| |
Mortgage Refinancing Help
: Business: Investing
: Payment Associations (11)
 Be specific about the loan you want. The more precise you are, the easier it will be for a loan officer or mortgage broker to find the best rate. For example, do you want a 15-year or 30-year mortgage? Do you need a "jumbo" mortgage (more than $333,700)? Are you willing to pay points to reduce the interest rate? The answers to these questions will depend on several factors, including when you plan to sell the house and how soon you want to retire your debt. Only you know the answers, but the sooner you know them, the better.
 See also:
 Australian Payments Clearing Association »
APCA manages Australian payments clearing and settlement systems, policies, regulations and procedures.
|
 Association for Payment Clearing Services »
Information about UK money transmission, payments and clearings.
|
 Electronic Payments Network »
Private Automated Clearing House Operator owned and governed by financial institutions that provides processing services for all types of financial institutions.
|
 Swiss Euro Clearing Bank »
Connects euroSIC, the clearing system for payments in Euro in Switzerland, to TARGET.
|
 South Africa - Payments Association of South Africa »
Payments Association of South Africa
- Providing a safe and sound payment system to the whole South African banking community.
|
 Committee on Payment and Settlement Systems »
The secretariat of the CPSS at the BIS.
|
 SWIFT »
Society for Worldwide Interbank Financial Telecommunication supplies secure messaging services and interface software to wholesale financial entities.
|
 Swiss Interbank Clearing »
The central CHF payment system.
|
 Electronic Payment Services Company »
Consortium of major banks in Hong Kong dedicated to the use of electronic fund transfers to reduce cash and cheque transactions.
|
 Clearing House Inter-Bank Payments System »
A subsidiary of the New York Clearing House, CHIPS is a bank-owned competitor to FedWire.
|
 Canadian Payments Association »
Contains the rules used by Canadian deposit-taking financial institutions for clearing cheques and for electronic payments.
|
|
|
 If you have a mortgage, you should keep an eye on rates-especially if you have an adjustable rate mortgage. Getting locked in at a lower, fixed rate can save you hundreds, possibly even thousands, of dollars over the life of your loan.
There is no such limit on the number of times you can go for home refinance loans. Most lenders prefer that you have no late payment for the past 12 months before you switch over to a new loan.
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.
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.
|
|
