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Mortgage Refinancing Help
: Business: Financial Services: Credit and Collection
: Skiptracing (16)
 These days most people request a Good Faith Estimate (GFE), but have no clue what to look for on the GFE. Make sure you request a GFE that has ALL fees estimated and disclosed. This includes: origination points, processing, lender, appraisal, title, escrow... ALL FEES... especially the Yield Spread Premium or YSP.
 See also:
 VeriFacts, Inc. »
Illinois based skip location specialists.
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 Skip Trace Pros »
Provides skip tracing, people location, and related services by investigators.
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 Northwest Location Services, Inc. »
Based in Washington State, a small firm that specializes in personal service for clients.
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 Skip Tracer »
Directory of searchable databases available for a fee, or, by link exchange.
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 MasterFiles, Inc. »
Search listings from regional Bell operating companies throughout the US.
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 Search America »
Offers an Internet based search tool that draws from 11 or more data sources.
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 1st Locate »
Provide worldwide skiptrace services.
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 Discreet Data Research »
Providing hard to find information since 1995.
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 International Tracing Services, Inc. »
Serving law firms, banks, creditors, insurance and government agencies since 1967.
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 Players National Locator »
Skip trace service based in St Louis, Mo.
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 How To Disappear »
Tips on evading a skiptrace.
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 OmniTrace »
Locates people for individuals, attorneys, and businesses using a national network of investigators.
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 Infoquest, Inc. »
Idaho based firm offers professional skiptracing for creditors, insurance companies, attorneys and individuals.
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 Accutrac, Inc. »
Skip tracing provided by a large number of trained investigators. Custom corporate trace programs available.
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 Skiptrace Consultants »
Offers on-site, skiptrace training programs.
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 Dataland »
Over 14 years experience providing up to date skiptracing information.
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 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.
Changing the term of your mortgage can help in several ways. First, if you were to refinance your current mortgage from 30 years to 15 years, you will accelerate the rate at which you pay towards principle each month meaning your house will be paid off quicker. Also, you will save an unbelievable amount of money in terms of interest because you would likely be taking 10 to 15 years off the life of your loan. Second, you can also refinance a 15 year mortgage to a 30 year mortgage. It seems like it might not make sense to do this, but if you have an immediate need to free up monthly cash-flow and you don't want to take out a home equity loan, this can work out to your benefit. When you take a 15 year loan and refinance it to 30 years you will have the same balance only the payments can be hundreds of dollars less than the 15 year loan. The only draw back to this is you will pay more in interest over the live of the loan.
The length of time that you expect to keep the mortgage helps you determine whether it is worthwhile to pay points up front to reduce your interest rate. Unlike points paid on your original mortgage, points paid to refinance may not be fully deductible on your income taxes in the year they are paid.
If you have equity built up in your home, and you need cash, you have two choices: get a home equity loan or utilize cash-out refinancing. Each has its pros and cons, so be sure to evaluate your situation carefully prior to making a decision.
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