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Mortgage Refinancing Help: Financial Services
“Pull your credit report from the bureaus and review it for any negative items (late pays, collections etc) and inaccurate detail. Try to dispute negative items and remove them from the report. If required pay off any unpaid debt. Otherwise, you won't get a low rate and may not even qualify. Of course there are lenders in the subprime market who may offer you a bad credit refinance loan, but it's better to avoid them as they'll possible charge higher rates and fees.
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Mortgage Refinancing Help
: Regional: North America: United States: New Hampshire: Business and Economy
: Financial Services (13)
 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.
 See also:
 Mortgage Bankers and Brokers Association of New Hampshire »
Provides newsletter, calendar of meetings and events, updates on legislation, and lists of officers and members.
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 Laconia Savings Bank »
Mutual institution offers personal and commercial banking services. Locations throughout the state.
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 Centrix Bank »
Personalized banking solutions for businesses and consumers, including checking, savings, investing, loans and Internet banking. Headquarters in Bedford with locations throughout New Hampshire.
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 Connecticut River Bank »
Community bank provides personal banking services to individuals and businesses in the Connecticut River Valley.
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 First Colebrook Bank »
Personal and commercial banking. Hours, services, loan application forms, and announcements. Locations in Amherst, Colebrook and Concord.
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 Holy Rosary Regional Credit Union »
Membership is open to select employer groups and associations. Locations in Rochester, Dover, and Farmington.
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 MicroCredit-NH »
Provides training, loans, and networking opportunities to self-employed and small business owners. Lists services, resource links, business success stories, and event calendar.
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 New Hampshire Community Loan Fund »
Non-profit institution provides loans and assistance to low and moderate income NH residents for housing, business opportunities, and community facilities.
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 Clark Mortenson Agency »
Personal and business insurance products plus financial services. Headquartered in Keene with offices in Hanover, Hinsdale, Walpole, Charlestown and Claremont.
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 Woodlands Credit Union »
Not-for-profit financial cooperative. Lists services, current rates, calculators, and fee schedule. Locations in Berlin, Conway, Gorham, and Plymouth.
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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.
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.
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.
Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with the mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about the amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty.
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