Why Consider Mortgage Refinancing your Home?

• Locking in your interest rate that is lower than you currently have.
• Consolidating high interest credit cards and loans will reduce your overall monthly expenses.
• Improve your personal cash flow and credit rating.
• Get better terms by leveraging the equity in your home.
• If you have a great credit score.

Mortgage Refinancing Tips

• Check your credit score with all three credit reporting agencies first: Equifax, Experian, and TransUnion.
• Longer amortization's will reduce your monthly payments.
• Refinance your highest debt first (credit cards, auto loans, home equity loans, etc..).
• To determine if refinancing will save you money, compare both the total costs to refinance and interest rates.
• A lower interest rate gives you less interest to deduct on your income tax, which may increase your tax payments and decrease your total savings from refinancing.
• Generally, the lower the interest rate, the more points the lending institution will charge.
• While shopping around for a lender, ask each for a list of charges and costs you must pay at closing.
• Watch out for an unreasonable pre-payment penalty.
  

Subprime Mortgage Refinancing Tips

If you had bad credit history, no down payment or difficult to prove income and are either looking to get approved for a home mortgage loan, or have been approved by a sub prime mortgage lenders check out these tips:

• Get a second opinion on the interest rate with sub prime mortgage lenders. They can vary greatly, from 7-12+%.
• Watch out for a steep pre-payment penalty.
• If you are getting behind in payments, don't ignore the problem; the lender will work with you.
• Find your loan document and review them, check out the timelines.
• Review the foreclosure laws in your State.
• Don't use foreclosure services, use your money to make payments!