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Mortgage Refinancing Help
: Business: Financial Services: Insurance: Risk Management
: Pools (8)
 Don't rely on published rates. "No one's going to advertise their worst product," says Keith T. Gumbinger of HSH Associates, a Butler, NJ, firm that tracks mortgage rates. "They advertise the best possible rate, which probably gets offered to only the top 10 percent of applicants."
 Civic Assurance »
Wholly owned by New Zealand territorial and regional authorities. Most of these are also clients. Offers fire and general insurance and risk management services.
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 Montana Municipal Insurance Authority (MMIA) »
A municipal insurance pool consisting of the vast majority of incorporated cities and towns in Montana, USA. Site describes MMIA and its properties and services, and includes FAQ and events.
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 Missouri Intergovernmental Risk Management (MIRMA) »
An incorporated association which establishes a protected group self-insurance program for its members. Products and services include property and casualty, liability, workmen's compensation, and risk management services.
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 Oregon Medical Insurance Pool (OMIP) »
Provides medical insurance coverage for residents of Oregon, USA, who are unable to obtain medical insurance because of health conditions. Site describes the Pool and its benefits.
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 Texas Association of Public Schools (TAPS) »
A property and liability insurance pool set up under the Texas Interlocal Cooperation Act. Membership is limited to public school districts, community colleges, and education service centers.
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 Nonprofits' Insurance Alliance of California (NIAC) »
Liability insurance pool for nonprofit organizations in California, USA. Includes coverages, news, and membership information.
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 Rhode Island Interlocal Risk Management Trust »
Provides the Rhode Island, USA, public sector with risk management and insurance services. Site describes the Trust and its membership, and includes events and many articles.
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 California Fair Services Authority (CFSA) »
Provider of pooled casualty and property insurance, risk management, loss control and business services exclusively for fairs in California, USA.
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 If you are making payments on a long term loan, say, 30 year mortgage for the past 10 to 20 years, then refinancing to another 30 year loan will not be a good option as it may increase your overall payment.
Ask for the reissue rate on your title work. If you've taken a mortgage within the past two years, or are using the same lender, you might be granted this option, which can save you as much as 70 percent on your title work. An editor at this magazine didn't know about this potential savings when he refinanced his mortgage; fortunately his lawyer did. The savings more than covered the attorney's fees. However, if it's been several years since you took out a home loan, or if you're using a new lender, you'll likely have to pay for a new title.
You can also save money on your mortgage refinancing by paying "points." This is a fee that effectively lowers the interest rate of your loan. If you plan on staying in your home for a long time, this long-term strategy can be an excellent way to save thousands of dollars.
Many companies in this industry will do what ever they can to get away with charging you as much as they possibly can. Some of the ways they do this is not disclosing all the third party fees involved in a loan such as title insurance, appraisals, pre-paid tax and insurance escrows etc. It is important that you ask the loan officer you're speaking with about third party fees. If you don't they may not tell you and give you a good faith estimate that sounds fair, but at closing you'll find out that you have to pay a couple of thousand dollars more in fees you were unaware of. A good loan officer at a reputable company should have no problem disclosing all fees that pertain to your loan and should also make sure you understand what the fees are for.
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