MortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. lenders of America offer homeowners refinance opportunities but you have to do your homework. The housing market and mortgage loans are full of pitfalls. And as usual, providing personal finance advice, real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. advice and consumer advice on the Ilyce Glink Show July 1, 2012 on WSB Radio.
It is a hot morning and I hope you’re staying cool. Let’s talk about the mortgage lenders of America, shall we? I filled in for Mark Arum yesterday, and had some people call in to talk about their mortgage loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.. refinance. They’d only called their own mortgage lenderA Lender is a person, company, corporation, or entity that lends money for the purchase of real estate. for a deal and felt they’d been overcharged.
Folks you have to have to get out there and shop around. Here is my four-pointA Point is one percent of a loan amount. questionnaire for current and future homeowners looking to refinance:
- Can you lower your interest rate?
- Can you lower your mortgage loan monthly payment?
- Can you shorten terms with your new mortgage lender? This is where you can achieve some big savings.
- What are the costs of a mortgage loan refinance?
If you can find a “yes” or another positive answer to all four of these questions with one mortgage lander, you have hit a refinance home run.
The housing market can be a place full of traps. If you don’t shop around, you can be soaked with fees. Nobody is going to hand you the best deal. Mortgage lenders of America are not neutral. They are in this business to make money and that may run counter to your personal interests. Know how your lenders are compensated.
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