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3 Tips That Will Save You Thousands On Your Mortgage Refinance

February 21st, 2009

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Home refinancing is a serious financial decision. If it is done the right way you can save hundreds of dollars every month on your mortgage. If not you can lose thousands in unnecessary costs and interest rates. Below I have included some important things to do to help ensure you refinance a home mortgage the correct way.

1) Know your current mortgage terms and conditions.
Be sure to know the conditions, terms, and rates of your current mortgage first. Look to see if there any early pay off or prepayment penalties in your current loan. A lot of people may be unaware that there is a term in their current mortgage that adds a fee for paying off your mortgage early. With this in mind make sure to check and ten see if it is still worth it to refinance. Take any of these prepayment fees into account when adding up the total cost of refinancing.

2) Get quotes from different lenders, but carefully.
It is best to apply for some kind of pre-approval from a variety of different lenders in order to ensure you are getting the best mortgage rates, terms and conditions you can. Be sure however that the potential mortgage lender is not going to run your credit history during an initial approval application. Too many searches on your credit may look bad and make it harder to refinance at a good rate. Also, take potential lenders closing costs and fees along with terms and conditions of the loan into consideration as well as the interest rate. A low interest rate is wasted with bad terms or conditions.

3) Make sure to choose the correct mortgage lender or bank.
When you have found a offer you like from a potential lender you will need to let them pull your credit history. Next, you should get the rates terms and conditions of the loan and closing costs and feeds written down and signed. This way you will know in advance what you need to pay, do, or can expect

If you are considering refinancing your home mortgage make sure you take all of your options into account before doing anything. Your ultimate goal should be owning your home. Take your time and practice patience. Patience and good research on potential mortgage lenders or banks will make you refinance the right way and that way will save you thousands of dollars.

-M Petrone

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