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Mortgage Refinance - Tips to Help You Cut Fees and Costs
Saving money through a mortgage refi is more than just finding the lowest interest rates. You can further cut fees and costs through the structure of your loan, avoiding PMI, and buying lower interest rates.
Close Credit Card Accounts
Close inactive credit card accounts to improve your credit score, making you eligible for lower interest rate loans. You will need to notify the credit card companies in writing that you wish the accounts closed on your request.
Next, check your credit report after 30 days to be sure closed accounts include the comment "Closed at Customer's Request." You want future lenders to know it was your request and not bad credit that closed your accounts. Also, take the time to check for any mistakes in your credit report that could negatively impact your credit score.
Avoid The Hidden Cost Of PMI
When refinancing a mortgage, as many as 30% of homeowner's cash out part or all of their home's equity. By investing in home improvements or paying off credit cards, this can be a smart. But, if you are borrowing more than 80% of your home's value, you will be hit with private mortgage insurance, costing you hundreds a year.
Pay Points Now
If you are planning to stay in your home for several years, then you can save money by paying points for lower interest rates. You pay up front fees to ensure you have lower interest payments over the course of your loan. Remember, this only works if you keep your mortgage for several months.
Choose A Short-Term Loan
Short-term mortgages offer lower interest rates than long-term mortgages. You save money by the lower interest rates and shorter payment period. The trade off is a larger monthly payment, but this option can save you thousands.
Ask About Fees
Fees are a hidden cost of many mortgage loans. By law, lenders must disclose fees within three days of a loan application. Fees can go by many names like - document prep fees, courier fees, administrative fees, and more.
When comparing refi options for your mortgage, request a list of fees from several lenders. Add these fees with the interest of a loan. With these figures, you may be surprised that the cheapest loan didn't have the lowest interest rate.
To view our recommended sources for refinance mortgage loans online, visit this page: Recommended Refi Mortgage Lenders Online.
Carrie Reeder is the owner ABC Loan Guide, an informational website about various types of loans.
MORE RESOURCES updated Sat. March / 06 / 2021
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 - Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 Fox Business
Can refinancing a mortgage hurt my credit score? Fox Business
Today's mortgage refinance rates see little change as market holds steady | February 25, 2021 - Fox Business
Today's mortgage refinance rates see little change as market holds steady | February 25, 2021 Fox Business
Best cash-out refinance lenders in 2021 Bankrate.com
3 signs you should refinance your mortgage right now Fox Business
Mortgage Recast: How to Reamortize and Save Money Credible News
Today's mortgage and refinance rates: February 14, 2021 | Rates down Business Insider
Refinance Loans Propel Yet Another Increase In Home Mortgage Lending Activity During Fourth Quarter Of 2020 - PRNewswire
Refinance Loans Propel Yet Another Increase In Home Mortgage Lending Activity During Fourth Quarter Of 2020 PRNewswire
What Is a Mortgage and How Does It Work? | Mortgage 101 The Mortgage Reports
What Are The Benefits Of Cash-Out Refinancing? Is It Worth It? The Mortgage Reports
Can Closing Costs Change On The Closing Disclosure? The Mortgage Reports
How Long Does Underwriting Take? Is 'No News Good News'? The Mortgage Reports
Can You Use A 203K Rehab Loan For An Investment Property? The Mortgage Reports
The Lending Issue: Ready, Set, Close! Chicago Agent magazine
Top 5 mortgage refinance questions answered Fox Business
How to decide if you should refinance your mortgage Fox Business
Pros and cons of a cash-out mortgage refinance Fox Business
How to refinance your mortgage Fox Business
Mortgage refinance: Everything you need to know Fox Business
How do I get the most out of my mortgage refinance? Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now - Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business
Who's exempt from the new mortgage refinance fee? Fox Business
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 - Forbes
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
Mortgage refinance applications soar despite a new fee that increases the cost - Pittsburgh Post-Gazette
Mortgage refinance applications soar despite a new fee that increases the cost Pittsburgh Post-Gazette
What are the hidden costs of refinancing a mortgage? Fox Business
4 ways to get lower mortgage refinance rates Fox Business
The best mortgage refinance lenders of March 2021 Business Insider
Refinancing your mortgage? Don’t make this mistake Fox Business
Despite low mortgage interest rates, homeowners should research the caveats before reﬁnancing - Seattle Times
Despite low mortgage interest rates, homeowners should research the caveats before reﬁnancing Seattle Times
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low - CNBC
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low CNBC
How a mortgage refinance affects your net worth Fox Business
5 reasons to refinance your mortgage right now HousingWire
Complete Checklist of Mortgage Refinancing Requirements Credible News
10 things to know before refinancing your mortgage Fox Business
3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool
Jumbo Mortgage Refinance Rates for March 2021 NextAdvisor
10 tips for getting the best mortgage refinance rate, from checking your credit report to choosing the right lender - Business Insider
10 tips for getting the best mortgage refinance rate, from checking your credit report to choosing the right lender Business Insider