List Price: $ 16.95
Save 25 % off List Price
An Insider's Guide to Refinancing Your Mortgage : Money-saving Secrets You Need to Know
The benefits of refinancing a mortage are legion. If approached wisely, a refinance can lower the interest rate on your existing mortage, saving you a small fortune and allowing you to get your finances back in order. But refinancing can be a tricky business, and choosing the wrong term or rate can cost you thousands of dollars in lost interest and needless closing costs. Fortunately, with the right advice, you can avoid the common traps that can derail your finances.
An Insider's Guide to Refinancing Your Mortgage will help you navigate this complicated world and choose the option that makes the most sense. You will learn why to refinance, when to finance, as well as how to find the best lender, loan officer, and rate. Mortgage expert David Reed takes you step by step through the refinance process and shows how to evaluate your current loan program and compare it with other options. By following Reed's invaluable advice, you will discover: when a refinance is right for you, how to lock in the absolute lowest rate at the lowest cost, how the mortgage process works from the inside, how loan officers get paid, how to identify and avoid the bad guys and predatory lenders, how to negotiate closing costs.
Filled with expert advice, this is the one book that will help you take advantage of all the benefits mortgage refinancing has to offer and save you time, money, and heartache.
There are no customer reviews available at this time. Would you like to write a review?
September 14, 2008
Number of Print Pages*
Adobe DRM EPUB
* Number of eBook pages may differ. Click here for more information.
Excerpt from An Insider's Guide to Refinancing Your Mortgage by David Reed
Having been in the mortgage business for nearly two decades, I've seen mortgage companies come and go. And I've seen mortgage loan programs come and go along with them.
Technology has made an impact on the mortgage industry. Mortgage loan approvals used to take several weeks to accomplish. Now, it's only a matter of days. Loans are approved using automated systems and no longer need human beings making judgment calls as to the borrower's creditworthiness.
Since loans are so easy to approve and take very little time to complete, the entry-level qualifications for loan officers are very low. Sure, loan officers have to get licensed in the state where they place mortgage loans. But trust me, the licensing procedure is typically nothing more than taking a rudimentary test and getting fingerprinted. There are more inexperienced loan officers in this business than ever before, all trying to get a piece of the "refinance pie."
Because of the ease of mortgage approvals, interest rates don't have to fall very much in order to make a refinance a reasonable proposition. And mortgage companies, in all their glory, can market themselves silly trying to convince you to refinance your loan with them. Heck, there are even classes that loan officers can take to learn how to convince you to refinance your mortgage.
Kids going to college? There's a refinance plan. Need retirement funds? There's a plan. Need to reduce your monthly payments? There's a plan for that, too.
The problem with all that is those "plans" are nothing more than variations on the very same loan program. The only difference: a new sales script has been written to fit the advertisement. And don't get me wrong, these "scripts" can be convincing. Loan officers don't get paid until they close a loan, so you can't blame them for trying to stoke their livelihood. But don't get too excited about those solicitations until you read this book.
Having been in the business so long, I've closed more mortgage loans than most loan officers have. I have also observed how the markets have developed over the years, how loan programs have evolved, and how technology has impacted the mortgage industry.
The mortgage business can be intimidating. Its jargon can be confusing, at best, and deceitful, at worst. Lenders make loans all day long, while you may only get a mortgage a few times in your life.
Refinancing your mortgage takes more planning than when you were searching for a loan to buy your home. When you bought your property, you were focused on the "big picture." You needed to close on time, the property needed to pass inspection, there were property taxes to be paid, and so on. But with a refinance, you're focused on one thing and one thing only: your loan.