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Mortgage Refinancing Help
: Science: Technology
: Energy (1,730)
 Be Realistic. Lenders have tightened up loan requirements, so you'll need a good credit score and at least some equity in your home to refinance. To figure out how much equity you have, subtract the total amount that you owe on all of your existing mortgages from how much you think your home is worth. If your credit is severely impaired or you owe more than the value of your home, you probably won't be able to refinance right now.
 See also:
 International Energy Annual (IEA) »
Data summary for world energy production, consumption, price and carbon dioxide emissions.
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 DOE: Office of Science and Technology Information (OSTI) »
Access to a collection of scientific and technical information from U.S. Department of Energy (DOE).
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 U.S. Department of Energy (DOE) »
Governmental department whose mission is to advance energy technology and promote related innovation in the United States.
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 Wikipedia: Energy »
Free encyclopedia article explaining the scientific notion of energy. Includes units of measure, energy transformation concepts, types of energy, history and uses.
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 DOE: Energy Information Administration (EIA) »
Section of the U.S. Department of Energy (DOE) providing statistics, data, analysis on resources, supply, production, consumption for all energy sources.
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 DOE: Energy Science and Technology Virtual Library »
Collections of scientific and technical information from the U.S. Department of Energy (DOE) with a distributed searching capability.
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 Phoenix Science Foundation »
Dedicated to bringing new energy and propulsion technologies through the prototype and manufacturing stages, by providing funding and launch leadership.
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 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.
Before you refinance a loan, make sure that you carefully analyze any fees that your lender is including on the loan. The Department of Housing and Urban Development can provide you with a list of standard fees. Use it to make sure that your lender isn't tacking on anything extravagant. And by all means, compare their fees with other lenders in the market.
If you are making payments on a long term loan, say, 30 year mortgage for the past 10 to 20 years, then refinancing to another 30 year loan will not be a good option as it may increase your overall payment.
You can ask for a copy of your settlement cost papers (the HUD-1 form) one day in advance of your loan closing. This will give you a chance to review the documents and verify the terms.
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