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Mortgage Refinancing Help: News and Media
“Carefully review the estimated closing costs. If you decide to lock in the rate, the lender will send you a "good faith estimate" of your closing costs within three days. Go over the numbers carefully, and compare them to the ones that appear on the final settlement statement (the HUD-1) from your previous mortgage.
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Mortgage Refinancing Help
: Business: Financial Services: Banking Services: Credit Unions
: News and Media (7)
 It is feasible to go for a refinance when you have built up at least 10% equity in your home (For Fannie Mae owned mortgages, the value is 5%). It is also possible for you to choose the option if your equity is less than 5%, but you may have to pay a certain amount of cash in order to make up for the difference in equity.
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 If you have a mortgage, you should keep an eye on rates-especially if you have an adjustable rate mortgage. Getting locked in at a lower, fixed rate can save you hundreds, possibly even thousands, of dollars over the life of your loan.
Almost 30 million Americans qualify for a VA Loan. With a VA Loan, you can qualify for a VA Streamline Refinance. You may also be able to refinance your home with an FHA Streamline refinance.
There are literally thousands of mortgage companies all over the country. It is important that you choose a reputable one. Most reputable companies will be part of the Better Business Bureau or other community watchdog group. Good companies will also have websites that rank well on search engines such as Yahoo and Google.
Get your interest rate and closing costs in writing as soon as you decide on a lender to work with. Get your lender to give you a commitment in advance of all of the costs that will be involved with your loan. Find out if the refinance loan you are getting has a pre-payment penalty as well. Sometimes lenders will leave out important information like this, if they think it might scare you away from refinancing with them.
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