Free-Reprint Article Written by: Frank Oakerson See Terms of Reprint Below.
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This decision can be a wise one, especially if your current rate is high and the new loan rate is lower. Not all refinancing decisions are wise, so here is what you should look for to help you avoid the ten biggest mistakes in home mortgage refinancing: Additional Article Information: =============================== 775 Words; formatted to 65 Characters per Line Distribution Date and Time: 2006-06-23 12:03:00 Written By: Frank Oakerson Copyright: 2006, All Rights Reserved Contact Email: mailto:[EMAIL PROTECTED] For more free-reprint articles by Frank Oakerson, please visit: http://thePhantomWriters.com/free_content/d/index.shtml#Frank_Oakerson ============================================= Special Notice For Publishers and Webmasters: ============================================= TEXT Copy-and-Paste and HTML Copy-and-Paste Versions Of Article Are Available at: http://thePhantomWriters.com/free_content/db/o/biggest-mistakes-mortgage-refinancing.shtml#get_code If you use this article on your website or in your ezine, We Want To Know About It. Use the following URL to let us know where you have used this article, and we will include a link to your website on thePhantomWriters.com: http://thephantomwriters.com/notify.php?id=3057&p=load --------------------------------------------------------------------- The 10 Biggest Mistakes In Home Mortgage Refinancing Copyright © 2006 Frank Oakerson, All Rights Reserved Your Mortgage 123 http://www.yourmortgage123.com If you have owned a home for some time, then likely you have considered refinancing your home mortgage in order to get a better rate on your loan. This decision can be a wise one, especially if your current rate is high and the new loan rate is lower. Not all refinancing decisions are wise, so here is what you should look for to help you avoid the ten biggest mistakes in home mortgage refinancing: Rate Difference Not Enough - A half percentage point drop is not enough for mortgage refinancing. When adding in closing costs, a minimal reduction of .75 or 1% is best. Of course, if closing costs are waived, then a slightly lower rate could still be advantageous. Make certain that you are aware of all of the closing costs before agreeing to refinancing. Clean Up Your Credit - Your credit rating could possibly use some mending. If that is the case, clean up your credit first before seeking a home mortgage or a home equity loan. You can visit http://www.annualcreditreport.com/ to receive free copies of your credit report today. If you have problems now, it could take several months to straighten things out. If you are in a rush, you will pay a higher interest rate. Choosing the Wrong Loan - When mortgage refinancing, if you switch from a fixed rate home mortgage to an adjustable rate home mortgage, you could find yourself paying more over the lifetime of the loan especially if interest rates are trending upward. You may realize some short term savings, but see those same savings swallowed up by long term increases in your mortgage interest rate. Evaluate Your Current Mortgage - Your current mortgage could offer a better long term solution than refinancing. Perhaps your monthly payment is still a bit too high because you are still paying private mortgage insurance [PMI] when you shouldn't be. Notify your current mortgage provider to have PMI removed and your new, lower rate may be better than what a refi could offer to you. Stop Foreclosure - If you are behind on your current home mortgage and are seeking to stop foreclosure, applying for mortgage refinancing isn't likely to help. Instead, contact your current mortgage provider to see if something can be worked out for you under your current contract. Wanting to stop foreclosure is one thing, refinancing a home mortgage is another. If needed, consult a debt counselor to help you with your financial problems. Shop Around - when refinancing, shop around. You don't have to use your original mortgage provider as another provider may have a much better deal for you. Although a national lender may offer to you an attractive rate, you may do better with a local broker who fully understands local borrowing conditions. Compare Programs - Besides shopping for a mortgage broker, comparing different mortgage programs available by the same broker is important. Any broker worth their salt will share with you the various options that you have including state programs for low and moderate income earners. Read the Contract - Make certain that the loan you are receiving is a total refinance and not a home equity loan. An unscrupulous lender could lure you in with an attractive rate, but you could find yourself with a second mortgage payment instead. While there is nothing wrong with the typical home equity loan, if it is a refinancing that you want, then a home equity loan is not the way you want to go. Prepayment Penalties - Speaking of reading the contract, make sure that there aren't any prepayment penalties written in. Assume nothing; this particular feature could cost you dearly in the long run. Other Options - You may think refinancing is the best way to save money. In some cases this is certainly so, but in other cases a home equity loan could be a smart choice. A Hope equity loan actually increases your monthly debt, but it could be used to pay off other debt [including high interest credit cards] making your overall monthly debt payments lower. Don't use this method if you don't have a long term plan in place to resolve ongoing financial difficulties. Yes, if you are not careful you could be saddled with a mortgage agreement that isn't right for you. You may not be looking to stop foreclosure, but you could be looking for something that is simply a better deal. By taking note of the ten steps as outlined, you could save yourself plenty of money and avoid trouble in the long run. You can find the articles I write available on http://groups.yahoo.com/group/Free-Reprint-Articles as they become available. --------------------------------------------------------------------- Frank Oakerson is licensed loan officer #56753 in the state of Texas. I am available to assist you in purchasing your first home, bad credit mortgage, FHA Loan, VA Loan, etc. At http://www.yourmortgage123.com , you will find a number of informative articles, mortgage calculators, info on VA loans, mortgage refinancing, stop my foreclosure, and getting pre-approved. Stop by and let me get started on a Texas mortgage for your property today. --- END ARTICLE --- Get TEXT or HTML Copy-and-Paste Versions Of This Article at: http://thePhantomWriters.com/free_content/db/o/biggest-mistakes-mortgage-refinancing.shtml#get_code ..................................... 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