closing-costs-for-refinancing-a-mortgage-2/

You can pay less mortgage when refinancing simply by haggling with brokers and lenders over fees. Did you know that all of the fees found on your Good Faith Estimate are negotiable and some are pure garbage that serve no purpose whatsoever?

Avoiding these unnecessary mortgage lender fees can literally save you thousands of dollars. You can learn more about getting today’s lowest refinance rates while avoiding lender junk fees by checking out RefiAdvisor’s Underground Mortgage Videos.

How to Get the Lowest Daily Mortgage Rates

2011-09-10T08:34:00.001-07:00

If you’re shopping for today’s lowest daily mortgage rates you might be surprised to find the mortgage quotes you’re getting are much higher than what lenders are publishing online. If this is the case the culprit is likely your credit score. Here are several tips from RefiAdvisor.com to make sure your FICO score isn’t holding you back from getting today’s best refinance rates for your next home loan:

The rates lenders advertise make several assumptions about your credit and finances. They assume you have a credit score of 720 or better and a favorable loan-to-value ratio when publishing their daily mortgage rates. Your results will vary based on your FICO score and personal situation. Here’s a chart to illustrate how your credit affects daily mortgage rates when refinancing and the total amount you’re paying out for your home over time.

http://www.refiadvisor.com/pblog/tips-before-refi/finding-the-lowest-daily-mortgage-rates/

Fees are an important and frequently overlooked aspect of mortgage refinancing because closing costs and fees like mortgage insurance can quickly negate all benefit from refinancing with a lower interest rate. The less you pay closing on your mortgage refinance the less time it’s going to take breaking even before you benefit from your lower payment. Because mortgage rates have fallen so much in today’s economy many lenders are shoring up their profits at your expense with junk fees. You can learn more about avoiding unnecessary fees and markup with your lender’s daily mortgage rates by checking out RefiAdvisor.com’s Underground Mortgage Videos.

How to Pay Less Closing on Your Mortgage Refi

2011-09-07T07:59:00.001-07:00

There’s more to getting a good deal on your next home loan than just getting today’s best refinance rates. The mortgage refinance closing costs you pay make or break the deal you’re getting because you have to recoup these out-of-pocket costs before benefiting from your new home loan. Here’s an article on RefiAdvisor.com with tips for reducing your mortgage refinance closing costs to get the best deal on your refi:

In a nutshell, getting today’s lowest refinance rates boils down to having a good FICO score. Paying less for your mortgage refinance closing costs however, is tricky. How can you tell if you’re paying too much based on the fees quoted on your Good Faith Estimate? You can start by figuring out how long it’s going to take you to break even on your mortgage refinance closing costs. Here’s an example of how to do this.

http://www.refiadvisor.com/pblog/tips-before-refi/mortgage-refinance-closing-costs/

Avoiding lender junk fees can save you thousands of dollars when mortgage refinancing. Common mortgage mistakes include overpaying the loan origination fee to the broker, paying application fees, rate lock fees, processing fees, and mortgage broker courier fees.

How can you tell if you’re getting a good deal on your next home loan? I always tell people it’s better to shop for the right person to arrange your next home loan rather than trying to find the best lender for your refi. You can learn more about finding the right broker to get you today’s best refinance rates without paying unnecessary fees or markup by checking out RefiAdvisor.com’s Underground Mortgage Videos.

Mortgage Rates Stay Near Record Lows

2011-09-05T17:35:00.001-07:00

Mortgage rates remained at or near all-time lows this week, as weak economic reports eased pressures that could have pushed them upward.

Initial rates on 5-year Treasury indexed adjustable rate mortgages (ARMs) fell to a new record low for the fifth consecutive week, according to the weekly Freddie Mac rate survey, dropping to an average of 2.96 percent, down from 3.07 percent last week. Interest rates on 30-year fixed-rate loans held steady at 4.22 percent, while 15-year fixed-rate mortgage dropped to 3.39 percent, down from 3.44 percent previously.

Mortgage Demand remains soft despite low rates

The low rates either haven’t generated much reaction from consumers. Yesterday, the Mortgage Bankers Association (MBA) reported that applications to refinance existing mortgages fell a seasonally adjusted 12.2 percent last week. Refinance applications are up only 4.2 percent over the past four weeks, despite all three major mortgage types falling to record lows during that period.

Applications for home purchase mortgages have been even weaker, falling a seasonally adjusted 1.3 percent last week and 3.8 percent over the past month. Purchase applications last week were 8.2 percent compared to the same week one year earlier, despite the fact that home sales in August 2010 were still depressed by the recent end of the homebuyer tax credit program.

Refinance applications presently make up nearly four out of five mortgage applications, according to the MBA, although it is not clear how many of those are approved.

Weak economy tied to rate trends

Frank Nothaft, Freddie Mac chief economist, attributed the downward trend of this week’s rates to a number of economic factors, including reports this week that the economy grew at a lower-than-expected rate in the second quarter of the year and falling consumer confidence in August.

Also this week, the Standard & Poor’s/Case Shiller Home Price Indices showed that the annual rate of decline in home prices worsened in the second quarter of the year, while the National Association of Realtors announced that pending home sales fell slightly in July, their first decline in three months.

via mortgageloan.com

There are still great opportunities to take advantage of today's low refinance rates and save hundreds of dollars lowering your monthly payments.

How Much Is Mortgage Refinancing Going to Cost Me?

2011-09-05T12:37:00.001-07:00

If you’re considering mortgage refinancing to take advantage of today’s best refinance rates you might be wondering how much you’re going to have to pay closing on your new home loan. Because closing costs are out-of-pocket expenses unless you’re able to roll them into your loan balance (something that’s going to end up costing you a lot of money in the long run), you’ll have to come up with the cash before you’re able to take advantage of today’s best refinance rates. Here’s an article on RefiAdvisor.com with some insight on the question How Much Does it Cost to Refinance a Mortgage Loan:

The fees you pay when mortgage refinancing actually determines how good of a deal you’re getting when taking out a new home loan. The reason mortgage refinance fees are so important is that you’ll need to break even recouping your out-of-pocket expenses before benefiting from today’s best mortgage refinance rates. You can lower your payments by refinancing; however, the fees you pay can quickly turn that shiny new mortgage refinance rate into a sour deal.

http://www.refiadvisor.com/pblog/refi-advice/how-much-does-it-cost-to-refinance-a-mortgage-loan/

The less you pay closing on your mortgage refinance the better off you’re going to be and the faster you’ll recoup your closing costs. Avoiding lender and broker junk fees like the rate lock fee will help you reduce the amount of time it takes breaking even on your new home loan. You can learn more about paying less when mortgage refinancing by checking out the free Underground Mortgage Videos at RefiAdvisor.com.

Article: Reconsidering refinancing

2011-09-04T17:15:00.001-07:00

Reconsidering refinancing

With mortgage interest rates hovering around 50-year lows, refinancing is an appealing prospect for many homeowners. I think this is especially true considering the stock market's August gyrations. Taking nervous energy and using it to focus on sure-thing money moves such as lowering payments or paying debt faster makes sense.

According to Freddie Mac's weekly rate survey, a 30-year, fixed-rate mortgage averaged 4.22 percent. Slice the term in half, and the rate is 3.39 percent for a 15-year, fixed-rate mortgage.

http://www.startribune.com/business/yourmoney/129155673.html

Sent from my iPad

Article: 5 Facts Most Home Buyers Don’t Know

2011-05-22T18:26:00.001-07:00

5 Facts Most Home Buyers Don’t Know
http://money.usnews.com/money/blogs/my-money/2011/05/19/5-facts-most-home-buyers-dont-know

Home Loan Refinancing Secrets

2010-08-22T08:45:00.001-07:00

If you’re considering home loan refinancing there are several things you’ll want to know to avoid overpaying. Did you know that all of the mortgage rate quotes you get online or get from your local bank or broker include hidden markup? This is the reason almost all of your neighbors are throwing away thousands of dollars for no good reason. Here are several of my best home loan refinancing tips that blow the doors of your lender’s dirty little secret.

Home Loan Refinancing Pitfalls

Most financial gurus categorize home loan as retail products and this is somewhat true; however, you don’t have to accept retail markup of your home loan. With the exception of banks (we’ll talk about the problems with bank originated home loan refinancing in a moment) home loans come from wholesale lenders and are arranged by brokers and mortgage companies that act as retailers. At least this is what they’d like you to believe. The truth is you’re already paying that mortgage company or broke a perfectly reasonable origination fee for arranging your home loan and any markup of your interest rate when home loan refinancing to collect a commission from the lender is not only unnecessary but drives up your monthly payment by as much as $1200 a year.

How does this unnecessary markup of your interest rate work? Loan originators like your mortgage broker collect a fee known as Yield Spread Premium from lenders for locking and closing your home loan refinancing with a higher than necessary interest rate. This is the mortgage industry’s dirty little secret. Brokers and other loan originators have an incentive for overcharging you and this kickback can be quite expensive. Question your broker about Yield Spread Premium and you’ll find them on the defensive, telling you not to worry about a fee that isn’t coming out of your pocket. What your broker isn’t telling you is why the lender pays them Yield Spread Premium and what it does to your monthly payments.

The Problem That is Yield Spread Premium

The Problem with Yield Spread Premium is what this markup does to your mortgage payment. Here’s an example to illustrate my point. Suppose your home loan refinancing is for $325,000 and the broker quotes you a mortgage rate of 6.0%. You agree to pay a 1.5% loan origination fee which means you’ll pay the broker $4,875 at closing for their work. First of all, don’t get me wrong, the broker deserves to get paid for their work; however, one percent is more than reasonable in this case. In this example the origination fee should not be more than $3,250. Where this example of home loan refinancing gets ugly is what your broker isn’t telling you about the mortgage rate. Your lender actually approved you for a 5.25% interest rate; however, the broker marked it up to six percent to collect a three percent commission from the lender.

You can learn more about wholesale home loan refinancing by checking out my free underground mortgage refinancing videos.

Untitled

2010-08-21T16:33:00.001-07:00

http://www.refiadvisor.com/pblog/how-to/fha-mortgage-refinancing-2/

Origination Fee and Points

2009-02-21T16:22:00.000-08:00

Origination Fee and Points: "Here are several tips to help you avoid overpaying the origination fee and points when refinancing your home loan AND save you thousands of dollars in the process."

Mortgage Annual Percentage Rate

2009-02-18T16:34:00.000-08:00

Mortgage Annual Percentage Rate: "Here are several tips to help demystify mortgage loans and save you thousands of dollars when refinancing your home loan."

Ragdoll Cat Breed Characteristics

2009-02-01T18:10:00.000-08:00

Ragdoll Cat Breed Characteristics: "Ragdoll cats get their name from their tendency to go limp when picked up or held."

No B.S. Mortgage Refinancing

2008-09-03T19:27:00.000-07:00

No B.S. Mortgage Refinancing: "How to refinance your home mortgage without junk fees."

Mortgage Foreclosure Help

2008-08-06T18:30:00.000-07:00

Mortgage Foreclosure Help: "How to stop foreclosure and save your home"

Free Mortgage Help

2008-07-22T10:16:00.000-07:00

Free Mortgage Help: "Free online video tutorial shows how to refinance with a wholesale rate and cut hundreds of dollars out of your monthly payment."

30 Year Mortgage Rates

2008-07-21T16:18:00.000-07:00

30 Year Mortgage Rates: "How to get a wholesale rate when refinancing your home and cut hundreds of dollars out of your monthly payment."

Mortgage Refinancing Mistakes to Avoid

2006-06-10T17:39:00.000-07:00

Louie Latour is a top ranked author featured at EzineArticles.com. He has 200+ articles published on the site about mortgage refinancing, home equity loans, saving money on your mortgage, and how to avoid making common mortgage mistakes. Definitely worth a look!

Trade in Your ARM

2005-11-06T13:08:00.000-08:00

Have an adjustable rate mortgage (ARM) loan? Refinance now to a fixed rate mortgage before your payments go any higher. By refinancing your mortgage to a fixed interest rate mortgage loan you will lock in your interest rate for the duration of the mortgage loan.

Adjustable rate mortgage loans are losing their attraction as mortgage interest rates rise. Some one year ARM loans still offer low rates today; however, there are no indications the interest rate hikes will stop anytime soon. These increases in interest rates will cause your payments to rise sharply. Also, after the introductory period of the mortgage the adjustable interest rate will automatically jump to the one year Treasury interest rate plus as much as 2.47 percent. On top of that your lender can add 2 more points every year. With this in mind you could easily e paying 7.5 percent next year and over 8 percent the year after that.
The only time adjustable rate mortgages make sense is if you know that you’ll be moving anytime during the next five years; otherwise, avoid adjustable rate mortgage loans.

Closing Costs - Gouging at the Table

2005-09-16T15:01:00.000-07:00

What closing costs can you expect when you close on your mortgage loan?

You will find that when refinancing a mortgage or purchasing a new home your closing costs can vary from several hundred dollars to a few thousand dollars. Bear in mind that even a so called no closing cost loan may require considerable out of pocket expenses. Reviewing the HUD-1 statement from when you purchased your home (HUD-1 details every penny of the mortgage transaction) will show you the closing costs and the pre-paid items which together make up the total settlement charges. While there are programs that offer no closing costs there do not offer loans with no settlement charges. Prepaid expenses are things such as prepaid interest (for the period of time between the closing date and the end of that calendar month), prepaid real estate taxes and insurance (up to 6 months worth in some cases) and Private Mortgage Insurance (PMI). Even if you roll all these expenses into the loan amount, settlement charges can come as a surprise at the closing table; doubly so in states such as New York which have very high property taxes as well as a refinancing tax.

The rest of your closing costs are origination points and title insurance; both of these are based on the mortgagee loan amount. With the origination points you can rest assured that you are getting something for your money; namely a lower interest rate. Title insurance offers no benefits to you whatsoever and can be expensive depending on the size of the loan. Title insurance protects lenders from loss due to a defective title; however as a homeowner you pay for this insurance policy. Title insurance does not protect the homeowner. You may purchase homeowner coverage also; however, most homeowners do not purchase this type of insurance The remaining closing costs relatively small by themselves, although they can add up to a significant amount. These costs include: processing and underwriting fees around $500, attorney fees also $500, recording fees, courier fees, flood certificates, and a title search. Bear in that the attorney fees paid are the fees for the lender attorney though you are paying the fee. The good news is in most cases when refinancing, the closing costs and pre-paid items can be rolled into the loan amount; you will not be required to fork over the cash at the closing table.

About Home Equity Loans

2005-09-11T11:55:00.000-07:00

Borrowing money from the equity in your home is becoming an increasingly popular source of consumer credit. Many lenders are offering home equity loans in a variety of different ways. As a homeowner, you may discover that most of these loans come with variable interest rate; some loans come with low introductory interest rates, and very few come with fixed interest rates. You also may also discover most home equity loans have large one time upfront fees, some have large closing costs, and others have ongoing costs, such as annual fees. You will find home equity loans with large balloon payments, and others with no balloon payments but with higher monthly payments. There is not one mortgage or home equity loan that is right for every homeowner. Your challenge in getting the best loan for your situation is to contact as many different lenders as possible, compare their offers, and choose the best home equity credit line for your needs. Be sure to review the loan contract carefully before signing it. Ask questions about the loan terms and stipulations. Consider the following before borrowing:

Is a home equity loan the right thing for you?

If you must borrow money, home equity loans can be a useful source of credit. Initially they may offer large amounts of cash at low interest rates, and easy access to your equity. Some may even offer tax advantages you could not get with other types of loans.The down side is this type of loan requires you to use your home as collateral on the loan. This could put your home and the well being of your family at risk if you cannot make the monthly payments. Home equity loans with large balloon payment may cause you to borrow more to make the balloon payment; this could further place your home in jeopardy if you cannot secure the loan. Should you decide to sell your home, most home equity loans require you to pay off your loan when you sell. Also, because this type of loan offers easy access to cash, you may borrow money when you do not really need to. Keep in mind, there are other ways to borrow money. You might consider a second mortgage loan. This type of loan adds another mortgage to your home; second mortgages are loaned as a lump sum, instead of a series of cash advances on your equity. Second mortgages typically have fixed interest rates and fixed payment amounts offering a degree of safety not found in home equity lines of credit. You could also consider other avenues of credit that do not require using your home as collateral. These are signature type loans available with your credit.

How much can I borrow?

Depending on your credit history and your income, along with how much outstanding debt you have, a lender may let you borrow up to 85% of your home value. Check with the lender about the terms of the loan, whether or not there is a minimum withdrawal amount, and how you access your money; you may withdraw money using checks, credit cards, or even both.

How much interest will I pay?

Interest rates vary for each type of loan, so it pays to do your homework when shopping for a mortgage loan. Compare the percentage rate you pay annually for each loan, this will tell you how much you pay on an annual basis. Realize that the advertised rate for a home equity credit line is based on just the interest paid. For an actual comparison of the costs involved, compare all charges and fees, like the closing costs and up-front points; these expenses add to the cost of your home equity line of credit. This comparison is extremely important if you are comparing a home equity loan with a second mortgage loan. Also, be sure and inquire about the type of interest rates on the home equity loan. Most loans of this type have variable interest rates. These variable interest rates offer lower payments in the beginning; however, the rest of the repayment period may change and could be much higher. Fixed interest rates, may be slightly higher in the beginning; however, you do not have to worry about them going up over the term of the loan. If you are considering a variable rate, check and compare the loan terms. Compare the periodic cap, which is a limit on rate changes at one time. Know if there is a lifetime cap, which is the limit on rate changes over the lifetime of the loan. Inquire as to which index is used and when and how much it can change. An index (like the prime interest rate) is used to determine how much interest rates will change. Be aware of the margin; the amount added to an index that determines the interest rate you pay.

Lastly, ask whether you can convert your loan to fixed interest rate down the road. Every now and again, a lender will offer a temporarily discounted mortgage interest rate; this rate is unusually low and offered only during introductory period. During this time, the monthly payments on the loan are lower too. After the period ends, the interest rate and payment amount are increase to the regular interest rate. Be sure to ask if the rate you are offered is a discount rate, and if it is ask how your interest rate will be calculated when the discount period ends.

Loan to Value Ratio and Your Mortgage Interest Rate

2005-09-08T16:43:00.000-07:00

What is the Loan-to-Value ratio? Loan-to-Value ratio (LTV) is a term often thrown around by mortgage professionals because it is a key factor in deciding the maximum loan amount and the interest rate. The LTV is the ratio of the loan amount to the value of the property. For example, if a property is valued at $150,000 and the loan amount is $100,000 then the LTV is 66%. For any mortgage program there is a maximum value of LTV. If the mortgage you are looking at has an 80% maximum LTV and you want to borrow $250,000 against a $300,000 property, you will have to find a different loan. All things being equal, the higher the LTV, the higher the interest rate will be if you can qualify for the loan. For example: a mortgage lender has a loan offering 80% LTV that requires a 620 credit score. The same lender may require a 720 credit score for a 100% LTV.

What determines the interest rate you pay for your mortgage? Economic factors determine whether interest rates are high or low; however, there are other factors which influence the interest rate for given individual. The main factors are:

1. Loan programs: fixed rate mortgages have higher rates than adjustable rate mortgages (ARM) and 15 year interest rates are lower than 30 year interest rates.

2. Credit score: The better your credit score the lower interest rate you will get.

3. LTV: As mentioned before, the higher your LTV ratio, the higher your interest rate will be.

4. Documentation: The more documentation your can provide, the lower your interest rate will be. There are mortgage programs that allow you to provide no documentation at all. These programs are great for people that need them; however, you will pay a premium interest rate.

5. Points: Many homebuyers are attracted to mortgages with zero points. If you take one of these mortgages you will pay a higher interest rate. A good rule is if you are planning to stay in the home for more than 4 or 5 years, you should pay at least two points in order to get a better interest rate.

6. Property type - Interest rates are typically lower for a primary residences as opposed to second homes and investment properties.

Next Up: Closing Costs

Mortgage Refinancing - My Nightmare

2005-09-07T12:02:00.000-07:00

Before I outline my mistakes to you in my attempt to save money with my monthly mortgage payments, I would like to share with you the helpful information I have found freely available on the internet. There are a number of helpful sources available online; I will share them with you later.

The first question you should ask yourself is: Should I refinance my Mortgage? There are a number of reasons that you may be considering refinancing your home:

1. To lower your interest rate; this will reduce your monthly payments.
2. To shorten the term of the loan and save thousands of dollars in interest.
3. To cash out equity in your home to pay off other higher interest debts.
4. Other reasons such as buying a second home, remodeling, or paying for college.

Obviously, the reasons that you have for refinancing will change what you need to consider before making your decision. If you are trying to lower your payment you should first determine how much the loan will cost you, what your new monthly payment will be, and how much you will save each month. Many homeowners forget to consider the potential savings; however, if the closing costs for the new loan are for example $3,000 and you will save $200 each month, you would be wasting your time refinancing the mortgage unless you would be staying in the home for at least 20 months.

As a general rule, the new interest rate should be at least 1.5% - 2% lower than your original mortgage interest rate in order to refinance and realize a savings. If you want to shorten the term of your mortgage you may not need to refinance the loan. Say you took out a 30 year mortgage loan when you purchased the home; but it turns out you have the cash on had and would like to pay off the mortgage loan sooner. In most cases you will not need to refinance unless you are also trying to lower your mortgage interest rate. Simply pay an additional amount each month in addition to your regular monthly payment and this will lower the principal balance and reducing the amount you owe. This is often referred to as making bi-weekly mortgage payments. You can use a mortgage calculator to see how much you can save simply by making bi-weekly mortgage payments. One of the websites I discovered has an excellent free mortgage calculator that will show how much you will save paying bi-weekly mortgage payments. This site will show the amortization tables for your current payments vs. bi-weekly payments.

To calculate how much extra to pay if you want to pay off your loan on a specific date, use a free mortgage loan calculator such as RefiAdvisor.com (http://www.refiadvisor.com) to figure out the monthly payment for the loan that you would like. Refiadvisor is an excellent resource for free information about mortgage refinancing. If your mortgage balance is $120,000 and you would like to pay it off in 7 years, enter this along with the interest rate into the loan calculator and you will be able to see your monthly payments If you are looking to take cash out equity to pay off other debts or to purchase a large ticket item then the interest rate may not be the most significant factor for you. If you want to pay off high interest credit card debt it may be worth refinancing even if the mortgage rate is slightly higher.

Next Up: Understanding Your Loan Requirements and the Loan-to-Value Ratio

My Mortgage Refinancing Nightmare

2005-09-07T11:51:00.000-07:00

Over the coming days I will share with you the horrors I experienced refinancing my home mortgage loan, and the solution I found.