Why Refinance Your Mortgage
When To Refinance Your Mortgage
By Don Taylor
Bankrate.com
Why Refinance Your Mortgage? Don Taylor's article provides some no nonsense advice on why you should refinance your mortgage and what your should consider when you refinance your mortgage. "The chance to refinance a mortgage at a lower interest rate is sure to get a homeowner's attention. But it's not always the right decision. Having bragging rights at the neighborhood picnic isn't a reason to refinance. Instead, it's good to put some thought behind the timing of your decision."
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By Don Taylor
Bankrate.com
Why Refinance Your Mortgage? Don Taylor's article provides some no nonsense advice on why you should refinance your mortgage and what your should consider when you refinance your mortgage. "The chance to refinance a mortgage at a lower interest rate is sure to get a homeowner's attention. But it's not always the right decision. Having bragging rights at the neighborhood picnic isn't a reason to refinance. Instead, it's good to put some thought behind the timing of your decision."
Read The Full Story
Refinancing these days is risky business. The laws are unbalanced in favor of unscrupulous mortgage lenders. A mortgage lender can bait borrowers for refinance with an attractive rate, but is under no obligation to keep his/her promise, nor are they required to process the mortgage in a reasonable amount of time. I learned this, unfortunately from experience. Approximately 2 years ago, I was scammed by one such lender in Atlanta who baited me with an attractive rate. Then, the lender required me to pay in advance for an appraisal. Actually, he made me pay for two appraisals for a total of $540. Once the appraisal was paid, the mortgage lender dragged the refinancing process out for over three months, and then claimed the rate lock had expired and he could only offer me a higher rate which was very close to the rate I already had. In the end, on a 380,000 mortgage, my payments would have been lowered by less than 50 dollars while tacking more than 18,000 in closing costs onto the loan, which is entirely unacceptable. I have never able to recover the $540 that this negligent mortgage lender forced me to spend in advance. After this experience, I would not even consider a refinance until regulations are in place to prevent this type of fraud against the consumer.
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