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What the Bank Won't Tell You About Mortgage Refinancing
So you have a mortgage, and you need to refinance to get your
interest rates low. Most people simply walk into their bank, ask
to refinance, and then end up paying more money long term than
they would have otherwise. Some banks would like everyone who is
refinancing to remain ignorant, but I am here to tell you what
banks don't want you to know. Refinancing can be very beneficial,
but one has to understand the terms of the deal, and be very
careful when choosing a bank.
One mistake many people make is going to the bank and deciding
to refinance before actually looking at the home loan. Some think
that their interest rates are too high, and they have too many
debts, so refinancing is the only option. Be sure to look at the
numbers, and then go over those exact same numbers with your
financial advisor. After discussing it, you can then decide to
refinance. It is always a good idea, even after you go over the
numbers, to ask your bank, "Do I need to refinance?" They cannot
lie to you, but they can withhold information. Banks do not want
you to understand that fact. Asking questions is one of the best
things you can do. Banks love to let customers make bad
decisions. As a financial advisor, banks are obligated to tell
you the best possible course of action, but not required.
Unfortunately, some banks simply want profit, and so the
customer's financial situation is not of the utmost
importance.
It is up to you then to be informed about all aspects of your
financial situation before you walk into the bank. It is
advisable to know just as much, if not more than the bank does.
Banks take advantage of the uninformed. Some want their customers
to be uninformed, because the uninformed individual poses no
threat and can be manipulated easily. An uninformed person may
accept the banks offer simply because the interest rates are
lower. However, some banks try to give lower interest rates for
refinancing, but let the consumer end up paying more over the
lifetime of the loan. Additionally, banks can expose you, as a
borrower, to greater risks than you had with your previous
mortgage with a higher risk loan.
Along with understanding your own financial situation,
understand the terms being offered by the bank. The bank does not
want you to "read the fine print" because you might find
something that you don't like, and they would have to change it,
or get a new customer. All aspects of the new loan have to be
made available to you. Again, all the information about your loan
is made available. You, as the customer, just have to seek it.
Most customers simply look over the terms of a new loan briefly,
merely focusing on the interest rate. They then sign on the
dotted line. Simply "skimming" the terms of a loan is never a
good idea. Banks won't tell you, but it is always a good idea to
understand the loan more intricately than even the bank
itself.
Refinancing a mortgage is a large financial commitment. It is
important to be as informed as possible on all aspects of your
own finances and the deal offered in the loan. Banks do not what
you to know that they are required to provide all the information
to you. Also, as your financial advisor, they are obligated to
offer information, but not required. However, when asked
directly, if they lie to you, they can be in a whole world of
trouble. Knowledge is the single most important thing to have
when refinancing. If you know what to watch out for when
refinancing, and what banks have to tell you, then you will have
the upper hand. Having the upper hand will allow you to refinance
your mortgage in a way that is best for you financially.
Paul Ashter enjoys giving advice on personal finance. Learn
more at Mortgage Lowdown ( http://www.mortgagelowdown.com
).
 MORE RESOURCES updated Thu. February / 09 / 2012
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