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Refinancing Shopping Tips
Know what you can afford. Review your monthly spending plan to estimate what you can afford to pay for a home, including the mortgage, property taxes, insurance, and monthly maintenance and utilities. Make sure you save for emergencies. Plan ahead to be sure you will be able to afford your monthly payments for several years. Check your credit report to make sure that the information in it is accurate. A higher credit score may help you get a lower interest rate on your mortgage. Shop around--c...[ read more ]
Why Refinance?
Mortgage refinancing may be able to offer you benefits such as reducing your monthly payment, lowering the interest expenses you pay over the life of the loan, and/or increasing your cash flow by making more discretionary funds available to you every month. If you have sufficient available equity in your home, refinancing may allow you to consolidate higher interest rate debt or obtain funds to make home improvements. When you refinance, you pay off your existing mortgage with the proceeds from...[ read more ]
Six Questions You Should Ask Before Refinancing
Refinancing your mortgage can be a great way to save money, but it's not a sure thing. Before you take the plunge, ask yourself these six questions and ensure that you aren't making a major money mistake. 1. Is Time an Issue? If you're already busy with work, or other tasks, its best to wait until you have more time to deal with the details of refinancing. When you're busy or stressed out, you might make a mistake, missing something important in the fine print or falling prey to a bad loan. Re...[ read more ]