Mortgage Refinansing Help

Mortgage Refinancing Help: By State

“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.) ”

Mortgage Refinancing Help : Regional: North America: United States: Business and Economy: Financial Services : By State (0)

When refinancing, don't take the first offer that comes around. Instead you should actively compare both interest rates and lenders.

Alabama@ (3)
Alaska@ (2)
Arizona@ (9)
Arkansas@ (5)
California@ (20)
Colorado@ (0)
Connecticut@ (21)
Delaware@ (3)
Florida@ (12)
Georgia@ (6)
Hawaii@ (4)
Idaho@ (1)
Illinois@ (10)
Indiana@ (4)
Iowa@ (28)
Kansas@ (7)
Kentucky@ (7)
Louisiana@ (5)
Maine@ (1)
Maryland@ (7)
Massachusetts@ (9)
Michigan@ (3)
Minnesota@ (31)
Mississippi@ (8)
Missouri@ (0)
Montana@ (5)

Nebraska@ (5)
Nevada@ (2)
New Hampshire@ (13)
New Jersey@ (3)
New Mexico@ (2)
New York@ (10)
North Carolina@ (5)
North Dakota@ (5)
Ohio@ (11)
Oklahoma@ (4)
Oregon@ (7)
Pennsylvania@ (8)
Rhode Island@ (2)
South Carolina@ (12)
South Dakota@ (0)
Tennessee@ (2)
Texas@ (6)
Utah@ (11)
Vermont@ (8)
Virginia@ (10)
Washington@ (7)
Washington, DC@ (9)
West Virginia@ (8)
Wisconsin@ (20)
Wyoming@ (4)

If you are paying private insurance on your current mortgage, refinancing may allow you to do away with this unnecessary expense.

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.

If you are refinancing from one ARM to another, check the initial rate and the fully-indexed rate. Also ask about the rate adjustments you might face over the term of the loan.

Stick with a simple loan. It is easier to understand and less likely to get you into trouble. Adjustable-rate mortgages may seem like a way to get a bigger house now or to keep more money now, but when the rates adjust you can get into trouble. Avoid anything with a balloon payment. Just choose a simple 30-year mortgage you can easily afford.