3 Mortgage Refinance Tips to Help you Save Money
Mortgage refinancing can be a great thing for a lot of homeowners to do. However, there are some common mistakes which homeowners make that can cost them time, and money. Here are some tips which will help you get approved the first time, and get the best mortgage refinance deal possible:
-Double Check All Documents
Homeowners need to realize that even a little mistake, on your application or credit rating, can carry huge consequences. Always request copies of your credit report, so you can check for errors. Small mistakes can get a homeowner denied, or not let them get the lowest interest rates they can. Also, the application to your lender is important. Always make sure all income and statements made on your refinancing application can be verified. If there are any questions which a lender can not answer, you will get denied.
-Compare Different Lenders and Mortgage Refinancing Options
When refinancing, always be sure to compare different mortgage lenders, and what they are offering you. Mortgage lenders and banks have all different restrictions and terms which can vary drastically. When you comparison shop different mortgage lenders, you are ensuring you get the best deal possible. This is just like shopping for any other large purchase.
-Know Why you want a Mortgage Refinancing
Make sure you have a reasons to refinance your mortgage. Many different reasons, and options exist for all homeowners. Picking the right one for you is crucial. You need to know if you want lower interest rates, smaller loan payments, or cash back from the refinancing. This will make choosing, and figuring out which refinance option is best for you.
Mortgage refinancing is often made to look a lot more difficult than it is. These few tips can dramatically decrease the cost of a home loan refinance.
Daily email updates:
9 comments:
Plenty of mortgage banks will charge you for a consultation and quote, but plenty won't. I refinanced my mortgage with Intercontinental Capital Group in NYC; they gave me a quote and the rates that other banks would offer me all for free. They told me it generally only makes sense to refinance if you're staying in your home for 2-3 years or if you're doing a renovation. We saved a bunch of money and were pretty happy.
http://en.wikipedia.org/wiki/Intercontinental_Capital_Group
Yeah I refinanced with Intercontinental Capital Group, too - their office in Massachusetts, and they helped me to do an FHA refinance which my original lender never even suggested to me. I thought it would be really annoying and take a long time but it took less than two weeks and now I'm paying a lot less each month.
www.intercontinentalcapitalgroup.com
My husband and I bought a home a few years ago with an ARM. It recently reset and we couldn't make the payments. We were able to refinance with ICG, and they walked us through everything and gave us a good fixed rate. We both feel so much better about everything knowing we can make our payments each month without stress. I know we saved a lot of money going through ICG instead of a broker and we're quite happy.
My wife and I bought a home a few months ago and financed with Intercontinental Capital Group. They took us through the process step by step and found the best package for us. We told our loan officer what we could pay and they made it happen for us.
Rates are super low right now I'm thinking about refinancing my home in Connecticut. Does anyone know a good mortgage bank out there? I would like a smaller bank that can walk me through, I've never done a refi before, and I want to find out how much I'll be saving and what competitive rates are.
Intercontinental Capital Group is licensed in Connecticut, and you can do all your paperwork electronically and close at your home or office. ICG rates are low, and they also give customers a spreadsheet of comparison rates of other banks.
I spoke over the phone with a loan officer at ICG who said they could get me a rate and lock it in, but if rates dipped even more then could adjust the rate at no extra charge? Is that normal or is there some kind of hidden fee?
I've never heard of that, but seeing as rates are creeping up and may not head back down, I think I'll set up a consult with them and try to lock something in. At a time like this when rates are uncertain, that's a nice security blanket to have. Are their refinance rates good, too?
Yes, their refinance rates are quite low. My old bank was about to foreclose on my house and I was able to refinance with ICG since my bank wouldn't modify my loan and I couldn't afford the payments. I don't know that a lot of other banks will adjust a rate once it's been locked in, so it is a nice bonus, I guess.
Post a Comment