by: Carrie Reeder
Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage payments. You can save money on your payment or pay off your entire mortgage faster when you have better terms. Here are a few things to pay attention to when you refinance your mortgage loan, to make sure that you don?t overlook anything that you might regret, or that can cause you problems later:
1. Apply for a pre-approval to many different lenders to make sure you are getting the lowest rate possible. When you do this, make sure that with the initial pre-approval application, the lender is not pulling your credit history. You will want to reserve your credit pull for the lender that you are most likely to work with. You can decide that after you have gone through the preliminary pre-approval process with a few lenders. Each time your credit is pulled, it docks your credit score just a little. If you have too many inquiries, it could keep you from refinancing your mortgage loan with the lowest rate possible. When you pre-apply for home mortgage loans online, most lenders or mortgage service companies will not initially pull your credit. Check for information about this on their website. They will usually tell you whether or not they are going to pull your credit. Also, if on the application you do not give them your social security number, they cannot pull your credit. If, on the application, they ask you to describe your credit, they are probably not pulling your credit.
2. Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with the mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about the amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty.
3. When evaluating different lender offers, in the mortgage loan pre-approval process, pay closest attention to the interest rates they are offering & the closing costs. These are the two biggest factors that will help you figure out which lender is right for you. If one of these two factors is too high, it could offset the benefit of refinancing for you.
4. Get your interest rate and closing costs in writing as soon as you decide on a lender to work with. Get your lender to give you a commitment in advance of all of the costs that will be involved with your loan. Find out if the refinance loan you are getting has a pre-payment penalty as well. Sometimes lenders will leave out important information like this, if they think it might scare you away from refinancing with them.
To view a list of highly recommended refinance mortgage lenders, most of which will not pull your credit in the initial application, visit this page: www.abcloanguide.com/refinance.shtml.
About The Author
Carrie Reeder is the owner of http://www.abcloanguide.com. ABC Loan Guide is an informational loan website with informative articles, the latest finance news and lists of recommended mortgage lenders.
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Deciding if the Time Is Right to Refinance
Deciding if the Time Is Right to Refinance
by: John Mussi
Choosing to refinance a loan can be a major decision, especially if that loan is a major loan such as a mortgage or automotive financing. If you refinance your loan too soon, you might end up doing more harm than good and not be able to do much to correct it? but if you wait you might end up missing out on a good deal that isn't likely to return.
Before you make the decision to refinance, you should take the time to make sure that you understand exactly what refinancing entails and should look at the various signs to determine whether or not the time is actually right for you to refinance your loan.
Below you'll find some basic information on what refinancing is as well as information that might help you to make the decision as to whether or not it's the right time to take that step.
What Refinancing Is
Though the name may suggest that refinancing a loan is simply...
Deciding if the Time Is Right to Refinance
Refinance > Deciding if the Time Is Right to Refinance
Deciding Upon a Refinance Lender
Deciding Upon a Refinance Lender
by: John Mussi
Finding a good lender to refinance your mortgage can be almost as important a decision as the actual mortgage you choose. In order to make a wise selection of a refinancing lender you should make sure that you do the following four things.
Know the objective of your mortgage refinance
Do you want to lower your current interest rate? Refinancing your mortgage can be profitable if your current mortgage is 2% higher than the prevailing rates. You can find out the prevailing rates by checking with your current lender or any bank. Newspapers will also print the daily rates.
Moving from an adjustable rate mortgage to a fixed rate mortgage can save you money if you time it well. When mortgage rates start creeping up, consider looking for a refinance lender.
The mortgage refinance lender you pick will want to know your reason for refinancing to aid in the process of finding the best...
Deciding Upon a Refinance Lender
Refinance > Deciding Upon a Refinance Lender
Refinance Your Home Mortgage Online
Refinance Your Home Mortgage Online
by: Jim Edwards
The largest financial obligation most people ever take on couldn?t escape the reach of the Internet. Home mortgage loans originated online comprise an integral part of one of the largest and most profitable aspects of the banking industry. Unlike many shifts in big business recently, this change actually seems to greatly benefit consumers by increasing competition and placing more financial control in the hands of homeowners.
To finance or refinance a home in the olden days (before the Internet), you needed to find a mortgage lender, broker, or banker who wanted to make a loan for you. Though mortgage lenders always wanted to make good loans, the process of gathering information to compare interest rates, points, and loan programs among lenders presented a tedious task for borrowers. Without a centralized information source for mortgage rates, loan programs and financial advice, most people...
Refinance Your Home Mortgage Online
Refinance > Refinance Your Home Mortgage Online
Refinance Your Home Mortgage Online
Refinance Your Home Mortgage Online
by: Jim Edwards
The largest financial obligation most people ever take on couldn?t escape the reach of the Internet. Home mortgage loans originated online comprise an integral part of one of the largest and most profitable aspects of the banking industry. Unlike many shifts in big business recently, this change actually seems to greatly benefit consumers by increasing competition and placing more financial control in the hands of homeowners.
To finance or refinance a home in the olden days (before the Internet), you needed to find a mortgage lender, broker, or banker who wanted to make a loan for you. Though mortgage lenders always wanted to make good loans, the process of gathering information to compare interest rates, points, and loan programs among lenders presented a tedious task for borrowers. Without a centralized information source for mortgage rates, loan programs and financial advice, most people...
Refinance Your Home Mortgage Online
Refinance > Refinance Your Home Mortgage Online
Bad Credit Refinance 101: The Hows and The Whats
Bad Credit Refinance 101: The Hows and The Whats
by: Richard Martin
If you are like every other home owner or general consumer out there, you need to pay for your expenses somehow. If you have bad credit, you might be limited in your options as to what you can do (or so you think?keep reading!). This can be especially annoying to homeowners who want to refinance their mortgages to take advantage of low interest rates but have had a few debt defaults in recent years.
The story is always the same: you see these low 5% interest rates advertised on TV and you know that you deserve to refinance your home loan with this low interest rate. However, once you call, you find out that in fact you can refinance your mortgage, but it will cost you a lot more than you think. "What?" you think to yourself? "Why does it cost more for me to refinance my mortgage than I thought it would?" The reason is simple: bad credit. Refinancing with bad credit can be...
Refinance > Bad Credit Refinance 101: The Hows and The Whats
Jack The DVDRipper Comes Back To The 21st Century
Jack The DVDRipper Comes Back To The 21st Century
by: Ted Peterson
Don?t worry! It?s not about killing; it?s about converting ?
Still, if you want to be a ripper, do it for a good purpose! For you, for your friends, for your computer, for your free time and - who knows - even for me!
As a matter of fact, I?m not talking about crime at all! That is, if you don?t have a strange fetish with DVDs. Though, if you have one, don?t worry, this DVD ripper...
Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage Jack The DVDRipper Comes Back To The 21st Century
Refinance > Jack The DVDRipper Comes Back To The 21st Century
Defensive Driving - What Are The Choices?
Defensive Driving - What Are The Choices?
by: Mark Stone
At some point in our driving years I suspect most all of us have to take defensive driving, whether to get rid of a ticket or maybe to just lower our insurance. For many years you only had one option, traffic school. But times and the options have changed.
Traffic school used to consist of getting up early on a Saturday morning or spending two nights during the week sitting in a classroom, listening...
Defensive Driving - What Are The Choices? Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage
Refinance > Defensive Driving - What Are The Choices?
Wall Mounting Your Flat Screen TV - Part 1
Wall Mounting Your Flat Screen TV - Part 1
by: Jason West
Choosing A TV Wall Mounting Bracket
So you have bought your new LCD or Plasma TV and decided it would look great on the wall ? so how do you go about doing that?
Once you have purchased your new LCD or Plasma TV then next step is to buy the correct wall mounting bracket and this is not as simple as it sounds!
There are many different types of brackets on the market; you have the manufacturer?s...
Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage plasma tv Wall Mounting Your Flat Screen TV - Part 1 Refinance
Refinance > Wall Mounting Your Flat Screen TV - Part 1
florists Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage
Do You Want Someone To Know Your Secrets? Protect Yourself with a Firewall
Do You Want Someone To Know Your Secrets? Protect Yourself with a Firewall
by: Tom Antion
With more and more small and home based businesses getting high speed, full time Internet connections, like Cable modem and DSL, there is an increased need for firewall software and/or hardware.
A firewall can be many things, but the main thing you need to know is that without one you are at risk of someone breaking into your computer. With people staying connected...
Do You Want Someone To Know Your Secrets? Protect Yourself with a Firewall Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage
Refinance > Do You Want Someone To Know Your Secrets? Protect Yourself with a Firewall
Refinance
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