 |
 |
Five Things You Should Know Before You Refinance
by Gil Mackey
CMR Columnist
 E-mail Friend
 Printer Friendly
It takes time to build up home equity--before you take that cash out of your mortgage, read these tips to make sure you refinance the smart way.
Home Equity Help: the Top Five Mortgage Refinance Tips
- Shop around. Mortgage rates can fluctuate from week to week beyond anyone's direct control, but different lenders charge a different mortgage rate for the same home equity refinance. Shop around to make sure you get the best deal you can.
- Make 'apples to apples' comparisons. It's great to compare loan offers, but make sure you are comparing the same kind of loan, term, and rate. Check for points on each mortgage refinance you consider, as well as closing costs and fees.
- Negotiate. As with any major purchase or investment, it is your responsibility to make sure you get the best deal on your home equity loan or refinance. If you don't ask, you don't get--ask if the rate can be lowered or any fees reduced or waived.
- Know your rescission rights. You have the right to rescind, or back out, of your refinance if you aren't satisfied. If you decide you're not satisfied with the terms of your refinance, you have the right to back out within three days--but you must inform your mortgage lender in writing.
- Review your Truth in Lending Form carefully. When you apply for a loan, your mortgage lender provides a document called the Truth in Lending form. This document outlines all of the costs of your mortgage refinance. Make sure you understand all of the details before you move forward.
About the Author
Gil Mackey has been a writer and artist for the past twenty years. In addition to freelance writing for QuinStreet he writes for his local paper, and lives with his two children in Nevada.
|
 |
|
|
|
|
