Need to refinance? Don't know where to start?
Learn exactly what to do. How to save thousands and how protect yourself in the process.
Look, let's cut right to the chase here. Real Estate Refinance loan rates are pretty darn low right now, but because of the weakness in the economy and the enormous foreclosure figures, lenders are not actually making many loans at these great rates.
A lot of lenders throw these rates out there just to tease us but when we take the bait we discover that all those, barely mentioned details can become very painful. Especially if we keep that loan for full term. Sometimes to the tune of an extra $1000 or $1500 a year. Holy crap , folks, over a 30 year loan you are talking about an extra $30000 to $45000!
(Of course, if you are needing to refinance a sub-prime adjustable rate mortgage, you already know that the $1000 a year figure is a pipe dream.)
We are talking about your money! Money you worked for. In order to prevent this from happening, you have got to learn to protect yourself.
So, how can you find your way through all of the mortgage loan terminology and lender doubletalk without being skinned alive? Mostly, you treat your Real Estate Refinance search like any other business deal where making a serious mistake can literally ruin you and your family.
Yeah, I know it's really tough to contact lender after lender and compare all those figures. Tougher still to read and understand all the jargon about terms, etc. But that is exactly what you need to do in order to protect yourself.
Look at it like this. Say you spend one whole day doing your homework, and as a result you save just $40 per month for the next 360 months. That totals $14400 for the days work. Most of us can never earn that kind of money. Why give it to the lender?
Speaking of doing your research. Real Estate Refinance is a fluid system. By that I mean that funds available to lenders fluctuate on a daily basis so rate quotes can change daily. For you, this means that in order to actually compare quotes you need to get them on the same day.
Remember, even if you're desperate and need to do something quick, take a deep breath, and shop around before you commit so that you don't find yourself in a worse situation than you are now in.
