San Francisco | Know Your Mortgage Refinancing Questions And They’ll Tell You No Lies |Mortgage residential and commercial home loans SF
Timidity won’t get one anywhere but ruination. When it comes to your mortgage refinancing concerns, you need to know all the details upfront. Stop hesitating whether you’ll refinance or not. The venerable Sir Walter Scott summed it up – “to the timid and hesitating, everything is impossible because it seems so.”
What You Need To Know
If you’re on to your second mortgage, then why should you want to know more about mortgage refinancing? Was your first mortgage experience an unpleasant one or did somebody else do the legwork and brainwork for you? No? Perhaps you want to take the driver’s seat this time when it comes to your finances.
That should have been the case during your first mortgage. For all borrowers out there, bear in mind that refinancing, and other refinances for that matter, have different rates, policies, advantages, and disadvantages.
The importance of knowing everything about loans is your ace up your sleeves, and the important information you must be aware of are the points, rates, and fees encountered for every loan.
The fees-in-waiting
For every mortgage refinancing loan closing, there are fees that you will have to pay. You’ll be dipping deep again into your already depleted pockets. Sigh, sigh, and more sighs. Shaking your head in disbelief won’t make the nightmare go away. It’s for real, and you didn’t ask beforehand when the agent smilingly told you about low interest rates, and that this is the time to refinance.
The fees-in-waiting are: purchase points, processing, land survey, appraisal, and there’s the monthly interest rates which you probably know about. There may be some surprising fees, but do you know if those fees will be included in your monthly payments or not?
The obvious is – before you can lay your hands on the mortgage refinancing loot, you’ll be shelling out more of your earnest money OR you’ll be paying a higher monthly bill because some of the fees may have been integrated into your account. Therefore, when you talk to the friendly agent, ask your refinance questions as if you’re an agent yourself. Come closing time, you’re ready. No more fears.
What about Purchase Points?
Purchase points are discount points you pay at the closing to lower your interest rate. A point is equivalent to one percent of your total loan amount. Let’s say you have a $200,000 loan. That point will cost you $2000. It’s like advancing payment to your loan. The more points, the lower the interest rate. The downside? You’ll need a bundle at closing time.
Since you have planned to stay in your home forever, it would be wise to purchase points. Just calculate how much points you can afford and how much you can pay monthly without starving.
Interest Rates
If life was only uncomplicated, mortgage refinancing loans would be simply borrowing an amount which will be paid back with an interest rate and payment period agreed on. But, no.
Mortgage interest rates fluctuate like the tides. For the moment, the interest rate is low but next thing you know, it has gone up another one or two notches. Since lenders allow 15, 45, and even 60 days, take time to lock in into the lowest rate. But again, there’s a surprise waiting for you. It’ll be more expensive if you take your sweet time before you lock in your mortgage refinancing loan.
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