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Mortgage Refinancing Help
: Regional: North America: United States: South Carolina: Localities: C: Charleston: Business and Economy
: Real Estate (85)
 If you are planning to stay in your home for several years, then you can save money by paying points for lower interest rates. You pay up front fees to ensure you have lower interest payments over the course of your loan. Remember, this only works if you keep your mortgage for several months.
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 There is a refinancing myth that says you should not refinance your mortgage unless your interest rate will be at least two points less. This myth is not necessarily true if there are other benefits to the refinance or other reasons behind it.
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 Prepared. You'll probably be asked for more information and documentation after you submit your application, but before your loan is approved be prepared to document your income and assets. Answer any questions and fax documentation to your loan representative as soon as possible.
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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