Mortgage Refinansing Help

Mortgage Refinancing Help: Alaska

“Use a mortgage broker. A mortgage broker will show you mortgage products from different banks and mortgage providers. Pick a mortgage broker carefully. If the broker works directly for a company that offers financial products, make sure he shows you clearly why one of these products is better. Mortgage brokers also get a commission on their sales. Find out what the broker's services include and if he charges any fees. Many brokers do not charge fees beyond their commission. Also check the broker's credentials. ”

Mortgage Refinancing Help : Business: Financial Services: Mortgages: Regional: United States : Alaska (5)

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.

See also:

Alaska USA Mortgage Company »
Provides competitive lending programs and local origination services. Features team members, employment opportunities, company history. Based in Anchorage, AK.

Residential Mortgage, LLC »
Offers a variety of home loans. Includes rates, list of loan officers, online application. Multiple office locations statewide.

Homestate Mortgage »
Mortgage lender offers full-service real estate financing.

Titan Mortgage Capital »
Offers conventional, FHA, VA and HUD184 mortgages statewide.

First Rate Financial »
Provides residential, commercial, construction and land mortgages.

Start with your current lender. If you're a good customer-you hold a sizable mortgage, pay on time, and maintain good credit-your existing lender will probably do everything in its power to keep your business. The company may cut you a break on fees for things like appraisals, surveys, and inspections if the information is current and you meet other requirements.

You have a legal right to a good faith estimate. Get a copy of this document and go over it with a fine tooth comb, it will reveal where there is a real problem.

Refinancing can be the right move to improve your financial situation, but be careful. Making the wrong move can put you much worse off. Smart and simple choices will go a long way toward keeping you financially secure.

If you do not plan on staying in the house very long, refinancing may not be in your best interests.