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Mortgage Refinancing - Comparison Shopping
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Home Refinancing - Choosing the Best Deal
Owning a home is one of the most important decisions in anyone's life. Owning a house is also a big financial commitment on your part, so any financial decision involving your home should not be taken lightly. When the right moment presents itself, refinancing the home may be a good financial move. However, choosing the best home refinancing deal can be very confusing.
When choosing you... Read mortgage refinance article
Second Mortgage Secrets
So what happens to people who over extend and borrow to much? The borrower is eventually deeply in debt with no hope of getting out of it. People have been known to file for bankruptcy as a last resort. There are unfortunately no reputable money lenders or banks that make provision for small loans to be borrowed for a short length of time. This could become a very good income for one of these agen... Read mortgage refinance article
Mortgage Refinancing - Comparison Shopping
If you are a homeowner considering mortgage refinancing for any reason, comparison shopping will help you find the best loan. Many homeowners mistakenly assume that by choosing the loan with the lowest interest rate they will save money when mortgage refinancing. When you comparison shop it is important to compare all parts of the loans you consider, not just the interest rates. Here are several tips to help you comparison shop while avoiding costly mortgage refinancing mistakes.
Mortgage refinancing with your existing lender will probably not save you money; however, your current lender is a good place to start shopping. When you compare mortgage refinancing offers, using the Annual Percentage Rates (APR) is a good starting point; however, to make an informed decision as to which mortgage refinancing offer is best you need more information than the APR provides. To make a line-by-line comparison as to which mortgage offer is the better deal you need to use the Good Faith Estimate from each lender.
Mortgage refinancing lenders are required to provide you a copy of the Good Faith Estimate within three days of receiving your application. This doesn't help you when you're comparison shopping; however, most mortgage lenders will provide this document if you ask for it. Ask all of the mortgage refinancing lenders for a copy of the Good Faith Estimate; if a lender refuses to provide the document and is uncooperative; scratch that lender off your list.
Once you have the Good Faith Estimate pay close attention to the loan origination and processing fees. Reasonable origination fees run 1-1.5% of the loan amount and anything more than $400 for a processing fee is excessive. Look for anything on the mortgage refinancing Good Faith Estimate that resembles a rate lock fee, application fee, submission fee, courier fee, or broker administration fee. These are junk fees you should simply not pay. If the mortgage mortgage refinancing company refuses to remove these fees, scratch that lender off your list.
You can learn more about mortgage refinancing while avoiding common homeowner mistakes by registering for a free mortgage tutorial.
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15-year Fixed Mortgage Rates
If you do not already know why you would be much better off purchasing a home than renting an apartment, town house or any other type of dwelling, you are about to find out. Here is the scoop, plain and simple: When you pay rent every single month to a landlord, no matter how good a deal you think you may have got, you may as well be throwing that money out the window. For all intents and purposes, it is no different than paying to stay in a hotel, since you gain absolutely nothing and do not own a thing.
On the other hand, buying and owning a home of your own gives you something tangible, that is truly yours to either keep or sell down the line as you see fit. It is really an investment, one from which you can stand to profit greatly should you decide to sell. As for me, I wish I had realized this sooner because I could have saved (and perhaps made) myself a bundle over the years. So before you toss another dime out the window, my advice to you is to look into some of the 15-year fixed mortgage rates. They are quite decent and very easy to research as well.
Unless you are very rich and can purchase a home outright, a 15-year fixed rate mortgage is probably your best choice. When you sit down and do the math, you will see that 15-year fixed mortgage rates are not all that bad. Besides, you do not want to see your mortgage rate increase and with a 15-year fixed rate mortgage you can get your home paid off within that time frame and may even feel inclined to pay it off sooner.
If you are ready to begin your search for decent 15-year fixed mortgage rates, the best place to start is on the internet, using the tried and true Google search engine. Just type in the keywords "15-year fixed mortgage rates", and prepare to be overwhelmed with the amount of information that pops up. You will find this an invaluable exercise in laying out the groundwork for the purchase of your first home. And do not forget the old real estate adage, "location, location, location", because even if it does not matter to you now, it certainly will when it comes time to sell that home a few years from now. So, what are you waiting for?
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