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Refinance Mortgage: The Basics Explained
Refinance Mortgage: The Basics Explained
When it’s time to think about your refinance mortgage options, what should you know and how do you make the correct decisions?
Los Angeles,
CA,
United States of America
(prbd.net)
09/04/2010
When it’s time to think about your refinance mortgage options, what should you know and how do you make the correct decisions? It’s more than guesswork and you can greatly increase the odds that you’ll refinance (or not) at the right time if you take time to consider some specific points.
www.mortgagerefinance.fm
Start by knowing your current mortgage interest rate. You can find this listed on your loan papers or your lender should be able to tell you. If you have a variable rate mortgage, you won’t have a set interest rate, but that’s also an important piece of information.
Next, find out the rate you’ll be offered if you get your mortgage refinanced. A word of caution – don’t simply take a look at the interest rates being offered and assume you’re going to get those rates. Ask about your specific situation. Lock a lender into a particular rate before you start the process.
Compare the rate of your current mortgage with that you’re being offered, but also consider the terms of the loan. For example, if you have a variable rate loan, you may find the benefits of having a fixed rate mortgage are sufficient to warrant a mortgage refinance, even if the rates you’re paying aren’t that much different from what you’re being offered.
To learn more about refinance mortgage and obtain a free quote, please visit Mortgage Refinance at:
www.mortgagerefinance.fm