Tips for Refinancing

San Diego Refinance TipsSan Diego Mortgage | Top Refi Tips

Before You get a new Mortgage in San Diego, take a look at the top Mr Credit Refinance Tips.

#1 – Pay no attention to Advertised Interest rates.
The rates You see on sites like Yahoo and Bankrate are from the previous week and are a National average.  Basically, they are meaningless to You. Each individual loan applicant qualifies for interest rates based on their own criteria and not the average of the nations transactions.  Not to mention, mortgage rates vary from state to state.

#2 – Your current Lender isn’t the best place to start.
The Bank that has Your loan already is actually the only Company that stands to lose money by You refinancing. They already have Your business and aren’t as “hungry” for You as a New Customer as another Mortgage company might be… I’m not saying You shouldn’t give Your current Lender a shot, just make sure there are other Companies in the mix when You are shopping for San Diego Mortgage.

#3 – Avoid “No-Cost Loans” in most cases.
Unless You plan to sell Your home in the next couple of Years, the No-Cost loan will end up costing You significantly more money in the long-run.

#4 – Always Escrow for Taxes and Insurance.
If You do not Escrow for taxes and insurance, You could very well end up with huge problems at the end of the Year. When You Escrow, the taxes and insurance for Your home are paid monthly into an account.  That account then pays the bill every year when they are due so You don’t have to worry about saving thousands of dollars on Your own. Not doing this is just asking for trouble. Anyone who tells You that it’s better to hold on to Your own money or that You could earn interest, blah blah blah…  Have them show You the Math on that.  You should Escrow.  There’s no doubt about it.

#5 – Review offers from different Lenders.
If You know how to properly ask for and review a Truth in Lending statement, it becomes easy to choose the best Mortgage for You.

#6 – Have Your paperwork ready.
It can seem like a hassle to round up Your paperwork to refinance, but only if You’re not prepared for it.  Get these items ready before You start looking around, and it won’t seem like a big deal when the Loan Professional starts asking for it.
– Social Security Cards
– Driver’s License
– Tax Returns
– W-2’s and Paystubs
– Employer Contact info
– Bank Statements
– Retirement/Investment Account Statements

#7 – Know when Your loan is locked.
Openly talk to Your loan professional about the locking of Your loan.  It’s ok to bug them about this because it’s incredibly important.  No matter what You have been “quoted”, the rate is not in-stone until it’s locked.  Stay on top of Your loan professional about this until the rate is locked and You have a copy of the Lock Confirmation in-hand.

#8 – Just Ask.
Remember it never hurts to Ask and all they can do is say “no”. Ask for a Free Appraisal, ask for fees to be waived, ask for the “Best possible deal” and that’s the ONLY way You can actually get it!

If You want help with Refinancing Your San Diego Mortgage, I’m happy to help and it’s 100% Free.

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