Mortgage Refinansing Help

Mortgage Refinancing Help: Business

“Many people with poor credit history look to take out loans from friends and family. While this may be a fairly good short term solution, it might not be the smartest of long term business moves. What you need to do is refinance your mortgage and lower your payment. The best thing you can do for yourself is to shop around. I'd be willing to bet that some banks will give you a better deal on a mortgage refinancing than you think they would. Find out who's got the best rate to get the best deal on your loan. This might take a little legwork, but it could pay off. Finding that right bank to give you the right deal on your refinancing will be worth the effort. ”

Mortgage Refinancing Help : Society: Issues : Business (771)

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.

See also:

Transparency International »
International coalition against corruption in international business transactions and seeking increased government accountability.

Berkman Center for Internet and Society at Harvard Law School »
Weblog addresses issues such as intellectual property, anti-trust actions, and recording industry policies.

Child Slave Labor News »
Information on companies worldwide that are known to use sweatshop labor and child labor. Also some Good companies. Produced by Immaculata High School students.

Joho the Blog »
David Weinberger weblog talks about the Internet, online communities, his book "Everything Is Miscellaneous," and occasionally politics.

The Fairtrade Foundation »
Seeks to tackle the exploitation of workers in developing countries by giving consumers the opportunity to buy products that guarantee a better deal to producers. Information resources and a report on coffee farmers and international trade.

B Corporation »
Provides a framework and certification for companies wishing to benefit society as well as their shareholders.

Multinational Monitor »
Tracks corporate activity, especially in the Third World, focusing on the export of hazardous substances, worker health and safety, labor union issues and the environment.

XAT Peaceful Revolution Network »
A barter organization uses XAT units as an alternative to money to purchase goods and services. Writings on the history of money and a Journey guide.

Robert A. G. Monks »
This former corporate insider and former Maine-based U.S. Congressman has written several insightful looks at how corporations' operations may be inherently destructive to the environment, human beings, and our rights with ideas on improving the situation.

Democracy Watch »
An Ottawa-based non-profit, non-partisan citizen advocacy organization that focuses on democratic reform and government and corporate accountability in Canada.

Fair Trade Federation »
FTF is an association of businesses committed to providing fair wages and good employment opportunities to economically disadvantaged artisans and farmers worldwide. Standards are relevant to corporate operations.

The One and Only Anti-Music Industry Website »
Analyzes, examines, and exposes what it calls "the tasteless and evil practices of the music industry".

undesign - a plan for all seasons »
a plan for all seasons - Reflections on the wisdom of Tibor Kalman, social responsibility, and a designer's role in the digital age.

Expose of The Bilderberg Club »
"...somebody has to take governments' place, and business seems to me to be a logical entity to do it." - David Rockefeller

Business & Human Rights Resource Centre »
Covers over 1000 companies, over 160 countries, over 150 topics. The site is composed of links to a wide range of materials published by companies, NGOs, governments, intergovernmental organisations, journalists, academics, etc. It includes reports of corporate misconduct as well as positive examples of "best practice" by companies.

The Cluetrain Manifesto »
Corporate activists seeking to put a human touch back into the corporate world through the use of technology.

Students against Lethality »
Subscription page of Students for Change, permits networking with other activists on businesses affecting Human Rights.

Harvard Business School - U.S. Competitiveness »
U.S. Competitiveness - Research-led project to understand and improve the competitiveness of the United States: the ability of firms operating in the U.S. to compete successfully in the global economy while supporting high and rising living standards for Americans.

iMedia Connection: How's Your Reputation? »
Article suggests that actively managing what search engines say about your business can head off costly attacks.

Closing costs can be expensive. If you plan on refinancing your home to save money, be sure to take into consideration how much the closing costs on the new loan will cost you.

If your new mortgage rate seems too good to be true then it probably is. Check for hidden fees in your mortgage that will make up that suspicious difference.

It's better to follow the 2% Rule which suggests that you can enjoy the benefits of a home refinance if your mortgage refinance rate is 2% lower than that on your current loan. The interest savings will help you recoup the costs you've paid for the new loan provided you stay in the property for a certain period of time (break-even period). However, there are no-cost as well as low-cost refinance loans wherein the costs are included into the loan. But you can expect comparatively higher rates on such loans. Moreover, these loans are limited when the market is in a credit crunch.

The length of time that you expect to keep the mortgage helps you determine whether it is worthwhile to pay points up front to reduce your interest rate. Unlike points paid on your original mortgage, points paid to refinance may not be fully deductible on your income taxes in the year they are paid.