Shop for that loan. <\/strong><\/p>\nUnless you have absolute faith in your current lender, do shop around. Different lenders have different programs available to them \u2013 and different lenders impose different fees.<\/p>\n
In fact, some lenders have what are commonly called \u201cjunk fees.\u201d These are fees added to pad your closing costs and increase the lender\u2019s profits. They can come wrapped up in \u201cnonrecurring closing costs,\u201d which include processing and underwriting fees, credit reports, title fees, and origination fees.<\/p>\n
The bottom line: You need to compare both rates and fees in order to learn the true cost of a refinance.<\/strong> And, unfortunately, you need to check with all your chosen lenders on the same day. This is because rates fluctuate from day to day. If you check with Lender A on Tuesday and don\u2019t apply with Lender B until Friday, you may not be comparing apples to apples.<\/p>\nHas a lender offered you a \u201cNo-cost\u201d refinance? <\/strong><\/p>\nIf so, beware. Remember that nothing is really free. Someone has to pay, and in the case of a refinance, that someone will be you.<\/p>\n
All it means is that the lender is hiding the fees somewhere else \u2013 as in a higher interest rate.<\/p>\n
The only way to know which lender is offering you the best deal is to do all the calculations<\/strong> \u2013 figure out your total up-front costs, the down payment required, and the monthly payment.<\/p>\nDo explore all your options. <\/strong><\/p>\nAsk your lender to show you all the programs you qualify for and to show you the merits of each. For instance, if you\u2019re not planning to stay in your home indefinitely, an adjustable rate mortgage might be the best choice because the interest rate will be exceptionally low in the first few years.<\/p>\n
And, while a 30-year fixed rate mortgage might be the safest in many ways, if you can afford higher payments, you might save thousands of dollars by choosing a 15-year mortgage. Remember, since a large portion of each payment goes to interest, the payment on a 15-year loan won\u2019t be double the payment on a 30-year loan.<\/p>\n
Last but not least \u2013 Consider service. <\/strong><\/p>\nWhile dollars spent or saved will be your primary concern, service is also important. Choose a lender who will answer all of your questions in detail, return your phone calls promptly, and take the time to help you explore all of your options. Remember that you may need to call the lender with a future issue, so choose someone who is always willing to take time for you and treat you and your money with care and respect.<\/p>\n
Don\u2019t ever commit to working with a lender who tries to intimidate you, ignores your calls, brushes aside your questions, or \u201ctalks down\u201d to you.<\/p>\n
Here at Homewood Mortgage, the Mike Clover Group, we pride ourselves on offering the best rates and terms available in Texas. We enjoy talking with our clients and making sure that you\u2019re fully informed about every detail regarding your mortgage loan. That\u2019s probably why our clients come back again and again \u2013 and why real estate agents all over Texas refer clients to us.<\/p>\n
So if you\u2019re ready to consider a refinance, get in touch. We\u2019d love to help you explore your options.<\/p>\n
Call us at<\/strong> 800-223-7409<\/strong><\/p>\n![\"mike-clover-group-email-signature-muy-grande\"](\"http:\/\/www.mikeclover.com\/blog\/wp-content\/uploads\/2016\/10\/Mike-Clover-Group-Email-Signature-muy-grande-300x183.jpg\")
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Mortgage Banker<\/p>\n
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Homewood Mortgage,LLC<\/p>\n
O: 469.621.8484<\/p>\n
C: 469.438.5587<\/p>\n
F: 972.767.4370<\/p>\n
18170 Dallas Parkway<\/p>\n
Ste. 304<\/p>\n
Dallas, TX 75287<\/p>\n
NMLS# 234770<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Just because you missed the rock-bottom interest rates doesn\u2019t mean you shouldn\u2019t consider a refinance. Rates are still historically low, so you can potentially put hundreds of dollars back in your pocket each month. But\u2026 you need to be … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts\/592"}],"collection":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/comments?post=592"}],"version-history":[{"count":3,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts\/592\/revisions"}],"predecessor-version":[{"id":1008,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts\/592\/revisions\/1008"}],"wp:attachment":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/media?parent=592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/categories?post=592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/tags?post=592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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