In a recent article, real estate marketing guru, Jason Cardiff shared some helpful home refinancing tips that I had never seen published before. Cardiff suggests taking out a note-pad and writing down the three most important goals the homeowner is seeking from the mortgage refinance loan.
o Reduced Home Loan Payment
o Increased Cash Flow from Savings
o Money for Consolidating Credit Card Debt
o Refinance ARM into a Fixed Rate Loan
Rarely do homeowners list things like, stretching the length of the loan term or increase your mortgage debt with an increased mortgage balance, but often that’s exactly what some of these borrowers end up accomplishing. Remember to hold true to whatever goals you listed on paper. Make sure the lender and is aware of your home refinancing goals and hold them accountable for delivering the loan terms that were quoted in the loan disclosures and “good faith estimate.”
Use mortgage refinancing as an opportunity to save money by locking in lower interest rates that are fixed for the duration of the loan term. In most cases you should increase your cash flow simply by reducing the monthly mortgage payments. If you have the option to consolidate credit card debt or adjustable rate credit lines into your mortgage without the “cash-out” feature raising the interest rate, take it. Heed the advice from Jason Cardiff Tips and compare loan offers from various lenders because rates and lending costs vary significantly.
If a lending company denies your loan application, consider a loan modification. Foreclosure prevention services have turned into a billion dollar business. You can either contact from your existing lender directly or attempt to negotiate a loan workout yourself or locate a loan modification company that will negotiate with the lender on your behalf. Read the complete article > Tips for Mortgage Refinancing.
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