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Mortgage Refinancing Help
: News: Current Events: Business and Economy
: Business and Society (16)
 Lenders like pristine credit reports. If you have a bunch of open credit card accounts that you never use (and who doesn't?), consider closing them. It will boost your credit score and make you a much more attractive borrower to a lender. Then, a month after you've closed your accounts, go over your credit report with a fine-tooth comb. It should read that the accounts were closed at your request. (You don't want lenders to think someone cut you off and that you're a bad credit risk.)
 See also:
 Corporate Watch Magazine (UK) »
News, investigative information and analysis from activist, anti-corporate organization based in the UK. (Separate from another Corporate Watch organization in the US)
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 Public Citizen »
Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts. We fight for openness and democratic accountability in government, for the right of consumers to seek redress in the courts; for clean, safe and sustainable energy sources; for social and economic justice in trade policies; for strong health, safety and environmental protections; and for safe, effective and affordable prescription drugs and health care.
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 GreenMoney On-Line Guide »
Promotes the awareness of socially and environmentally responsible business, investing and consumer resources.
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 Program on Corporations, Law & Democracy »
Articles and analysis of role of corporations in society, by organization of progressive activists.
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 Acton Institute: Markets & Morality »
Promotes scholarly exploration of the relationship between economics and morality, both on the theoretical and practical level.
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 The U.S. Chamber of Commerce »
News, commentary and information from perspective of business as a primary source of progress and social prosperity.
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 Busipoli.com »
Progressive News e-Magazine critical of the relationship between business interests and politics.
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 Surviving the Bottom Line »
Website companion to PBS series with Hedrick Smith on how the new economic realities are affecting workers and other people. Covers the new power of investors, layoffs and downsizing and the winners and losers in today's economy.
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 SustainableBusiness.com »
News, resources, insight and inspiration to accelerate momentum toward a "green economy."
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 Good Money »
Information about socially responsible investing
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 Fast Company »
Covers the new economy and workplace for people who believe in fusing tough-minded performance with human values.
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 Ask for more than just rates. Bad loan officers will tell you anything to keep you on the phone -- then change the details to suit them later. Instead, make them get real with you! Ask how long they've been in the industry. Probe them about their experience in the industry. Also, ask what their opinion is on the current market and where it's going.
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.
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.
Ask the company carrying your current title insurance policy what it would cost to reissue the policy for a new loan. This may reduce your cost.
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