Mortgage Refinansing Help

Mortgage Refinancing Help: Idaho

“Mortgage can last a lifetime and that extra 1% can add up to literally thousands of dollars over the years. I have friends that are in their 70s and still paying off their home loans. It'll pay off in the long run to make sure you find the best deal possible. Don't let poor credit stop you from refinancing your home. ”

Mortgage Refinancing Help : Business: Financial Services: Banking Services: Credit Unions: Regional: United States : Idaho (15)

If you are paying private insurance on your current mortgage, refinancing may allow you to do away with this unnecessary expense.

See also:

Beehive Federal Credit Union »
Rexburg. Serving select employee groups.

Latah Federal Credit Union »
Moscow. Serving select employee groups.

Pioneer Federal Credit Union »
Mountain Home. Serves civilian employees and military personnel at the Mountain Home Air Force Base.

Potlatch No. 1 Federal Credit Union »
Lewiston. Serving select employee groups throughout Lewiston.

Idaho United Credit Union »
Boise. Serves employees and family members of Idaho Power CompanyUnited Water Company and Meadow Gold Dairies.

Valley Community Credit Union »
Nampa. Serving select employee groups and organizations.

Westmark Federal Credit Union »
Idaho Falls. Serving select employee groups.

Capital Educators Federal Credit Union »
In Boise, Idaho.

Lewis Clark Credit Union »
Lewiston. Serves employees of school districts who work in Nez Perce County and other select groups.

Idaho Central Credit Union »
Chubbuck. Serves select employee groups in Idaho.

Idaho State University Federal Credit Union »
Pocatello. Serving employees, students and faculty of ISU.

TruGrocer Federal Credit Union »
Boise. Serving Albertsons employees and other select groups.

Numerica Credit Union »
Coeur d'Alene. Serves employees of educational entities and other select groups.

Idaho Advantage Credit Union »
Boise. Serves Ada and Canyon county.

Boise U.S. Employees Federal Credit Union »
Boise. Serves civilian employees of the U.S. Government who work from Ada, Adams, Canyon, Valley or Washington counties.

You have a legal right to a good faith estimate. Get a copy of this document and go over it with a fine tooth comb, it will reveal where there is a real problem.

Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with the mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about the amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty.

If your monthly payment on a fixed-rate loan includes escrow amounts for taxes and insurance, your payment each month could change over time due to changes in property taxes, insurance, or community association fees.

If your property value reduces and you refinance up to 80% of the reappraised value, your original mortgage amount may be higher than this amount. Thus, the new loan will not be sufficient enough to help you pay down the existing one.