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Mortgage Refinancing Help
: Regional: North America: United States: Colorado: Localities: C: Colorado Springs: Business and Economy
: Financial Services (6)
 Refinancing a mortgage means the owners are paying off their existing mortgage and replacing that mortgage with a new loan. Generally, the costs associated with mortgage refinancing are rolled into the loan, meaning they are added to the existing balance, increasing the loan amount.
 Colorado Springs Credit Union »
Includes details about savings and share draft accounts, automobile and home loans and debit and credit cards, with current interest rates and membership information.
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 Ent Federal Credit Union »
A community credit union, includes locations and hours, available services, loan rates, investing and insurance, financial tools, and online banking.
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 Team Strategy, LLC »
Financial management consultants featuring articles, market watch, loan information, and financial tools.
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 Peoples National Bank »
Bank online, apply for credit and financing online, home mortgage loans, business loans, merchant accounts, business checking accounts, saving accounts and smart investment accounts.
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 The Pikes Peak National Bank »
Bank history, details about free checking accounts, consumer and commercial banking information.
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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.
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.
Refinancing may not be that useful if you have already used up 90% or more of your home value in taking out a mortgage or any home equity loan. You won't be able to get the best rates available in the market as when you refinance a 90% LTV loan, you will probably require a loan of that value or higher. This will be quite closer to being a 100% financing option and hence mortgage refinance rates will be comparatively higher. Moreover, 100% loans are hardly available in times of mortgage market crisis.
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.
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