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Mortgage Refinancing Help

Mortgage Refinancing Help: Personal Finance

These days most people request a Good Faith Estimate (GFE), but have no clue what to look for on the GFE. Make sure you request a GFE that has ALL fees estimated and disclosed. This includes: origination points, processing, lender, appraisal, title, escrow... ALL FEES... especially the Yield Spread Premium or YSP.

 

 
           
Mortgage Refinancing Help : Home : Personal Finance (733)

 

 

 

Mortgage Refinancing TipIf you are planning to stay in your home for several years, then you can save money by paying points for lower interest rates. You pay up front fees to ensure you have lower interest payments over the course of your loan. Remember, this only works if you keep your mortgage for several months.



Mortgage Refinancing Help: Personal Finance ()

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Mymoney.gov - Financial Literacy Education CommissionMymoney.gov - Financial Literacy Education Commission »
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International Foundation for Retirement Education (InFRE)International Foundation for Retirement Education (InFRE) »
A not-for-profit educational foundation dedicated to empowering working Americans with the motivation and capability to save and plan for a successful retirement.
 
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Tool Menu - Links to various kinds of useful financial calculators.
 
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News and advice on money issues.
 
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Forbes.com - Personal FinanceForbes.com - Personal Finance »
Personal Finance - Financial information previously published in the print version of Forbes.
 
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Public radio business and economic news and commentary.
 
About.com: Financial PlanningAbout.com: Financial Planning »
Information on personal financial planning, including budgeting, savings, investing, retirement, insurance, and taxes.
 
AARP - Money and WorkAARP - Money and Work »
Money and Work - Discussion of money matters in considerable depth, especially those related to people who have retired or are planning to in the near future.
 
The Motley FoolThe Motley Fool »
Investing information and an enjoyably useful site. Updated hourly.
 
Yahoo! FinanceYahoo! Finance »
Personal finance, investing tips and news.
 
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Smartmoney.com: Personal FinanceSmartmoney.com: Personal Finance »
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MarketWatch: Personal FinanceMarketWatch: Personal Finance »
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Federal Reserve Board: Consumer InformationFederal Reserve Board: Consumer Information »
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CCH Financial Planning ToolkitCCH Financial Planning Toolkit »
Information to manage one's personal finances, including investments, insurance, risk and asset management strategies, and tax, retirement and estate planning.
 
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MsMoney.comMsMoney.com »
Resource for women to learn about financial planning, personal finance and investing.
 
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CNBCCNBC »
Headline news, articles, reports, stocks and quotes, message boards, and a stock ticker.
 
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American Savings Education CouncilAmerican Savings Education Council »
A coalition of government and industry institutions to educate people on all aspects of personal finance and wealth development, including credit management, college savings, home purchase, and retirement planning.
 
Epinions: FinanceEpinions: Finance »
Consumer-generated reviews, buying tips and advice, ratings, price information, and searchable in a variety of ways from price to product type.
 
CNN/MoneyCNN/Money »
Combines practical personal finance advice, calculators and investing tips with business news, stock quotes, and financial market coverage from the editors of CNN and Money Magazine.

 


 
      


Mortgage Refinancing TipYou 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.
 

Mortgage Refinancing TipRefinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the loan sooner and reduce the term of your loan. For example, adding $50 each month to your principal payment on the 30-year loan above reduces the term by 3 years and saves you more than $27,000 in interest costs.
 

Mortgage Refinancing TipCalculate the financial benefit of refinancing in one, two, or three years. Does the benefit compare with your plans for staying in your home?
 

Mortgage Refinancing TipMany 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.
 

   

   


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