Homeowners everywhere need to save money. With the housing market in such bad shape, and interest rates so low, a lot of people are looking into mortgage refinancing. Every homeowners situation is different, and refinancing can provide many benefits. Here are some tips which can help a homeowner get a better mortgage:

-Paying Points Up Front or Getting a Lower Interest Rate
When homeowners are refinancing, they need to figure out whether the benefits of a low mortgage rate outweigh the costs of paying for points up front. Homeowners may find out that, depending on their situation, that the right choice will depend on a few different things, like how long you plan on living in your home.

-Interest Rates and Mortgage Lenders Tricks
A lot of mortgage lenders and banks advertise low, or even 0% interest rates. While these look good, the truth is that the costs are made up for somewhere else. Dont be a victim of predatory lending and get yourself into a mortgage which will jump in payment amount in a few years, which you will not be able to afford.

-Know the Exact Amount of All Mortgage Refinancing Closing Costs and Fees
A lot of homeowners just look for lower interest rates when they refinance. However, make sure that that there are no hidden fees or costs that will surprise you. Always know what the exact total cost is when refinancing a mortgage.

-Get an Quote
By law, you have the right to obtain a “Good Faith Estimate” from a potential mortgage lender. Make sure to ask for a copy of this and carefully go through it. This document will reveal the true costs, and savings, of a mortgage refinance with a particular mortgage lender or bank.

-M Petrone

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