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Mortgage Refinancing Help
: Regional: North America: United States: Tennessee: Regions: Northeast Tennessee: Business and Economy
: Financial Services (4)
 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.
 See also:
 Lowland Credit Union »
State chartered, NCUA insured financial institution owned and controlled by a diversified group of members in East Tennessee. Locations in Newport, Lowland, and Morristown, Tennessee.
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 State of Franklin Savings Bank »
Offers online banking, and information on personal, business, and mortgage banking. Offices in Johnson City and Kingsport.
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 Heritage Insurance Group, Inc. »
Independent insurance agency, with locations throughout the Tri-Cities region of Northeast Tennessee. Heritage is a 'full service' insurance agency, offering all lines of insurance coverage, including home, auto, business, bonds, life, health, and other financial services.
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 Time & Pay »
Locally owned, full-service payroll provider. Offers payroll and timekeeping solutions for businesses of all types and sizes providing payroll for thousands of employees throughout Northeast Tennessee and Southwest Virginia. Johnson City, TN.
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 Ask for more than just rates. Bad loan officers will tell you anything to keep you on the phone -- then change the details to suit them later. Instead, make them get real with you! Ask how long they've been in the industry. Probe them about their experience in the industry. Also, ask what their opinion is on the current market and where it's going.
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.
It is feasible to go for a refinance when you have built up at least 10% equity in your home (For Fannie Mae owned mortgages, the value is 5%). It is also possible for you to choose the option if your equity is less than 5%, but you may have to pay a certain amount of cash in order to make up for the difference in equity.
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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