It is not necessarily an easy decision to get a mortgage refinance. You probably have weighed all other options before concluding that this might be the best course of action for you to take. Once you have decided to refinance your mortgage, it might be time for you to start figuring out the best mortgage refinance company from whom you would wish to borrow money. Although the application process for a first mortgage and a mortgage refinance are almost similar in nature, you would need to approach the matter from a different angle on your second mortgage and consider your options from a different point of view.
Just as it was with your first mortgage, you would probably want to consider the best refinance rates you could get for your second mortgage. It is advisable that you take the following steps to gain some idea on the possible refinance rates you could actually get:
i) Checking out national rate
Different states have different interest rates. Depending on the state where you reside, it would probably help you more to check the national mortgage refinancing rate.
ii) Inquiring about purchasing points
Generally refinancing means you might be able take a loan at a lower interest rate to pay off your old loan. Depending on the mortgage refinance options that you have considered, you could probably get your second mortgage approved with a significantly lower interest rate. However, this does not mean that you automatically get to pay less every month. It might be important for you to get your creditors to clarify whether you will need to pay for the buying down of the interest rate or not. It could be that you are able to get a low interest rate because your creditor will write it up as your purchasing points to get the low interest rate. The fees for purchasing points are rarely included in the introductory interest rate. This is why it could be one of the most important things you might need to be sure of because if it turns out that you might actually have to pay extra for the purchasing points, you would probably end up having to spend thousands of dollars for the purchasing points alone.
iii) Closing costs
In many cases, if you opt to refinance your mortgage with the very same lender from whom you borrowed for your first mortgage, they will more than likely be very glad to assist you in any way they can especially if you have been a good paymaster. After all it is easier for financial institutions to keep old customers to come back for their business rather than venturing out to find new clients. If you play your cards right, you probably could get your creditors to lower or dismiss the closing costs of refinancing your home mortgage. So it may be important for you to be up-to-date in your mortgage payments in order to create a good impression on your creditors.
iv) Comparing and negotiating
Sometimes it could also be a good idea for you to compare interest rates offered by lenders other than your current one. You can compile all the information you have on the different interest rates and use that as the basis of your negotiation with your current lender in order to get your current lender to at least consider to give you a lower interest rate than what is available in the market. They would in all probability prefer to keep the business they are already doing with you rather than let you go off to other lenders so the chances of you getting your way might be quite good.
Of course you might have to remind yourself to use a mortgage refinance calculator to determine how much you could actually afford to spare every month if you are on a mortgage refinance program before you start comparing interest rates. By doing so, you will be more focused and may be able to concentrate on the range of interest rates that you can afford rather than blindly comparing figures without knowing the head or tail of the situation.
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- Mortgage refinance rates ? Refinancing mortgage, save money
- Find Out the Lowest Home Affordable Mortgage Refinance Rates
Source: http://www.rai-chertkoff.com/2012/02/11/a-comparison-of-mortgage-refinance-rates/
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