MortgageDirectory.org

Mortgage Directory Articles

Get Free Home Loan Quotes Now!

Fill in the form and in just a few simple steps get quotes from up to four mortgage lenders who are competing for your business.

1. Type of loan

Mortgage Refinance
Debt Consolidation
Home Equity Loan or Line
New Home Loan

2. State


3. Property type


4. Credit Rating:

What to Know About Refinancing Before Paying Additional Costs

by Kristi  Shibata
Mortgage Directory Columnist

As interest rates on flexible mortgages reset, some homeowners armed with flexible mortgages are feeling the pain of increasing monthly payments. Refinancing mortgages to a fixed-rate option is becoming more desirable. But as much time and care went into financing your first mortgage, should also be used to determine if refinancing can really save you money.

Refinancing Comes with a Price

Whether looking to find a better deal or refinancing to make your first mortgage a fixed-rate loan, it is always advised to shop around and compare prices from different lenders. One of the most important items to discuss with your lender upfront is the refinance cost:
  • What is the application fee?
  • What are the estimated closing costs?
  • Are there appraisal fees?
  • Are there loan or origination fees?
Compare your refinancing costs with what you would save each month, and determine how long it would take to break even; based on this, you should assess whether refinancing is worthwhile.

Finding a Mortgage Lender

Lenders are able to negotiate prices and rates and by asking around, you can find the best rate for you. Start off with the company or institution that financed your first mortgage. Since you have established a relationship they might be able to waive fees or otherwise reduce estimated closing costs. You can also search online and find a service that provides refinancing options.

Nothing comes free these days, so it is important to find out how much is going to be taken out of your wallet for closing costs before you have committed to paying them.

Sources: About the Author
Kristi Shibata is a public relations and communication specialist and regular Mortgage Directory columnist. She graduated from University of California, San Diego, with a BA in Communications.

Mortgage Directory || Partner Sites || Contact Us || Site Map ||Privacy Policy|| About Us || Content © copyrighted 2018

Women Moncler meille Padded Jacket Beige Sale Online 2016 Men Moncler malia Jacket Blue On Sale Women Moncler Zip-up Padded Jacket Grey Sale Online 2016 Women Moncler charpal Padded Coat Sale Online 2016 Mens Moncler Quilted Hoodie W Knit Combo Medium Gray On Sale New Moncler Striped Logo Cashmere Gloves Gray On Sale