| |
|
Article Directory :: Finance & Investment Articles
|
Copyright © 2012
Liz Roberts 
| |
Many home buyers are put in an unpleasant situation when they encounter problems with the home they refinanced. These problems could have been avoided if only the buyer has taken the necessary steps before signing up for the loan.
Here are the top home refinancing mistakes that every home buyer must avoid:
Refinancing your home with your present lender without considering other home loan lenders. Some home buyers think that their present lending company will always give them better rates. However, it is possible to get better rates if you shop around from other lending companies.
Not asking for the written good-faith estimate of your loan costs from your lender. The written good-faith estimate should be given at least a week or days before the day of closing.
Hiring a home appraiser even if the value of your home is too low. Your loan officer should be able to give you an estimate if your home will be worth a full appraisal.
Thinking that the market value of your home will be based on your county tax-assessor's assessment. Your county tax-assessor's assessment can be different from the actual market value of your home.
Not reviewing your home loan contract. This is the biggest mistake that home buyers sometimes make. Simply signing their loan contract without reading and understanding the terms and conditions of the loan. There could be hidden clauses included in the contract that can surprise you in the middle of your loan's term.
Not submitting your loan documents on time. If you want to get a fast approval on your loan, be sure to prepare all the necessary loan documents in advance and submit them to your lending company on time.
Not making sure that your loan has rate lock. A rate lock is very important because it protects you from sudden changes on your loan rates. If your lender assures you that your rate has been locked, make sure that there is written document signed by your lender to prove this.
Relying on verbal agreements. It is very important that all verbal agreements between you and your home loan lender will be put into writing. Verbal agreements can just as easily be overlooked or dismissed. Your loan's written contract is the only document that binds both you and your lender to your agreement.
Signing up for a lender just because of cheap rates. Yes, it is important to shop around for a loan with a low interest rate. However, keep in mind that there are other fees that are included in your loan.A low interest rate doesn't necessarily mean that the total cost of your loan will be reasonable. Instead, compare the Annual Percentage Rate of the company since the APR includes the rate of interest, loan fees, discount, origination points and other fees as well.
Applying for a second mortgage right away before refinancing your first mortgage. Lending companies will refinance your first mortgage based on your first and second mortgage. Make sure that your lending company will allow you to refinance even after getting a second mortgage.
 EasyPublish™ this article - publishers click here
More articles by Liz Roberts
|
Free Report!
Ten Essential Secrets Of Article Marketing ... Grab Your Free
Copy Now:
Need Content?
Regular Top Quality Content for your Blog, Ezine or Website ...
Delivered Direct,
For Free!
Click For Details
Arts & Entertainment
Automotive
Business - General
Computers & Technology
Finance & Investment
Food & Drink
Health & Fitness
Home & Family
Internet Marketing/Online Business
Legal
Pets & Animals
Politics & Government
Reference & Education
Religion & Faith
Self-Improvement/Motivation
Social
Sports & Recreation
Travel & Leisure
Writing & Speaking
|
More finance articles: - Commercial Real Estate Ideas That Anybody Can Profit From (Stephen Hill)
Are you aware that there are practically hundreds of thousands, if not millions of properties throughout the Western world that have been foreclosed on in the last year alone? Many of these properties are commercial properties. This means that the real estate market is currently still very precarious, so you must be adequately informed as a customer before purchasing. - Student Loans: Collections Differ From Other Unsecured Loans (Holly Petherbridge)
When taking out a student loan, you are signing on to an unsecured debt which will stay with you until it is paid off. Student loans follow a different set of rules when it comes to collecting on defaulted loans. Understand your reponsibilities before you take out the loan. - The Many Factors That Go Into Your Car Insurance (Winston Takeda)
If you are puzzled about what goes into an insurance policy, then you aren't alone. In this article, you'll learn why. - Simple Tips To Get The Most Out Of Your Auto Insurance (Winston Takeda)
Believe it or not, there are plenty of ways to save money on your car insurance. In this article, you'll learn some methods that will really help. - What's Your $1 Million Business Worth? (Chia-Li Chien)
What are the three most important things in real estate investment? Location, location and location. But what makes a privately held business valuable? According to Rob Slee, founder of Midas Nation, it's timing, timing, timing. During my 2nd quarter 2010 SRI Business Retreat, Slee said you have to play the Transfer Timing Slot Game if you want to maximize your business's value for sale. Let's explore what Slee meant by that. - Know What Your Numbers Mean (Chia-Li Chien)
Have you ever faced a situation in your business and found yourself saying, "I know I need to do something, but I don't know what. Just tell me what to do and I will do it." Emotionally you feel panic, fear or even shame, especially when it comes to business finances. Potentially, that could trickle down to your personal finances, as well. - Need Money? Think Private Capital Markets (Chia-Li Chien)
When it comes to capital financing options, even savvy entrepreneurs seem to harbor misconceptions. For an overview of each option, as well as the cost (expected rate of return) associated with each option, read on. But you should always consult with your team of advisors and conduct a cost analysis to help you make the right decision.
We Automatically Distribute Articles
To Thousands Of Publishers And Web Sites:
Submit Article
All content is viewed and used by you at your own risk and we do not warrant the accuracy or reliability of any of the information. The views expressed are those of the individual contributing authors and not necessarily those of this web site, or its owner, Takanomi Limited.
|
|
