Smart Mortgage Refi

by Jill
(Southern California USA)

This is a message for anyone seeking a smart mortgage refi. I was playing tennis with a friend yesterday who just refinanced his home loan and he told me this story.

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He went to the local branch of a large bank where he has his current loan to apply for a mortgage refinance.

In today's environment, banks are much tighter about documented income. Even though he owns his own company, he could document his income. Long story short, the local bank basically was not being very helpful.

So he decided to "look around" at the same bank but in a branch that was not local. He found a mortgage broker out of state willing to work with him. Good news, he just got a 30 year fixed rate mortgage at 4.50% rate, lowered his monthly house payment from about $3500 to $2500 and this included having his property taxes paid.

So looking around is the key and not taking "no" for an answer but find out how to get to "yes". And it may be just as simple as going to a different mortgage broker!

Kate Answers: Smart Mortgage Refi

Dear Jill,

Thank you for contacting Get-Your-Best-Mortgage-Rate.com regarding your friend's smart mortgage refi. I know other Readers will benefit from your contribution.

Take a moment to bookmark this page to your favorites and visit often for more home mortgage financing tips. You can also invite friends to comment on this page or ask a question of their own like you did.

Best Wishes,

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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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You can also ask Kate about your mortgage at How to Find Your Mortgage Lender.

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