Mortgage Refinansing Help

Mortgage Refinancing Help: Arkansas

“Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with the mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about the amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty. ”

Mortgage Refinancing Help : Business: Accounting: Firms: Accountants: North America: United States : Arkansas (2)

Be Patient. Processing all of the paperwork that's required for a new loan takes time. Be patient while your loan moves through the system. Protect your credit score by paying your bills and making your mortgage payments on time and not taking on any more new debt than you absolutely have to.

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Regional: North America: United States: Arkansas: Business and Economy: Financial Services (5)

Jones & Co. »
Certified Public Accountants providing personal and corporate accounting services throughout northeast Arkansas. Services include tax return preparation, audits, and business valuation as well as specialized services for financial institutions and construction contractors.

Richard H. Meads »
Company profile and information on accounting services.

Ask the lender or broker for a comparison of the up-front costs, principal, rate, and payments with and without this rate trade-off.

Mortgage can last a lifetime and that extra 1% can add up to literally thousands of dollars over the years. I have friends that are in their 70s and still paying off their home loans. It'll pay off in the long run to make sure you find the best deal possible. Don't let poor credit stop you from refinancing your home.

You can ask for a copy of your settlement cost papers (the HUD-1 form) one day in advance of your loan closing. This will give you a chance to review the documents and verify the terms.

If you are able to get a lower rate that what you currently have, you can save tens of thousands of dollars over the life of your loan. Also, most lenders don't charge as many fees to refinance a mortgage and depending on how much equity you have in your home you may be able to roll the closing costs into your new loan, still have a lower balance than your original loan, a lower rate, and a lower payment.