Mortgage Refinancing Tips - part 2

by Dan Lewis

2. Shop Lenders - One of the best ways to do this is seek a pre-approval from a variety of lenders. You might be concerned this will hurt your FICO score, but refinance credit requests often don't ding your FICO. If you're not sure about this, simply don't supply the lender with you social security number. They will give you a less definite loan offer, but you'll still have the advantage of reading the fine terms to make sure it accomplishes your goals.

3. In Writing - Once you choose a lender, you need to nail down three important things in writing. The first is the interest rate. The second is the closing costs, if any. The third is any pre-payment penalty associated with the loan. If the lender drags there feet on any of these, consider walking away from the loan.

Refinancing a mortgage is a less stressful process when compared to getting a purchase loan. You are in the catbirds seat, so don't let lenders push you around.

Copyright (c) Dan Lewis

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