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: Washington: Localities: Y: Yakima: Business and Economy : Financial Services (7)

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.

Mortgage Refinancing Help: Financial Services ()

See also:

Regional: North America: United States: Washington: Business and Economy: Financial Services (7)

BBM Financial Services »
Financial planning, insurance and investments.

Yakima Federal Savings and Loan Association »
A financial institution with some 75,000 customers.

Apple Valley Mortgage »
Providing mortgage loans and information.

James Ferguson CPA »
A Certified Public Accountant and Certified QuickBooks Pro Advisor.

Central Washington Federal Credit Union »
Open for membership to anyone who lives works or worships in Yakima County. Formerly the Yakima Community Federal Credit Union.

Yakima Valley Credit Union »
Offering savings and checking accounts, loans and credit card services.

Evergreen Collection »
An independently-owned collection agency.

If you are paying private insurance on your current mortgage, refinancing may allow you to do away with this unnecessary expense.

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.

These days most people request a Good Faith Estimate (GFE), but have no clue what to look for on the GFE. Make sure you request a GFE that has ALL fees estimated and disclosed. This includes: origination points, processing, lender, appraisal, title, escrow... ALL FEES... especially the Yield Spread Premium or YSP.

If you have a mortgage, you should keep an eye on rates-especially if you have an adjustable rate mortgage. Getting locked in at a lower, fixed rate can save you hundreds, possibly even thousands, of dollars over the life of your loan.