How To Save Thousands Refinancing

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How To Save Thousands Refinancing Your Home Loan

Jack and Dana recently had a big surprise. Dana was pregnant with their first child.  Jack was overwhelmed with joy and pride as he always wanted to be a father.  But Dana grew concerned. The baby came a few years before planned and they were not in the best financial situation to convert the guest room into a babies room.  After reviewing their income and assets Dana became even more concerned. 

It suddenly hit her like a ton of bricks that her child had every right to pursue any professional ambition she had, be it a dentist, doctor, lawyer or engineer.  They as parents would need to be in a financial situation to make it all possible.  But how could they seeing they had limited income and only fair credit.  How would they even begin to afford saving to pay college costs.  Jack had an idea.

Jack had been a homeowner for a few years and considered having his mortgage payments lowered in order to have funds to lay up for their child's education.  Jack and Mary decided to have a lender review their financial situation and offer suggestions.

Jack figured it would be best to start looking for lenders offering low refinance rates and present the offers to their current lenders asking him to meet or beat the best offer.  Jack located a mortgage shopping resource online at http://www.bcpl.net/~ibcnet/ . The resources provided a list of items to be discussed with the lender to help him narrow down the right lender, loan program and compare refinance rate offer. Some of the questions on the list are:

1. What is the interest rate on this mortgage?

2. How many discount and origination points will I have to pay?

3. What are my closing costs, and will you provide a good faith estimate of these costs up front?

4. When can I lock in the interest rate and what will it cost me to do so?

5. Is there a prepayment penalty on this loan?

6. What is the minimum down payment required for this loan?

7. What are the qualifying guidelines for this loan?

8. What documents will I have to provide?

9. How long will it take to process my loan application?

10. What might delay approval of my loan?

The rate shopping resource suggested using a listed lending marketplace to compare rates.  After filling out the rate quote application Jack was provided a list of lenders, rates and fees.  A number of these lenders immediately contacted Jack as so he put the list of questions to work.

Jack narrow his list down to only those lenders who took the time to answer his questions, show professionalism and good customer service, while agreeing to fax him an attractive refinance rate quote complete with projected settlement fees.  Jack and Mary were on their way to making room for baby.  

CLICK ON A STATE TO SHOP FOR LOCAL MORTGAGE RATES FIND LOCAL LENDERS OFFERING COMPETITIVE LOAN PROGRAMS LOW FEES AND BEST LOAN RATES

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