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Mortgage Refinancing Help: Business and Economy
“Refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the loan sooner and reduce the term of your loan. For example, adding $50 each month to your principal payment on the 30-year loan above reduces the term by 3 years and saves you more than $27,000 in interest costs.
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Mortgage Refinancing Help
: Regional: North America: United States: South Carolina
: Business and Economy (186)
 Both new homebuyers and refinancers can get free access to the credit reports that lenders use by visiting AnnualCreditReport.com, a website created via Congressional mandate. A free report from each of the three consumer reporting agencies -- TransUnion, Experian and Equifax -- is available at no cost every 12 months. Check for errors; if mistakes are found, don't hesitate to dispute any and all inaccurate and derogatory items.
 See also:
 South Carolina Seafood Alliance »
Composed of local fisherman, merchants, and distributors to provide a central marketing tool for promoting local seafood. Includes photos, interviews and video clips, directory of officers, and related links.
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 Cromer Food Services »
Supplier of vending-related needs and catering for special occasions; includes company history, products, job openings, and contact information.
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 Spirit Telecom »
Columbia based provider of voice, data, internet and network services for wholesale and enterprise customers. Includes locations, services, company history, and access numbers.
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 StrategicPartner, Inc. »
Formerly Sandler Sales Institute; includes contact information for this company providing training in sales techniques and corporate development. Locations in Columbia, Charleston, and Greenville.
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 Ask the company carrying your current title insurance policy what it would cost to reissue the policy for a new loan. This may reduce your cost.
If there is a big difference between the initial interest rate and the APR listed in the ad, it may mean that there are high fees associated with the loan.
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.
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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