|
Mortgage Refinancing Help: Washington, DC
“Be Proactive. Your loan representative should keep in contact with you even if there isn't any action on your loan. But do your part to keep the lines of communication open as well. If you don't hear from your loan representative for a few days, pick up the phone and ask for an update. The old adage that the squeaky wheel gets the grease definitely applies in this situation.
”
|
| |
Mortgage Refinancing Help
: Business: Accounting: Firms: Accountants: North America: United States
: Washington, DC (4)
 The majority of your mortgage payment goes toward paying interest. To save an astounding amount of money over the long term, choose a mortgage loan with a lower rate and a shorter payback term. A 15-year mortgage may be just what the financial planner ordered. This type of loan carries a larger monthly payment; but if your budget can withstand the jolt, you can save big bucks over the long haul.
 See also:
 McMaster & Associates, PC »
Washington, DC public accounting firm offering a full range services in the areas of audit, income tax preparation, accounting and consulting. Clients include non-profit organizations, small businesses, professional entities, and individuals.
|
 Chaconas & Wilson »
Firm offering accounting, tax, audit, and consulting services.
|
 Bert Smith & Company »
Full-service CPA firm. Includes newsletter, tools, and events.
|
 JBDavis Company »
Offers tax preparation, financial planning for individuals and small businesses, bookkeeping, and payroll services. Features FAQ.
|
|
|
 Close inactive credit card accounts to improve your credit score, making you eligible for lower interest rate loans. You will need to notify the credit card companies in writing that you wish the accounts closed on your request. Next, check your credit report after 30 days to be sure closed accounts include the comment "Closed at Customer's Request." You want future lenders to know it was your request and not bad credit that closed your accounts. Also, take the time to check for any mistakes in your credit report that could negatively impact your credit score.
Refinancing may not be that useful if you have already used up 90% or more of your home value in taking out a mortgage or any home equity loan. You won't be able to get the best rates available in the market as when you refinance a 90% LTV loan, you will probably require a loan of that value or higher. This will be quite closer to being a 100% financing option and hence mortgage refinance rates will be comparatively higher. Moreover, 100% loans are hardly available in times of mortgage market crisis.
Calculate the financial benefit of refinancing in one, two, or three years. Does the benefit compare with your plans for staying in your home?
Refinancing a mortgage means the owners are paying off their existing mortgage and replacing that mortgage with a new loan. Generally, the costs associated with mortgage refinancing are rolled into the loan, meaning they are added to the existing balance, increasing the loan amount.
|
|