If your new mortgage rate seems too good to be true then it probably is. Check for hidden fees in your mortgage that will make up that suspicious difference.
If you are paying private insurance on your current mortgage, refinancing may allow you to do away with this unnecessary expense.
Weigh the costs carefully of how long you will be staying in your home vs. how much of a savings you will be getting in a refinance. Make sure you include closing costs in your decision.
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.
Make sure the new title is correct. The fact is, most people never see their deed before it's recorded at the county court house, says Gumbinger. He recommends that you ask the lender if you can review the title to the property before it gets filed, so that you can make sure it's correct.
