Mortgage Refinansing Help

Mortgage Refinancing Help: Financial Services

“Be Proactive. Your loan representative should keep in contact with you even if there isn't any action on your loan. But do your part to keep the lines of communication open as well. If you don't hear from your loan representative for a few days, pick up the phone and ask for an update. The old adage that the squeaky wheel gets the grease definitely applies in this situation. ”

Mortgage Refinancing Help : Regional: North America: United States: Tennessee: Regions: East Tennessee: Business and Economy : Financial Services (8)

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.

Mortgage Refinancing Help: Financial Services ()

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Regional: North America: United States: Tennessee: Business and Economy: Financial Services (2)

Citizens National Bank »
Community bank based in Athens, with four offices in McMinn County, four in Monroe County, and one each in Roane and Anderson counties. Includes information about products and services.

First Peoples Bank of Tennessee »
Local bank serving Jefferson, Hamblen and Knox counties in East Tennessee. Information about locations and products and services.

Consumer Credit Union »
Greeneville-based institution describes services available to people who live, work, worship or attend school in Greene, Hamblen, Jefferson, Claiborne, Cocke or Hancock Counties.

Knoxville TVA Employees Credit Union »
Details of membership qualifications; location maps and hours for offices in Knoxville, Maryville, Kingston, Sevierville, Morristown, and Kingsport; rates; and other topics.

ChoiceDATA »
Provider of consumer and business credit reports for credit grantors, landlords, employers, and other businesses. Offices in Knoxville and Chattanooga.

First Century Bank »
Locally owned bank with long history in Claiborne County, also with locations in Sneedville, North Knoxville, and Maynardville.

Commercial Bank »
Full-service bank with locations in Claiborne, Union, and Knox Counties. Site describes services, locations, and online banking.

SouthEast Bank & Trust »
Locally owned and operated bank based in Athens, Tennessee, with locations in Cleveland, Decatur, Dayton, Spring City, and Ten Mile.

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.

Carefully review the estimated closing costs. If you decide to lock in the rate, the lender will send you a "good faith estimate" of your closing costs within three days. Go over the numbers carefully, and compare them to the ones that appear on the final settlement statement (the HUD-1) from your previous mortgage.

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 do not plan on staying in the house very long, refinancing may not be in your best interests.