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Mortgage Refinancing Help
: Regional: North America: United States: Maine
: Business and Economy (206)
 Don't escrow taxes and insurance. Unless you're undisciplined, avoid putting monies in escrow to cover your property taxes and homeowner's insurance. There's usually a fee for this privilege that runs under 1 percent of the loan amount, in states where it's allowed. "Paying the fee will allow you to time your tax and insurance payments to your benefit," says Bank South's Steve Austin. For instance, you may be able to prepay taxes that are due next year and use those payments to reduce your current tax bill. Moreover, you get to hang onto your money longer. That may be an advantage when interest-bearing accounts start paying more.
 See also:
 Dragon Concrete »
Supplier of ready-mix concrete with 10 ready-mix batch plants located strategically throughout Maine.
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 Maine International Trade Center »
Offers services to businesses trading internationally. Features programs, resources, membership, news, internship, and trade statistics.
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 Consumer Protection Unit »
Consumer issues and mediation tools for businesses.
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 Women, Work, and Community »
Works to improve the economic lives of Maine women and their families through workforce, asset management and business development.
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 Chiltons Furniture »
Produces affordable copies of Shaker inspired furniture. Catalog and links to Shaker Sabbath Day Lake Village. Located in Freeport and Portland.
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 Plumbing, Heating, Cooling Contractors of Maine »
Statewide information and association for the plumbing related industry.
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 MaineContractors.com »
Directory of carpenters, plumbers, electricians, and other contractors located in the state.
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 American Concrete Industries »
Offers Shawnee Steps and stair systems for the home, cottage or terrace. Located in Auburn and Bangor.
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 Maine Women Business Owners »
Directory of women business owners across the state.
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 Mr. Paperback Online »
A family owned and operated chain of 13 bookstores located throughout central and northern Maine.
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 Better Business Bureau »
Provides Massachusetts, Maine and Vermont consumer information, the latest alerts, warnings or advisories and mediates problems between consumer and business.
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 Workout Fitness »
Exercise equipment store offering treadmills, home gyms, climbers, playground, exercise bikes and service. Locations in South Portland and Bangor.
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 EBS Building Supplies »
Eleven stores statewide selling hardware, lumber, and home decor.
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 The majority of your mortgage payment goes toward paying interest. To save an astounding amount of money over the long term, choose a mortgage loan with a lower rate and a shorter payback term. A 15-year mortgage may be just what the financial planner ordered. This type of loan carries a larger monthly payment; but if your budget can withstand the jolt, you can save big bucks over the long haul.
Resist "no cost" refinancing. No cost doesn't mean free. On the contrary: The closing costs are usually bundled into the new mortgage, which means you pay interest on them. The fees associated with a 30-year mortgage could cost you more than double what they would have had you simply written a check for them at closing. Or, if the costs aren't bundled in, you'll be charged a slightly higher interest rate. Either way, the lender wins.
Short-term mortgages offer lower interest rates than long-term mortgages. You save money by the lower interest rates and shorter payment period. The trade off is a larger monthly payment, but this option can save you thousands.
If you have equity built up in your home, and you need cash, you have two choices: get a home equity loan or utilize cash-out refinancing. Each has its pros and cons, so be sure to evaluate your situation carefully prior to making a decision.
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