If you are considering refinancing your home mortgage you can save yourself a lot of money if you go about it correctly. Many homeowners refinance their loans to get a lower mortgage rate or cash out equity in their homes. If your financial situation has changed since you purchased your home you could qualify for a much better loan; here are several tips to help you decide if mortgage refinancing is right for you.
Depending on how long you’ve had your mortgage, you can borrow against the equity you have built in your home. Many homeowners build equity quickly due to rising property values and cash back refinancing is usually a more affordable option than a second mortgage or home equity line of credit. When you refinance your mortgage at a lower interest rate you will not only lower your monthly payment but pay significantly less to the lender over the life of your mortgage. If you are unable to qualify for a lower mortgage rate you can still lower you monthly payment by extending the term length of your mortgage.
The first step in refinancing your mortgage is to shop for a lender that offers competitive loan packages that do not include Yield Spread Premium. If you accept a mortgage that includes Yield Spread Premium you will pay a much higher rate unnecessarily. Yield Spread Premium is the retail markup of your mortgage rate to boost the loan originator’s commission at your expense. Homeowners who learn to recognize this markup of their mortgage interest rate can negotiate with the lender to avoid paying it. You can learn more about negotiating for the most competitive mortgage rate including costly mistakes to avoid with a free mortgage tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com
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By Louie Latour
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