Closing costs can be expensive. If you plan on refinancing your home to save money, be sure to take into consideration how much the closing costs on the new loan will cost you.
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.
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.
If you have bad credit, find a lender who is willing to work with you and offer you reasonable loan terms.
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.
