Refinance your Primary Home
Primary Home Refinance
Refinancing your property is an important decision to make in the lifecycle of ones mortgage. There are myriad strategies when initiating your mortgage refinance inquiry, from as simple as rate and term, to cash out for home improvement and debt consolidation.
Notes Regarding Refinancing
If you owe more than 80% of your homes appraised value, then you may want to take into consideration if you will be paying PMI or MI, or perhaps there are programs where the lender pay for it, make sure to look at the loan estimate and other initial disclosures along with the payment when considering refinancing. A consumer should be educated by the mortgage broker so that you are aware of the benefits and risks associated with refinancing.
Are There Liens or Second Mortgages
If you have a mortgage lien on your property, or a second mortgage, it might prove to be helpful to obtain a current mortgage payoff when refinancing as these items might be required to be paid off by the new lender. Types of liens on a property could include IRS tax, mechanic or local property liens. You may want to inquire and find out the rate that you are being charged for not paying these liens as by consolidating these liens may save you money and lower your overall initial payment, however you should also consider the amount you pay as you may pay more in interest in the long run if you don’t pay enough money towards your new refinance mortgage payment.
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