MORTGAGE LOAN TIPS

College certainly can put a strain on most of our pockets. We as parents
Refinancing a mortgage with no money out of pocket is a great start, sometimes you can skip one to three mortgage payments, to learn more read
mortgage loan tips. You can obtain better terms in case you want to pay off your mortgage, or pay it off faster. When we are refinancing, we want the economic advantage and we want to avoid economic ruin.

· We should apply for a pre-approval to different lenders to make sure the rate we get is the lowest possible. Also when the rates began to drop, you are already approved and that puts you in the position to get the lowest rate. You don’t want your credit history completed until you chose the lender that’s right for you. Each credit check causes your credit score to decrease, if you have too many inquiries this may cause you to lose out on the lowest interest rate. Online mortgage companies do not initially access your credit history. It’s always good to make sure with the website, just in case. If they do not have your Social Security number they cannot pull your credit.


· Check with your current mortgage holder to make sure there is no prepayment penalty or early payoff penalty before you refinance, some range from 6 months to 3 years, along with a penalty for early payoff. The penalty can be 6 months worth of the mortgage loan interest or it can vary. This is when you would weigh you interest savings on the new loan in order to determine whether it would be worth refinancing.

· When we are choosing a mortgage lender we need to pay close attention to the mortgage interest rate and the closing costs. If either of these costs is too high it could render the benefit of refinancing less valuable.

· Once you decide on a lender get your interest rates and closing costs in writing as soon as possible. Get this in advance of the costs that will be involved with the loan. Check to see if the loan has a prepayment penalty. Let’s make sure we don’t get any surprises later after we have closed the deal, stay informed with your home buyer defense guide.



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