Loan Refinance Your Home or Mortgage

When you begin to think about a loan refinance on your home, mortgage, car, boat, equity or anything else the most important thing to understand is that there are steps which you should follow to increase your odds of success in securing a loan refinance.  The biggest mistake that people make is walking into the bank unprepared because you will Never get the best deal possible unless you do your homework first.  First, you need to understand your credit and make sure that your credit is as good as it could possibly be.  It is amazing how much money improving your credit score can save you when you are looking to refinance a loan.  The two most trusted places to get your credit score are MyFico and Equifax.   A credit report will cost you somewhere in the range of $15-25, but it will be the most important $15-25 that you spend during this entire process.  Your credit report will tell you two Extremely important pieces of information; 1. your credit score  2. items on your credit report that are negatively impacting your score.  After receiving this information you should review any negative items on your report and try to clear them up.  If you had a late fee with a credit card, try calling the credit card company and seeing if they will remove that from your records.  You want a credit score of 700 or higher.  If you are at a 680 score, raising that to a 700 can literally save you thousands or tens of thousands of dollars in lower interest when you complete your loan refinance.

Once you get your credit as good as it can get it is time for you to understand what the current interest rates for loans and mortgages are.  When you refinance your loan the goal is to decrease your increase rate as much as possible.  Look online at different lenders and see what their rate is.  There will be some fluctuation so you want to inquire about doing your loan refinance with a lender who has one of the lowest rates around.  Once you are armed with this information you are ready to start a dialogue with a bank or mortgage lender.  They want your business and if you push them they will bend.  They would rather give you more favorable terms then watch you walk away and go to their competitor.

There are some fees that lenders will try to charge you when doing a loan refinance.  Getting charged fees is normal, but you may be able to talk your way out of some of these fees.  If you go through a mortgage broker, the mortgage broker will charge the bank a fee for ‘finding’ them a customer.  If you contact the bank or mortgage lender directly then they are avoiding these hefty fees (which are in the thousands) by not having to pay a mortgage broker.  Use this to your advantage.  Tell them you were considering going through a mortgage broker.  Let them know that you know that by not using a mortgage broker they are saving thousands of dollars in commission fees, and then ask them what they can do for you.  Ask them to remove some fees.  If they want your business bad enough they will certainly work with you here.  If you are really pushy, really lean hard on them, and sell yourself well you could be able to walk away saving at least a thousand or two thousand dollars.  Remember, let them know that you know there are hundreds of other lenders out there who will take your loan refinance offer if they won’t.  If you keep pushing they will eventually cave in and you’ll save money.

Remember all these steps that you should consider when you do a home or mortgage loan refinance.  They are all important and can save you a lot of your hard earned cash.  Check out the rest of the articles on our site which cover different areas of loan refinancing in greater depth and specifics.  If you enjoy our site please tell your friends and post a link to our site in your favorite forum, message board, or other place.

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