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Mortgage Refinancing Help: Real Estate
“If your monthly payment on a fixed-rate loan includes escrow amounts for taxes and insurance, your payment each month could change over time due to changes in property taxes, insurance, or community association fees.
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Mortgage Refinancing Help
: Regional: North America: United States: North Carolina: Metro Areas: Raleigh-Durham-Chapel Hill: Business and Economy
: Real Estate (10)
 It's better to follow the 2% Rule which suggests that you can enjoy the benefits of a home refinance if your mortgage refinance rate is 2% lower than that on your current loan. The interest savings will help you recoup the costs you've paid for the new loan provided you stay in the property for a certain period of time (break-even period). However, there are no-cost as well as low-cost refinance loans wherein the costs are included into the loan. But you can expect comparatively higher rates on such loans. Moreover, these loans are limited when the market is in a credit crunch.
 See also:
 Research Triangle Park »
Home to research and development related organizations such as IBM, Cisco Systems, Inc., the Research Triangle Institute, and Glaxo Wellcome. RTP is owned and developed by the Research Triangle Foundation.
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 Fonville Morisey »
Realty company serving the Triangle area offers home search, agent directory, and relocation assistance. Offices in Raleigh, Durham, Cary, and Garner.
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 York Simpson Underwood »
Offices in Raleigh and Cary. Agent profiles, area information, listings, and office locations.
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 RE/MAX United »
Agency offering services to buyers and sellers. Includes listings, agent directory, company overview. Offices in Raleigh, Cary and Knightdale.
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 Apartmentbook.com »
Features apartment community listings for Raleigh, Durham, Cary, Apex, and Chapel Hill.
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 Raleigh Regional Association of Realtors »
Trade organization for real estate agents in the Triangle. Features membership services, professional standards, education courses, and bylaws.
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 MILLI Group »
Offers residential and commercial sales plus property management and mortgage services. Includes featured listings and agents. Locations in Cary and Raleigh.
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 Triangle Apartment Association, Inc. (TAA) »
Non-profit organization composed of local apartment community owners, property, management companies, and vendors. Features mission, education, news, calendar, legislative updates.
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 Triangle Commercial Association of Realtors (TCAR) »
Serves commercial real estate professionals in the Triangle. Includes events, membership, advertising opportunities, and member database.
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 Coldwell Banker Howard Perry and Walston »
Real estate company with offices in Raleigh Durham, Chapel Hill,Cary and Garner. Information on agents, locations and listings.
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 If you are making payments on a long term loan, say, 30 year mortgage for the past 10 to 20 years, then refinancing to another 30 year loan will not be a good option as it may increase your overall payment.
Close inactive credit card accounts to improve your credit score, making you eligible for lower interest rate loans. You will need to notify the credit card companies in writing that you wish the accounts closed on your request. Next, check your credit report after 30 days to be sure closed accounts include the comment "Closed at Customer's Request." You want future lenders to know it was your request and not bad credit that closed your accounts. Also, take the time to check for any mistakes in your credit report that could negatively impact your credit score.
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.
When evaluating different lender offers, in the mortgage loan pre-approval process, pay closest attention to the interest rates they are offering & the closing costs. These are the two biggest factors that will help you figure out which lender is right for you. If one of these two factors is too high, it could offset the benefit of refinancing for you.
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