Mortgage Refinansing Help

Mortgage Refinancing Help: Associations

“Be Realistic. Lenders have tightened up loan requirements, so you'll need a good credit score and at least some equity in your home to refinance. To figure out how much equity you have, subtract the total amount that you owe on all of your existing mortgages from how much you think your home is worth. If your credit is severely impaired or you owe more than the value of your home, you probably won't be able to refinance right now. ”

Mortgage Refinancing Help : Business: Financial Services: Credit and Collection: Collection Services : Associations (12)

Before you refinance a loan, make sure that you carefully analyze any fees that your lender is including on the loan. The Department of Housing and Urban Development can provide you with a list of standard fees. Use it to make sure that your lender isn't tacking on anything extravagant. And by all means, compare their fees with other lenders in the market.

Credit Services Association »
The UK national association for debt recovery agencies and allied professional credit services.

Business Products Credit Association, Inc. »
Not-for-profit trade association for credit persons of manufacturers, wholesalers and factors.

The Norwegian Association of Debt Collectors »
An association in Norway that represents the interest and profession of the collection agencies.

American Collectors Association »
An international trade association of third-party debt collection businesses.

The Institute of Credit Management »
European association of credit management representing members from general trading, consumer and export credit as well as in related activities such as collections, credit reporting, credit insurance and insolvency practice.

Hong Kong Credit and Collection Management Association »
An association representing the interests of third party collection and outsourcing agents as well as individual credit and collection practitioners in Hong Kong.

Institute Mercantile Agents Ltd. »
A national association representing the professional interests of investigators, process servers, debt collectors, security agents, repossession agents and law stationers in Australia.

California Association of Judgment Professionals, Inc. »
Organization in California dedicated to the education and advancement of the Judgment Recovery Industry.

Federation of European National Collection Associations »
An association representing member companies in 11 European countries in the collection industry.

California Association of Collectors, Inc. »
The state affiliate unit association that represents third party collectors having offices in California.

League International for Creditors »
An international association of independent debt collectors, credit reporters, law firms and credit managers. Based in Switzerland.

International Association of Commercial Collectors »
Trade association comprised of collection specialists and commercial attorneys.

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.

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.

If you want to make sure the interest rate your lender offers you is the rate you get when you close the loan, ask about a mortgage lock-in (also called a rate lock or rate commitment). Any lock-in promise should be in writing. Make sure your lender explains any costs or obligations before you sign.

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.