Always Make Sure You Read The Fine Print
When Refinancing Your Mortgage. This Is One Of The Most Common
Mistakes People Make
The Key to MORTGAGE Refinancing Bliss is in the Fine Print
You’ve heard it a thousand times. No obligation!
No credit-check! You’ve been pre-approved! Normally
you would throw these letters in the trash, but the thought
of having your own private book room or equipment room is
just too tempting to toss to the side (not to mention that
you really could use the extra cash). After all, with interest
rates as low as they are, maybe it is time to rethink your
position on refinancing your mortgage. But are you aware that
there may be penalties waiting for you if you do?
If you’re like most homeowners, then you probably don’t
have a clue what I’m talking about. Penalties are not
the highlight of the home-buying conversation with the mortgage
company. In our excitement, we usually tend to forgo the fine
print and hidden clauses and hastily sign our name without
fully knowing what costs are involved further down the road.
For example, did you know that refinancing your loan or making
extra payments on your mortgage could end up costing you thousands
of dollars in penalties?
These penalties, affectionately known as “prepayment
penalties,” come in two varieties: hard and soft. In
most cases, “hard” prepayment penalties are associated
with selling homes and “soft” prepayment penalties
deal strictly with refinancing. Though they differ depending
on how your mortgage is set up, both penalties mean that you
are going to have to pay out extra money should you decide
to refinance with a new lender, refinance with your current
lender, pay off your loan earlier than intended, or sell your
home altogether.
Don’t wait until you are sitting at the lender’s
desk to find out about the hidden clause on page 30 of the
mortgage contract you signed twelve years ago. As a homeowner,
it is your responsibility to be informed about what options
are available to you and the penalties associated with those
options. By thoroughly reading your mortgage loan contract,
researching clauses that you aren’t familiar with, and
asking questions, you can become more informed about the refinancing
process and ultimately save yourself time, effort, and money.
Directory
Benefits of Home Equity Loans
Did you know most home equity loans don't have any
closing costs and have tax deductible interest? Find out more
here.
Building
Equity
Any homeowner will tell you that there are tremendous
advantages to building equity in your home. It doesn't matter
if you want to borrow against it for an investment property,
want to add a pool in back, or want a little out for a nice
vacation. It's your money, you decide what to do with it.
Debt
Consolidation
Don't let your debt situation control your life. Get
a handle on it now and reap the benefits of being in control
of your finances while putting some extra cash in your pocket.
Key
to Refinancing
Don't let those fast talking brokers intimidate you.
This guide will explain what you need to get started talking
"their language".
Lenders
Are Ready, Are You?
Find out what you must do in order to prepare yourself
to be approved. Most people know a copy of their credit report
will be needed. Do you know what else?
So
Many Lenders
There are several options for choosing a mortgage lender.
This guide will point you in the right direction.
Understanding
Mortgage Rates
There are fixed rates, adjustable rates, points, and
the like. Don't be confused by these terms. Let us simplify
it for you.
Mortgage
Calculators
Use this guide to calculate your mortgage loan payment.
Commercial
Mortgage Checklist
Things might change a little when you start dealing
with commercial mortgages. However, there are still certain
requirements and conditions to be met.
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site to successfully refinance your home mortgage. All the
useful articles, tips, and resources and be found here.
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