September 14th, 2011 12:08 PM by Gregg Mower
Here are some dirty little secrets your lender won't tell you about refinancing your home.
1. Did you know if you are going to do a rate or term refinance with no cashout your existing lender (the one you make your payments to) will generally lower your rate on your Note by you just calling and telling them you are refinancing with another lender?
2. Did you know that if you lock your loan closer to the close you might get a better interest rate?
3. Did you know that not all Loan officers hold an NMLS license or a DRE license?
4. Did you know you can refinance your home even if you owe more than it is worth?
5. Did you know if you are a veteran and have a VA loan you can Refi without an appraisal?
6. Did you know you can do an FHA loan and take cash out of your equity up to 85% of the appraised value?
7. Did you know that your lender can not influence the value of the appraisal in any way and if they say they can they are in violation of the HVCC?
8. Did you know that if you are over 62 year old you can refinance your home with a reverse mortgage and never make another mortgage payment again and or actually receive monthly payments from your house?
9. Did you know that if you have owned your home for more than 8 years you may have paid it down enough to drop your mortgage insurance and after 11 years it has to go away?
10. Did you know you can apply for a mortgage online and the loan office has to determine if it is right to do and if he or she calculates it wrong you might get damages?
11. Did you know that you can do a refinance with no cost to you, but in exchange for that you will have a higher interest rate than if you paid all the costs? Note: you have to do the math to see which way is more economical for your financial situation.
Ask me a question about your home or the home you want to purchase.