Avoid overcharges when refinancing

The process of deciding whether to refinance a mortgage in order to lower costs involves four steps:• Step one: Select the preferred type of new mortgage.• Step two: Find the best available price on that mortgage.• Step three: Determine whether the cost of the new mortgage will be lower than the cost of retaining the …

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Four refinance myths debunked

Interest rates have been at historically low levels for some time now and some borrowers have refinanced two or three times, but there are others who so far have allowed the opportunity to pass them by. I am not referring to borrowers who can’t possibly meet today’s standards. They haven’t refinanced because they can’t. My …

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Five things to know when making extra loan payments

This is a good time to pay down your mortgage: One of the vexing features of the post-crisis financial system is the dearth of riskless investments paying a decent return. The rates on federal government securities and insured certificates of deposit (CDs) are not much greater than zero. Yet every homeowner with a mortgage has …

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Timing is key when locking home loan

Borrowers shopping for a mortgage are obliged to select a lender before the price is “locked.” As a result, borrowers in shopping mode are vulnerable to lowballing — the practice of quoting a price below the market as a way of influencing the shopper’s selection. Borrowers who have already selected a lender but have not …

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