|
Mortgage Refinancing Help: Financial Services
“If you are able to get a lower rate that what you currently have, you can save tens of thousands of dollars over the life of your loan. Also, most lenders don't charge as many fees to refinance a mortgage and depending on how much equity you have in your home you may be able to roll the closing costs into your new loan, still have a lower balance than your original loan, a lower rate, and a lower payment.
”
|
| |
Mortgage Refinancing Help
: Regional: North America: United States: Oregon: Business and Economy
: Financial Services (7)
 Closing costs can be expensive. If you plan on refinancing your home to save money, be sure to take into consideration how much the closing costs on the new loan will cost you.
 See also:
 Oster Professional Group »
CPA firm describes its payroll and tax services, and provides directions to its offices in Burns and John Day.
|
 Credit Union Association of Oregon »
State trade association representing Oregon's state, community, and federally chartered credit unions.
|
 Consumer Credit Counseling Service of Southern Oregon »
Helps people solve debt problems, avoid bankruptcy, and learn new skills to control their finances. Offices in Klamath Falls and Medford.
|
 Jerrold Richards »
Bookkeeping, accounting and programming service for Portland and the Columbia Gorge area.
|
 Boldt, Carlisle & Smith, LLC »
CPAs offering accounting, audit, tax and estate planning services. Offices in Albany, Salem and Stayton.
|
 Aldrich, Kilbride and Tatone, LLP »
Full service certified public accountants offering services regionally. Offices in Lake Oswego and Salem.
|
|
|
 You have a legal right to a good faith estimate. Get a copy of this document and go over it with a fine tooth comb, it will reveal where there is a real problem.
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.
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.
When refinancing, don't take the first offer that comes around. Instead you should actively compare both interest rates and lenders.
|
|