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Mortgage Refinancing Help
: Business: Financial Services: Venture Capital: Regional: North America: United States
: South Carolina (3)
 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."
 See also:
 Watermark Advisors »
Full service mergers and acquisitions advisory firm; includes company profile, client list, and credentials.
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 The Trelys Funds »
Investment group headquartered in Columbia, SC. Includes profile, portfolio, press releases, and investment criteria.
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 Progeny Ventures »
Lexington, SC based fund with specific expertise at working with companies to turn internal IT ventures and projects into independent startup companies. Includes profile, portfolio, proposal form, and contacts.
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 Give yourself plenty of time to close. With most refinancings, your file is turned over to a closing or title company, which dictates the closing details. Like the lenders themselves, these firms are swamped when interest rates are low. Moreover, appraisers get backed up and can be difficult to schedule. So don't expect the closing to happen as quickly as anyone promises.
Stick with a simple loan. It is easier to understand and less likely to get you into trouble. Adjustable-rate mortgages may seem like a way to get a bigger house now or to keep more money now, but when the rates adjust you can get into trouble. Avoid anything with a balloon payment. Just choose a simple 30-year mortgage you can easily afford.
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.
If you are refinancing from one ARM to another, check the initial rate and the fully-indexed rate. Also ask about the rate adjustments you might face over the term of the loan.
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