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- The less time that you keep the loan, the more expensive points
become. If staying in your home for a long time, it may be worthwhile
to pay additional points to obtain a lower interest rate.
- Some of our lenders offer to finance the points so that you
do not have to pay them up front. Points are added to the balance,
and you pay a finance charge on them meaning increased monthly
payments.
- Settlement costs typically include fees for the loan application,
title search, appraisal, loan origination, credit check, and lawyer's
services. You also may be required to pay recordation fees or
transfer taxes.
- With a lower interest, you MAY have less to deduct on your
income tax return. That may increase your tax payments and decrease
the total savings you might obtain from a new, lower-interest
mortgage.
- You might consider a 15-year, fixed-rate mortgage. Payments
are higher, but you pay substantially less interest over the life
of the loan and build equity more quickly.
- You do not have to refinance your mortgage with the same lender
that provided your original loan. However, to keep your business,
some lenders may offer customers incentives of lower interest.
HomeLoanHunters.com will not only check with your lender, but
with hundreds of other lenders as well. HomeLoanHunters.com, by
being affiliated with a successful broker, is able to search literally
thousands of programs to find you the loan that is best suited
for you.
- If you decide on a particular lender, and do not want to let
the interest rate "float" until closing, get a written
statement guaranteeing the interest rate and points that you will
pay at closing.
- The mortgage specialists at HomeLoanHunters.com will give you
a written statement of the costs and terms of the financing before
you become legally obligated for the loan, as required by the
Truth in Lending Act. Get
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