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Mortgage Refinancing Help: Oklahoma
“Don't escrow taxes and insurance. Unless you're undisciplined, avoid putting monies in escrow to cover your property taxes and homeowner's insurance. There's usually a fee for this privilege that runs under 1 percent of the loan amount, in states where it's allowed. "Paying the fee will allow you to time your tax and insurance payments to your benefit," says Bank South's Steve Austin. For instance, you may be able to prepay taxes that are due next year and use those payments to reduce your current tax bill. Moreover, you get to hang onto your money longer. That may be an advantage when interest-bearing accounts start paying more.
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Mortgage Refinancing Help
: Business: Accounting: Firms: Accountants: North America: United States
: Oklahoma (5)
 Once you know the reason for refinancing, you should ask your mortgage specialist whether or not it would be beneficial for you to refinance at this time or whether it may be more beneficial to wait.
 See also:
 Muret CPA, PLLC »
Tulsa firm providing tax, accounting and financial services to individuals, corporations and LLC's. Located in Tulsa.
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 Chambers and Jackson, CPA »
Ardmore full-service professional corporation specializing in the tax incentives associated with former Indian reservations.
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 Hyde & Chisum CPA's, P.C. »
Oklahoma City-based firm. Includes financial articles, calculators, and listing of services.
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 Briscoe, Burke & Grigsby »
Accounting services for commercial, oil and gas, industrial, institutional, not-for-profit organizations, and governmental agencies. Offices located in Tulsa.
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 Lee C. Arbogast »
Public accounting and consulting firm that provides a broad range of professional services to businesses and individuals. Based in Oklahoma City.
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 Calculate the financial benefit of refinancing in one, two, or three years. Does the benefit compare with your plans for staying in your home?
When you do a cash-out refinance you are leveraging the equity in your home in order to receive a lump sum of cash at closing. Many individuals and families use this type of loan if they want to remodel their home, or they have kids that are attending college soon. Veterans and other military personnel can now take advantage of a 100% cashout refinance thanks to the Veterans Benefits Improvement Act of 2008.
Short-term mortgages offer lower interest rates than long-term mortgages. You save money by the lower interest rates and shorter payment period. The trade off is a larger monthly payment, but this option can save you thousands.
If you know that you will be moving in 3 to 5 years, you might want to consider refinancing to a 3 or 5 year ARM (adjustable rate mortgage). These loans typically have a much lower rate that a traditional fixed rate loan such as a 30 year fixed, but they do have a fixed rate for the first 3 or 5 years of the loan. This will enable you to benefit from the lower rate, but you won't ever have to worry about the risk of a rate adjustment because you will be selling the home before the fixed-rate period ends.
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