2015 Refinancing Tips & Tricks To Save Money
Wouldn’t we all love to have some mortgage refinancing tips and tricks? Well there are some refinancing tips and tricks that people refinancing should be aware of. There is nothing illegal in these tips and tricks, and probably professional mortgage brokers use them often when they need.
You can get the full program and cut down hundred of dollars of fees and ‘junk’ costs with the Don’t even think of getting a mortgage without it.
So why not save some money and use some of the 2015 mortgage & debt buster guide tips and tricks yourself?
10 Mortgage Tips and Tricks You Probably Know
Tip # 1. Refinancing is buying money, you go to the lender ‘buy money’ and pay back over the life term of the new mortgage. When you buy a car, you shop around, haggle and negotiate? Do the same when refinancing! Every $30 difference you save will be $10,800 saving in the overall 30 year mortgage. How about that – getting $10,000 just because you shop.
Tip # 2. The mortgage refinancing trick for getting good rates is all about having a good FICO score. Most people do not know what their score includes and how to raise FICO score. Invest in yourself and buy the “Credit Repair University” program! Any raise in your FICO will mean getting better rates. You have seen how a $30 monthly can sum up to thousands of dollars savings, rebuilding of FICO score can save you $100 per month! (Save $36,000 over mortgage life time)
Tip # 3. When doing shopping for refinancing mortgage rates, you will get plenty of offers and refinancing plans. They will be so different that there is no way you could compare them. The most simple mortgage trick is to multiply the monthly payments times the 12 months in the year times the number of years. This will give you the total amount of money to be paid back. Now you can compare “apples” to “apples”.
Tip # 4. Another mortgage refinancing tip, refers to the appraisal process. Too many people fall for the appraisers demand, not to prepare any ‘show’. But appraisers are human, and the inspect with their eyes… This sounds pretty basic – but make sure the house “shows” well, is clean and fully accessible. Provide a floor plan if available so property can be valued at full market.
Tip # 5. One more appraisal mortgage trick is to do a self search for relevant market activity such recent contracts or activity on nearby listings you are aware of in the neighborhood. The appraiser may not be local, so make sure you can provide contacts for the appraiser to confirm this information.
Tip # 6. A simple mortgage refinancing tip is to find out if you qualify for a government subsidized loan. There are millions in the USA that qualify for a VA Loan, USDA or FHA loan. Those have better terms and conditions that regular loans, lower to no money down payments and other benefits.
Tip # 7. An important mortgage refinancing trick is to avoid poor mortgage broker performance. The mortgage broker might try and blame you for making a mistake, like if they miss a deadline or fail to lock in an interest rate. Here is how to defend from such behaviors: Write down a record of every phone call, meeting, and action items agreed by you with your broker. Having a report of what was said and what you’ve done will blow the whistle when interests rates are missed.
Tip # 8. A well known mortgage refinancing 2015 trick is if you’ve got the cash, consider putting down more than the minimum. While most mortgage plans are set to 20% down payment, if you can put more in advance, the interest rates may be lower and you get lower cost, particularly through cheaper points.
Tip # 9. This is a financial tip, you need to double check related to your needs at the moment you plan to refinance. Even though it is well known that adjustable-rate mortgage (ARM) rates are lower that fixed rate interests. The average life of a mortgage is just five to eight years, but still 85% of borrowers take loans that guarantee a fixed rate for 15 years or more. This long-term protection isn’t free.
Tip # 10. Mortgage refinancing tax tip you should also prepare and calculate carefully, is concerning tax laws. The mortgage interest is deductible for tax. When refinancing you will place a big sum as down payment. The lump-sum payment is mostly nondeductible. So lowering $100 monthly payments (tax deductible) by paying non deductible sum may not always be a smart financial move, make all comparisons on a post-tax basis.
Mortgage Refinancing Tips & Tricks Conclusion
There are plenty of mortgage refinancing tricks, most of them are on how to lower the closing costs or move them to the main mortgage.
If you do not need tricks and tips and just need to get your credit score a little higher, you can learn how to raise your FICO score just enough to get the low rates you need to be saving thousands on your mortgage (and credit payments). See the manual guide how to raise the credit score with the Credit Repair University.
So What Can You Do To Improve Your Situation?
If you will do nothing.. don’t expect anything to happen. The best advice is to bump your credit score up! It will give you better leverage when facing the lenders, and better negotiation position when applying for any financial need.
Lets not forget you are probably paying $500-$1000 extra per year in higher interest rates, and credit payments.
If your score is below 700, you might want to clean it yourself – get this ‘Credit Repair University’ which will save you money and time.
Yes, you might need to invest a small sum to get a grip of things.. But if you think education is expensive.. try ignorance..
You are probably paying thousands of dollars per year in fees and interests to credit companies which could be going straight to your pocket. Don’t be cheap when it comes to financial education..
Ignorance costs more.