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Mortgage Refinancing Help
: Home: Personal Finance
: Philanthropy (11)
 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.
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 Wise Giving to Charities »
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(July 18, 2003)
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 So You Want to Donate to Charity? »
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 American Institute of Philanthropy »
A nonprofit charity watchdog organization that helps donors make informed giving decisions.
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 Guardian: Voluntary Sector »
Recent news regarding issues about charities and their leadership. UK.
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 BBC Inside Out - Charity Scam »
Charity Scam
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(March 03, 2003)
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 BBB Wise Giving Alliance »
Reports on nationally soliciting charitable organizations (USA) that are the subject of donor inquiries. These reports include an evaluation of the subject charity in relation to the voluntary BBB charity standards.
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 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.
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.
Resist "no cost" refinancing. No cost doesn't mean free. On the contrary: The closing costs are usually bundled into the new mortgage, which means you pay interest on them. The fees associated with a 30-year mortgage could cost you more than double what they would have had you simply written a check for them at closing. Or, if the costs aren't bundled in, you'll be charged a slightly higher interest rate. Either way, the lender wins.
If you are making payments on a long term loan, say, 30 year mortgage for the past 10 to 20 years, then refinancing to another 30 year loan will not be a good option as it may increase your overall payment.
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