Tips on Refinancing
1. Be specific about what loan you want. This makes it easier for a loan officer to find you the best rates.
2. Don’t rely on published rates. The rates you see in the news are probably the best rates that can be offered. They aren’t going to publish their worst rates.
3. Stay away from “no cost” refinancing. “No cost” normally means the closing costs are bundled in with your mortgage, meaning you are going to pay interest on them. It is in your best interest to just pay the closing costs yourself.
4. Make sure your new title is accurate. Ask your lender to review your file before it gets published.
5. Review the estimated closing costs carefully. If you don’t like what you see, call your lender immediately and don’t be afraid to ask for an explanation.
6. Take your time. Give yourself plenty of time to close. When rates are low, firms get swamped with business. Be patient and don’t expect the closing to happen too quickly.
Loading ...
