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Mortgage Refinancing Help: Finance
“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.
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Mortgage Refinancing Help
: Business: Small Business
: Finance (184)
 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.
 US Bank »
Offers various loan products.
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 Broker Services Network »
Provides business, loan and leasing brokerage services.
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 Credentrust Software »
Offers a web based commercial loan application program.
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 Business.gov : Finance Guide »
Provides links to plain language government resources that help businesses comply with federal regulations and programs concerning government grants, loans, corporate finance and financial reporting.
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 HLC Financial Services, Inc. »
Arranges cash flow solutions, business loans, and healthcare financing.
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 SBA Financing Center »
Financing section of U.S. Small Business Administration site includes information on its various loan programs, forms, studies, workshops, shareware and other resources.
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 Wells Fargo »
Offers a variety of loan products.
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 Business Week Online: Small Business Rate Report »
Provides interest rate surveys and forecasts.
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 Odeon Group, Inc. »
Loan brokers and financial consultants.
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 S.B. Associates »
Provides a free, web-based lease-vs-buy calculator for capital equipment decisions.
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 AdvanceMe, Inc. »
Provider of alternative funding for small and mid-sized businesses.
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 Wes-State Mortgage Inc »
Offers home based business training for commercial loan brokering, residential mortgage brokers, real estate investment, cash flows, credit consulting, and internet marketing.
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 Hyland Financial Group »
Brokers loans for owners of small businesses.
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 BallPark Business Valuation »
Business valuation software for growing small businesses.
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 CIT Group »
Provides SBA guaranteed loan products.
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 Infozap »
Offers guides to federal grants and loans for small businesses.
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 UPS »
Offers a range of finance products.
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 Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with the mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about the amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty.
Unless you are getting a lower interest rate, refinancing your home may cost you more money in the long run and may require you to pay higher monthly payments.
If your property value reduces and you refinance up to 80% of the reappraised value, your original mortgage amount may be higher than this amount. Thus, the new loan will not be sufficient enough to help you pay down the existing one.
When refinancing, don't take the first offer that comes around. Instead you should actively compare both interest rates and lenders.
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