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Mortgage Refinancing Help: Financial Services
“Give yourself plenty of time to close. With most refinancings, your file is turned over to a closing or title company, which dictates the closing details. Like the lenders themselves, these firms are swamped when interest rates are low. Moreover, appraisers get backed up and can be difficult to schedule. So don't expect the closing to happen as quickly as anyone promises.
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Mortgage Refinancing Help
: Regional: North America: United States: Colorado: Localities: E: Englewood: Business and Economy
: Financial Services (7)
 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.)
 Buswell Associates, Inc. »
Financial planners and advisory firm. Includes service description, related forms, and newsletter.
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 Colorado Farm Bureau »
Home, business, auto, and life insurance company news, list of services, and contact information.
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 KG-Consultants, Inc »
Offering income tax preparation, estate planning, general accounting, and bookkeeping.
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 Carefully review the estimated closing costs. If you decide to lock in the rate, the lender will send you a "good faith estimate" of your closing costs within three days. Go over the numbers carefully, and compare them to the ones that appear on the final settlement statement (the HUD-1) from your previous mortgage.
Refinancing 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.
Once you know the reason for refinancing, you should ask your mortgage specialist whether or not it would be beneficial for you to refinance at this time or whether it may be more beneficial to wait.
You can ask for a copy of your settlement cost papers (the HUD-1 form) one day in advance of your loan closing. This will give you a chance to review the documents and verify the terms.
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