WINNING AT REFINANCING
When looking to
refinance your home you need to know
about a few things that can help you in the process. The first thing
is to determine whether you would prefer to deal with a lender or a
Lender or broker?
One of the advantages of applying for a loan with a lender is that
you will deal directly with the entity that will make the decision on
whether to approve your loan. Direct contact offers less room for
miscommunication to occur. In contrast, brokers are not able to make
credit decisions or issue mortgage commitments.
Although they are no fixed rules to determine
whether you should choose a direct lender or broker, you should know
which type of mortgage organization you have selected.
Lock it in
It is important to know if you are getting lock-in-agreement. A
lock-in agreement is a lender's agreement to make a loan at a
particular rate, with or without certain points, provided that the
loan is closed by a specific date.
A lock-in agreement can help you or hurt you. When
interest rates are rising, a lock-in agreement protects your lower
rate while the loan is being processed. On the contrary if interest rates
are going down, you are stuck paying your lock-in rate.
When Refinancing a
Loan Makes Sense
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