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Refinancing Your Home Mortgage New York

Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage payments. You can save money on your payment or pay off your entire mortgage faster when you have better terms

Local Companies

Mary Collins Real Estate, Inc.
(845) 687-0911
Route 213 East
High Falls, NY

Bourdeau Financial
866-530-7300 ext 732
920 Albany Sjaker Rd
Latham, NY

The Binghamton Mortgage Company
607.262.0054
4747 Vestal Parkway
Vestal, NY

Prioirity Funding, Ltd.
631-224-8990
265 East Main st
East Islip, NY

1031 Investment Services LLC
(914) 447-3785
12 Ackerman Court
Croton on Hudson, NY

Battery Park Reality
(212) 786-1789
21 South End Avenue
New York, NY

Feldman Weinstein
(212) 869-7000
420 Lexington Avenue
New York, NY

Advisors Mortgage Group, LLC
631-804-9044
300 Garden City Plaza
Garden City, NY

Priority Funding Ltd
631-224-8990
265 East Main St
East Islip, NY

1. Apply for a pre-approval to many different lenders to make sure you are getting the lowest rate possible. When you do this, make sure that with the initial pre-approval application, the lender is not pulling your credit history. You will want to reserve your credit pull for the lender that you are most likely to work with. You can decide that after you have gone through the preliminary pre-approval process with a few lenders. Each time your credit is pulled, it docks your credit score just a little. If you have too many inquiries, it could keep you from refinancing your mortgage loan with the lowest rate possible. When you pre-apply for home mortgage loans online, most lenders or mortgage service companies will not initially pull your credit. Check for information about this on their website. They will usually tell you whether or not they are going to pull your credit. Also, if on the application you do not give them your social security number, they cannot pull your credit. If, on the application, they ask you to describe your credit, they are probably not pulling your credit.

2. Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with the mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about the amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty.

3. When evaluating different lender offers, in the mortgage loan pre-approval process, pay closest attention to the interest rates they are offering & the closing costs. These are the two biggest factors that will help you figure out which lender is right for you. If one of these two factors is too high, it could offset the benefit of refinancing for you.

4. Get your interest rate and closing costs in writing as soon as you decide on a lender to work with. Get your lender to give you a commitment in advance of all of the costs that will be involved with your loan. Find out if the refinance loan you are getting has a pre-payment penalty as well. Sometimes lenders will leave out important information like this, if they think it might scare you away from refinancing with them.

About the Author:

Carrie Reeder is the owner of http://www.abcloanguide.com. ABC Loan Guide is an informational loan website with informative articles, the latest finance news and lists of recommended mortgage lenders.

carrie@abcloanguide.com

Article Source:

thePhantomWriters Article Submission Service

Featured Local Company

Mary Collins Real Estate, Inc.

(845) 687-0911
Route 213 East
High Falls, NY
http://www.marycollinsrealestate.com

Read more about Refinancing Your Home Mortgage

- Home Refinancing New York

Knowing whether now is the right time to refinance should be more than just considering current interest rates. Find out some factors which you should consider when deciding home refinancing.

- Facts About Refinancing New York
- Mortgage Refinancing Benefits New York
- Risks Of Home Mortgage Refinancing New York
- Determining Best Time For Home Mortgage Refinance New York
- Responsible Refinancing New York
- Home Loan Rate And Refinancing New York
- Home Loan Refinancing New York
- Refinancing With Cash Out New York
- Types of Home Refinance Loans New York

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- Risks Of Home Mortgage Refinancing New York

Are there risks involved in home mortgage refinancing? In this article, you'll learn about refinancing risk factors.

- Determining Best Time For Home Mortgage Refinance New York
- Home Loan Refinancing New York
- Responsible Refinancing New York
- Mortgage Refinancing Benefits New York
- Refinancing With Cash Out New York
- Home Refinancing New York
- Facts About Refinancing New York
- Types of Home Refinance Loans New York
- Home Loan Rate And Refinancing New York

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