Fixed Rate Mortgage Refinance Loan Freemont-California
It is a human psychology that we all seek the best for our self. It’s the same thing with interest rate. We are always looking for the lowest rate on mortgage to secure the maximum gain.
I had a client back in 2008 when he got his mortgage modified at 1% and he was asking if something can be done to help him on mortgage payment. There could have been other reasons like probably he may have lost his job or going through hardship but any bank who offered to help reducing the rate to 1%. There was nothing more perhaps I or bank could have done at that stage. What i am trying to stress is that refinancing is human nature to seek the best possible or lowest possible rate on mortgage. I am in the same boat as anyone else.
Here are some saving tips for Freemont-California mortgage borrowers looking for lowest rate on mortgage.
Try to refinance your home without paying any cost. That would mean accepting a slightly higher rate of interest than the market but it also gives the flexibility to refinance every 6 months even if the rate can be reduced by .25%. As long as you don’t pay the closing cost or zero closing cost or zero points. You have the flexibility to refi over and over again as many times with a gap of 6 months as that is the minimum lock in period required.
When refinancing and if you wish to add flexibility with some cash flow in hand without having to borrow money. Keep in mind you can skip or even two month of your mortgage payment. While skipping two months shouldn’t be the focus of refinancing but yes, it’s possible.
Freemont-California mortgage owners when refinancing should never stop making mortgage payment unless suggested by your Freemont-California mortgage expert. A small mistake like this could mean being reported late on your credit report making a big dent on your credit score and report.
Order a copy of your Free Mortgage report from Equifax, Experian, Trans union. These three bureaus are entitled to give every mortgage borrower a copy of their free credit report once a year. Mind its free credit report not Credit score. Even if you don’t have it from all three, just one would be helpful when talking to your mortgage expert. You can fax or e mail him the copy so that he can study the kind of debts being reported on your credit report before pursuing the case further.
If your spouse credit score is not good. Have the other spouse take the mortgage in his name while the two of you being on the title to the property. Higher scores and better income of one spouse is better for a lower rate.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154.
Artical by Roger Shanker
No comments:
Post a Comment