Mortgage Refinansing Help

Mortgage Refinancing Help: Ohio

“Many financial advisers caution against cash-out refinancing to pay down unsecured debt (such as credit cards) or short-term secured debt (such as car loans). You may want to talk with a trusted financial adviser before you choose cash-out refinancing as a debt-consolidation plan. ”

Mortgage Refinancing Help : Business: Financial Services: Banking Services: Banks and Institutions: Associations: United States : Ohio (5)

When it comes to lowering your rates you will need to weight the benefits of having a lower rate vs. paying points up front. You may end up paying a lot more depending on your choice and how long you plan on keeping your mortgage.

See also:

Columbus Mortgage Bankers Association »
List of current members, and comments on legislation and regulations of interest.

Mortgage Bankers Association of Northwest Ohio »
To promote the welfare and success of the member companies, to improve their interaction within our industry and service to the northwest Ohio community.

Community Bankers Association of Ohio »
Links to Ohio and national sites of interest to consumers or to bankers.

Greater Cleveland Mortgage Bankers Association »
Aims to promote the welfare of real estate lenders and mortgage bankers. Site lists officers and a calendar of events.

Ohio Mortgage Bankers Association »
Lists composition of the board of trustees, and also has Ohio mortgage news.

Refinacing your mortgage can allow you to take cash out of the equity which you have built in your home. You can pay off your higher interest debts and pay all of your debts at a lower interest rate. This will allow you to save money on a monthly basis and achieve your financial security.

If you are making payments on a long term loan, say, 30 year mortgage for the past 10 to 20 years, then refinancing to another 30 year loan will not be a good option as it may increase your overall payment.

If there are only a few years left on your current loan, it's no use refinancing with a long term loan. You may need extra cash but with a long term loan, you'll end up paying more for the entire loan term.

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.