Refinancing Advice Protect Yourself
by Rose Marie
(GA USA)
Ask Kate: Refinancing Advice To Protect Yourself So you are going to refinance your home, not a bad decision with the way today's mortgage rates are falling. However you want to make sure you do not fall for any gimmicks and that you protect yourself.
You need to start by getting your interest rate in writing and requesting a guarantee that if rates drop one percentage point within a sixty day time frame that you will have the option to get the lower rate.
In addition check out your closing cost, make sure that you can re-coup the cost within a reasonable amount of time.
And last but not least, see if you can consolidate any outstanding debt you may have, you would be surprised at what a difference this can make to your bottom line.
Kate Answers: Refinancing Advice To Protect Yourself
Hi Rose Marie,Thanks for the insightful refinancing advice. With mortgage interest rates lower than I can remember, there are going to be a lot of refinances.
I agree with you. A lot of heartache can be avoided if borrowers read, question and understand their mortgage rate lock agreements.
I hope you'll come back to my website Get Your Best Mortgage Rate again in the future. So remember to bookmark Get Your Best Mortgage Rate to your favorites and visit often for up to date homeowner tips, news and refinancing advice.
You can also invite friends to comment on this page or create a page of their own like you did.
Best Wishes,
P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.
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Finding The Help You Need For Locking Rates
My Interest Rate Lock Guarantee - Help for timing your rate lock.
The best solution to avoiding hidden fees is to ask the right questions before you lock mortgage rates.
All about getting mortgage broker fees in writing - Otherwise your rate lock is meaningless!
How good is a mortgage interest rate lock guarantee? In the end, you have to read your lender's paperwork.
Because Yield Spread Premium is a common reason for losing your rate lock, here is the insider scoop on this odd sounding term.
Questions to Ask BEFORE You Lock
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Search Readers' questions and Kate's answers at Mortgage Rate Lock Center
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