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Mortgage Refinancing Help: Financial Services
“For both new buyers and refinancers, it's important to understand what a no-cost mortgage loan or a no-cost refinance loan really means. "No cost" does not mean that closing costs (also known as settlement costs) have been erased. It means that the closing costs will be factored into the interest rate associated with the loan. Of course, this also means that, all other things being equal, the interest rate associated with a no-cost mortgage will always be higher than one where the borrower pays the closing costs up front.
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Mortgage Refinancing Help
: Regional: North America: United States: Colorado: Localities: P: Pueblo: Business and Economy
: Financial Services (3)
 These days most people request a Good Faith Estimate (GFE), but have no clue what to look for on the GFE. Make sure you request a GFE that has ALL fees estimated and disclosed. This includes: origination points, processing, lender, appraisal, title, escrow... ALL FEES... especially the Yield Spread Premium or YSP.
 Pueblo Horizons Federal Credit Union »
Financial institution for all residents of Pueblo County, with locations and ATMs, products and services, online banking, family programs, community links, and virtual bill paying.
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 Pueblo Government Agencies Federal Credit Union »
Serving Southern Colorado's federal employees and their families. Includes locations, loan and mortgage information, and other financial products.
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 Minnequa Works Credit Union »
Financial cooperative detailing available services, online banking, rate board, loan information, membership requirements, rate calculator, and online check ordering.
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 Refinancing can be the right move to improve your financial situation, but be careful. Making the wrong move can put you much worse off. Smart and simple choices will go a long way toward keeping you financially secure.
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.
Start with your current lender. If you're a good customer-you hold a sizable mortgage, pay on time, and maintain good credit-your existing lender will probably do everything in its power to keep your business. The company may cut you a break on fees for things like appraisals, surveys, and inspections if the information is current and you meet other requirements.
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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