Mortgage Refinansing Help

Mortgage Refinancing Help: Financial Services

“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. ”

Mortgage Refinancing Help : Regional: North America: United States: Montana: Business and Economy : Financial Services (5)

Ask for the reissue rate on your title work. If you've taken a mortgage within the past two years, or are using the same lender, you might be granted this option, which can save you as much as 70 percent on your title work. An editor at this magazine didn't know about this potential savings when he refinanced his mortgage; fortunately his lawyer did. The savings more than covered the attorney's fees. However, if it's been several years since you took out a home loan, or if you're using a new lender, you'll likely have to pay for a new title.

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Mortgage Refinancing Help: Financial Services ()

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Business: Financial Services (13,117)
Regional: North America: United States: Business and Economy: Financial Services (29)

Galusha Higgins and Galusha »
Certified public accountants.

Montana Municipal Insurance Authority (MMIA) »
A municipal insurance pool consisting of the many incorporated cities and towns in the state. Describes MMIA and its properties and services, and includes FAQ and events.

Anderson ZurMuehlen & Co. P.C. »
Full-service accounting and business consulting CPA firm that offers services ranging from day-to-day accounting tasks to solutions for complex business issues.

Big Sky Western Bank »
Online banking, mortgage loans, checking and savings accounts, CDs.

Glacier Bank »
Locations across the state of Montana.

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.

Mortgage can last a lifetime and that extra 1% can add up to literally thousands of dollars over the years. I have friends that are in their 70s and still paying off their home loans. It'll pay off in the long run to make sure you find the best deal possible. Don't let poor credit stop you from refinancing your home.

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.