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Mortgage Refinancing Help: Agents and Agencies
“Changing the term of your mortgage can help in several ways. First, if you were to refinance your current mortgage from 30 years to 15 years, you will accelerate the rate at which you pay towards principle each month meaning your house will be paid off quicker. Also, you will save an unbelievable amount of money in terms of interest because you would likely be taking 10 to 15 years off the life of your loan. Second, you can also refinance a 15 year mortgage to a 30 year mortgage. It seems like it might not make sense to do this, but if you have an immediate need to free up monthly cash-flow and you don't want to take out a home equity loan, this can work out to your benefit. When you take a 15 year loan and refinance it to 30 years you will have the same balance only the payments can be hundreds of dollars less than the 15 year loan. The only draw back to this is you will pay more in interest over the live of the loan.
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Mortgage Refinancing Help
: Business: Real Estate
: Agents and Agencies (28)
 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.
 Coldwell Banker »
Commercial and residential brokerage with franchises throughout the US, Canada, and Europe; includes searchable database of listings, mortgage options, details on services, and a directory of local offices.
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 The Wilson Group »
Agency with offices in California and Spain; includes listings of residential and commercial properties, as well as businesses for sale.
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 L.J. Hooker »
Agency with locations in Asia, New Zealand and Australia. Includes listings and links to local offices.
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 HomeLife Realty Services »
Residential and commercial agency with locations in Canada, Asia, Germany, and the US. Includes a directory of local offices, listings, and details on franchise opportunities.
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 Prudential Real Estate »
Offers listings of residential, resort, and commercial property in the US, Canada, Australia, and New Zealand; find local offices or franchise opportunities, learn about relocation services, or get moving and selling tips.
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 Realty Executives International »
Full service company with offices in the US, Thailand, Singapore, Africa, Canada, and the Middle East; includes directories of agents and listings, relocation advice, and helpful hints for buyers and sellers.
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 Century 21 Real Estate Corporation »
Agency with franchised offices throughout the United States, Canada, Europe, Latin America, the Middle East and Asia. Find local offices and agents, search listings, or view mortgage rates.
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 DTZ - Debenham Tie Leung »
Debenham Tie Leung
- Serves 110 cities in 30 countries around the world. Features office rentals, residential lease and sales, property and company news, employment opportunities.
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 Realogy »
Parent company of Century 21, ERA, Coldwell Banker, and Sotheby's International Realty. Includes company news, investor center, and business units news.
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 RE/MAX International, Inc. »
Agency with locations throughout the United States, Canada, and Europe. Find local offices and agents, search listings, and find articles for buyers and sellers.
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 GMAC Real Estate »
Agency with locations throughout the United States, Canada, and the Caribbean. Lists local offices and agents, search listings, and articles for buyers and sellers.
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 It is feasible to go for a refinance when you have built up at least 10% equity in your home (For Fannie Mae owned mortgages, the value is 5%). It is also possible for you to choose the option if your equity is less than 5%, but you may have to pay a certain amount of cash in order to make up for the difference in equity.
If there are only a few years left on your current loan, it's no use refinancing with a long term loan. You may need extra cash but with a long term loan, you'll end up paying more for the entire loan term.
Many people with poor credit history look to take out loans from friends and family. While this may be a fairly good short term solution, it might not be the smartest of long term business moves. What you need to do is refinance your mortgage and lower your payment. The best thing you can do for yourself is to shop around. I'd be willing to bet that some banks will give you a better deal on a mortgage refinancing than you think they would. Find out who's got the best rate to get the best deal on your loan. This might take a little legwork, but it could pay off. Finding that right bank to give you the right deal on your refinancing will be worth the effort.
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.
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