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Mortgage Refinance - Tips to Help You Cut Fees and CostsSaving 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.
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 and refinance rates: March 6, 2021 | Rates fall Business Insider Best mortgage refinance lenders in 2021 Bankrate.com Best cash-out refinance lenders in 2021 Bankrate.com Today’s refi rates mixed – March 8, 2021 Bankrate.com Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money Q13 FOX (Seattle) Are you Missing Out On Savings? CBS News 8 How to refinance an FHA loan | Mortgage Chase News & Stories Mortgage Recast: How to Reamortize and Save Money Credible News Can Closing Costs Change On The Closing Disclosure? The Mortgage Reports 2021 Maine first-time homebuyer assistance programs Bankrate.com 3 signs you should refinance your mortgage right now Fox Business How do I get the most out of my mortgage refinance? Fox Business 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 Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business What are the hidden costs of refinancing a mortgage? 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 Mortgage refinance applications soar despite a new fee that increases the cost Pittsburgh Post-Gazette How to refinance your mortgage in 5 easy steps Fox Business Refinancing your mortgage? Don’t make this mistake Fox Business Despite low mortgage interest rates, homeowners should research the caveats before refinancing Seattle Times The best mortgage refinance lenders of March 2021 Business Insider 4 ways to get lower mortgage refinance rates Fox Business 5 reasons to refinance your mortgage right now HousingWire How to Refinance Your Home | Home Lending Chase News & Stories 10 things to know before refinancing your mortgage Fox Business Complete Checklist of Mortgage Refinancing Requirements Credible News 3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool 10 tips for getting the best mortgage refinance rate, from checking your credit report to choosing the right lender Business Insider How a mortgage refinance affects your net worth Fox Business Jumbo Mortgage Refinance Rates for March 2021 NextAdvisor
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