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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 Tue. September / 22 / 2020
Mortgage and refinance rates today, September 21, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
How to refinance your mortgage in 5 easy steps Fox Business
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. - Bankrate.com
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. Bankrate.com
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low - CNBC
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low CNBC
How to refinance your mortgage without closing costs Fox Business
How often can you refinance your mortgage? Fox Business
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
How and Why to Refinance Your Mortgage: A Step-By-Step Guide ActionNewsJax.com
Refinance your home before December 1 to avoid paying a new fee Business Insider
Should you refinance your mortgage? Tennessean
Mortgage Refinance Calculator Clark.com
Complete Checklist of Mortgage Refinancing Requirements Credible News
When Should I Refinance With a No Closing Cost Mortgage? Clark.com - Clark Howard
Today's best mortgage and refinance rates - Tuesday, August 25, 2020 Business Insider
CardMatch™ | Bankrate Bankrate.com
Clark Howard’s Special Rule for Refinancing Your Mortgage Clark.com - Clark Howard
15-year mortgage rate hits new record low Bankrate.com
Millennials drive huge VA home loan refinance boost in Hampton Roads - The Virginian-Pilot - Virginian-Pilot
Millennials drive huge VA home loan refinance boost in Hampton Roads - The Virginian-Pilot Virginian-Pilot
The Uncommonly Strong Case For Locking a Mortgage Rate Mortgage News Daily
U.S. mortgage rates hold steady at historic low mark Dayton Business Journal
Home buyers: It could pay to wait out for the housing market to open up some more in 2021 - USA TODAY
Your weekly real estate roundup: Atlantic City condo, prepaying on your mortgage, Will Forte's house and more - Press of Atlantic City
Your weekly real estate roundup: Atlantic City condo, prepaying on your mortgage, Will Forte's house and more Press of Atlantic City
5 steps to take after paying off your credit card debt FOX 10 News Phoenix
Fannie's Forecast Sees a Brightening Recovery Mortgage News Daily
Mortgage refinance: Everything you need to know Fox Business
U.S Mortgage Rates Hold Steady thanks to the Dovish FED Yahoo Finance
10 ways to save money on a tight budget Bankrate.com
It’s a Great Time for Co-ops to Refinance, If… Habitat magazine
Mortgage Applications Dip in Mid- September World Property Journal
When should you refinance your mortgage? Fox Business
How to get the best mortgage refinance rates Fox Business
10 things to know before refinancing your mortgage Fox Business
State firm caps cheap mortgage at Sh4 million Business Daily
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
Fed's mortgage-buying spree at $1 trillion with no end in sight Pensions & Investments
Lenders Upbeat About Profits, Loan Demand Mortgage News Daily
Student Loan Refinancing Rates Hit Another New Low Credible News
Compare Today's Mortgage Refinance Rates: Sep 21 Credible News
How to get a low-cost mortgage refinance Bankrate.com
Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette
How does mortgage refinancing work? Bankrate.com
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You - The Wall Street Journal
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You The Wall Street Journal
What Is a Mortgage? Everything to Know About Home Loans Credible News
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch