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5 Tips when Refinancing Your Mortgage

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5 Tips when you are Refinancing Your Mortgage

1. KNOW YOUR CREDIT SCORE

Most people don’t know about the credit. It is vital to have exact credit score and complete report. Your report plays a vital role to assess the chances for successful refinance application.

2. KNOW YOUR EQUITY

If you looking for cash from refinancing your mortgage, you have come to the right place. Your equity in the home is calculated based on the percentage of your home that you have paid off.

3. SPRUCE UP YOUR PROPERTY

Improve the exterior if possible.Your curb appeal can help you with a successful appraisal. Lawn mowing and light cleaning can influence overall appraised value.

4. ORGANIZE YOUR DOCUMENTS

Your lender might ask you for additional documents to support your request for refinance. Send the documents without delay to ensure a smooth closing.

5. CONTACT FINSER MORTGAGES

We are Mortgage Professionals. We offer customized Refinance Solutions for clients with unique needs. Let us help you find the right refinance solution.

Get your Refinance Approval with FINSER MORTGAGE BROKER.
We offer mortgage industries refinance options and customize them to fit your requirements.

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7 Mortgage Refinancing Myths Busted

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Mortgage Refinancing Brampton

Mortgage refinancing can help you to find the right plan for your situation. It can help you to update your financial status and make it feasible for you. With mortgage refinancing you can change the way your rates and terms are, and you can even switch to another lender. With the changing economy, new rumors and myths are likely to surface. Here, we have a list of some common myths associated with mortgage refinancing and what the actual truth is:
1. You should refinance only when you want lower rates.
This is a myth which has been in circulation for a long time. Refinancing your mortgage can surely help you get lower rates but that does not mean that is the only reason you should refinance. Refinancing can be done when you need to change your mortgage to suit your financial situation.
2. It can be done only with variable rate plans.
This again is a myth. Refinancing can be done with a fixed rate mortgage as well. If you plan to do so, you will just have to pay the breaking fees which is used to cover any of the losses which may be faced by the lender when you break the mortgage in the middle.
3. Doing this would be simple.
Well, this really depends on the newer terms you are asking for and how your finances play out. Whether you have enough equity to pay off the loan or if your income is good will still be a relevant factor in the deciding process. This is just like getting a new loan and will require just as much effort and shopping.
4. You should never switch lenders.
Even though mortgage refinancing can be done with the same lender, it is better to shop around and see if someone is willing to give you a better rate and if so on what terms. You could end up saving with shopping this way. It would help you to save money properly.
5. Refinancing your mortgage won’t help you save money.
This is utterly untrue. The process has the main purpose of making the plan more friendly to your financial situation and your requirements. This means, that you have the facility to search for a loan which does save you money. So, this process can definitely help you save your dollars from being spent on mortgage payments only.
6. Refinancing only allows you to change your rates.
With the option to refinance your mortgage, you can change much more than just the interest rates of your mortgage. You can opt to pay more or less than you were initially paying, thereby adjusting your monthly payments and also the term of the mortgage you have taken.
7. If I have a bad financial situation, I can’t do this.
Refinancing can be done even if you go bankrupt. It is obviously going to be a more costly and long drawn out procedure but it can definitely be done, especially with a mortgage broker.

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5 Mistakes you can avoid while you do Mortgage Refinance

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refinance mortgage

Mortgage refinance is a process which allows you to refinance your mortgage in a way which could maybe save you a lot of money. It provides a way for you to look at your current financial position and then plan and get a mortgage which is relevant.   There are a few mistakes to avoid when you are planning to do a mortgage refinance and they are:

  1. Ignoring your credit could be harmful.
    Having a good credit score is as important when you do a mortgage refinance as it was when you first bought the mortgage. Don’t let go and not pay your bills. Maintaining a good credit score is crucial to receiving the best rates and terms on your mortgage refinance deal.
  2. Don’t open new credit cards before the process of mortgage refinance.
    You may be getting attractive offers in the mail about how there are a few hundred dollars off on your first purchase and that they are offering you so much in return. You are likely to fall prey to these schemes and buy a few credit cards to avail the benefits. But credit card purchases can affect your credit score by quite a few points and render you under qualified for a mortgage you would have originally qualified for.
  3. Don’t accept the first offer you get.
    Mortgage refinance gives you the opportunity to really reduce the burden of mortgage on you. Look at rates and term plans from various lenders and make sure to compare the prices on the same day. This can ensure that you get the best rates and term plans and you can really afford to pay the mortgage on time and easily.
  4. Don’t forget the interest rates!
    A lot of people make the mistake of factoring in the monthly payment and not the interest rates while doing mortgage refinance. They increase the term plan so that they can have lower monthly expense. But in such cases, the interest rates are so high that you end up paying a lot more than you would if you’d taken a moderate or short term plan.
  5. There could be more costs than you are aware of.
    The first thing to consider before refinance is if there is a penalty involved in early payment of the loan. Consider all the costs and talk to a mortgage broker to avoid being caught off guard.

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