Mortgage Refinance Advice: 02/03/06

The Home Equity Theft Reporter: July 1, 2007

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The benchmark 30-year fixed-rate mortgage fell this week to 3.93 percent from 4.05. in a statement. Meanwhile, refinance.

 · Here’s what mortgage refinance advice to avoid. When refinancing a mortgage, you’re going to get a LOT of advice. You’ll hear from your parents, neighbors, friends, co-workers, and strangers. Everyone will have an opinion on your refinance, and will tell you their opinions. You will hear some good advice, sure, but there will definitely be some.

Mortgage advice number two – know your state laws. Many states have different laws guaranteeing you certain things. Some states even have subsidized loans depending on your situation. So before taking your mortgage it is good advice to take a look at your state.

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 · We are considering a refinance at a sub-prime lending rate of 9.1% fixed, 50-year mortgage. I’m told that when working with mortgage companies it is a good idea to get a couple different good faith estimates to see if there are any added line item charges that shouldn’t be there. Here are some of what they propose to charge us for.

Refinancing to a loan with a lower rate means you could get a lower payment as long as you don’t shorten the length of your mortgage term. Stop paying for private mortgage insurance (PMI) – If you put less than 20% down on your original home loan, chances are you’re paying for PMI.

Fundamental mortgage Q&A: "How does mortgage refinancing work?" When you refinance your mortgage, you are essentially trading in your old loan for a fresh one with a new interest rate and mortgage term.And possibly even a new loan balance.

If this is the case when you are considering refinancing, the amount at which your home is valued may mean that you lack sufficient equity to satisfy a 20% down payment on the new mortgage.