Mortgage Refinansing Help

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: Financial Services: Banking Services: Credit Unions: Regional: United States : Washington, DC (10)

Don't escrow taxes and insurance. Unless you're undisciplined, avoid putting monies in escrow to cover your property taxes and homeowner's insurance. There's usually a fee for this privilege that runs under 1 percent of the loan amount, in states where it's allowed. "Paying the fee will allow you to time your tax and insurance payments to your benefit," says Bank South's Steve Austin. For instance, you may be able to prepay taxes that are due next year and use those payments to reduce your current tax bill. Moreover, you get to hang onto your money longer. That may be an advantage when interest-bearing accounts start paying more.

Mortgage Refinancing Help: Washington, DC ()

See also:

Bank-Fund Staff Federal Credit Union »
Serving employees of the World Bank Group and select employee groups.

HEW Federal Credit Union »
Serving employees of the Department of Health and Human Services, Department of Education, Food and Drug Administration, United States Public Health Service, Department of Health and Human Services and select employee groups.

HUD Federal Credit Union »
Serving employees of the Department of Housing and Urban Development, and select employee groups.

DC Teachers Federal Credit Union »
Serving public schools and colleges in the District of Columbia.

Transportation Federal Credit Union »
Membership open to DOT, FAA, and other select employer groups.

United States Senate Federal Credit Union »
Serving Senators, staff and families.

Department of the Interior Federal Credit Union »
Branches in Washington, DC and Reston, Virginia. Serving employees of the Department of the Interior and select related groups.

State Department Federal Credit Union »
Membership is open to employees of the Department of State and select employee groups.

Department Of Commerce Federal Credit Union »
Membership is open to select employee groups.

Justice Federal Credit Union »
Membership is open to employees of the US Department of Justice.

If you have bad credit, find a lender who is willing to work with you and offer you reasonable loan terms.

Ask for more than just rates. Bad loan officers will tell you anything to keep you on the phone -- then change the details to suit them later. Instead, make them get real with you! Ask how long they've been in the industry. Probe them about their experience in the industry. Also, ask what their opinion is on the current market and where it's going.

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.

Be Ready. After your loan is approved, you'll need to sign your loan documents and provide a check for any out-of-pocket closing costs. Make sure the funds are available in your account, and be ready to make room in your schedule to read and sign your loan documents as soon as possible.