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How to Save Thousands of Dollars on Your Home Mortgage, 2nd Edition
-By: Randy Johnson
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So You Want to Refinance: An Insiders Guide to Refinancing Adjustable Rate Mortgages and Home Loans
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Home Mortgage Refinance Applications

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Many homeowners find themselves in the position that may call for a home mortgage refinance loan. This prospect may be a little overwhelming for anyone who remembers the initial process they had to endure when applying for their first mortgage. However, being well prepared in this endeavor will make the application process run very smoothly.

Pre-Approval

Applying for pre-approval with a number of different home mortgage refinance lenders is a great way to ensure that you can get approval without taking too much time in the process. This also offers the other great benefit of having more than one option.

Shopping around for the right refinancing loan is always a good idea. Different companies will have different requirements and programs. You may find that you have access to a few outstanding packages if you take time to shop around. Having pre-approval is a fantastic way to weigh your options.

One word of caution is necessary. If you choose to apply for pre-approval, it is necessary to make sure that these companies are not pulling your credit history from a credit bureau. Each time someone pulls your credit report, your score drops slightly.

Even though the drop in score is minimal, it can have a profound impact on your ability to get a great rate. This is especially true if you are applying to a number of different agencies that each accesses this information. These numbers can add up very quickly.

The only companies that should pull your credit history are ones that have made you a fantastic offer including the best home mortgage refinance rate. In essence, only one or two requests for your credit score should be made. This increases your chances of getting a great deal.

Pre-Pay Penalties

This may be hard to believe but some companies charge you for paying off your loan too quickly. Make certain that your current mortgage lender does not charge pre-pay penalties. Some of the penalties can cost as much as six month’s worth of interest. If you still want to opt for a home refinance loan, you will need to have these funds available.

Interest Rates and Closing Costs

Other considerations include interest rates and closing costs. You may find that a home refinance loan could turn out to be very expensive if these figures are not calculated in the process. The monthly payment may be appealing. However, high closing costs and interest rates can ruin the deal

There are many things to consider in a home refinance loan. Knowing the basics is a great first step in the endeavor.




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