What’s the best and smartest way to approach re-financing?

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We are wanting to re-finance within the next couple of months. This is our first house and we mortgaged it with an “arm” loan because we didn’t know then as we know now. What’s the best way to get the lowest percentage rate?

5 Comments
  1. Reply
    fabioddss
    May 1, 2011 at 3:26 am

    If you are lucky… you can STILL buy put options in some mortage firms (1 or 2 Months maturity puts), by MONDAY morning on the firm that throwed you in the ARM … firms such CFC.
    You will make money ! buy put option for March in a 10% lower price strike then the current price. You will make all the money you will need to cover your refinance and to pre pay part of your house. For more info send me an email.

    Regards,

    Good luck.

  2. Reply
    Amanda H
    May 1, 2011 at 4:16 am

    If you have excellent credit and decent equity,a bank can often get you a refi with the lowest fees…check around for what closing costs and rates are (without running your credit if you know its strong) and compare.

    You can pay down percentage points too– if you plan to keep the same loan for quite some time, it will save you money over time.

    A mortgage broker might find the best rates, but they usually have a 1-2% fee for doing so.

  3. Reply
    Jen G
    May 1, 2011 at 4:28 am

    The best thing you can do is shop around. Check out different banks and mortgage brokers so you make the best decision.

    Good luck.

  4. Reply
    KitKat
    May 1, 2011 at 5:14 am

    Shop around and keep your credit good. The better your credit, the better the rate.

  5. Reply
    clicks
    May 1, 2011 at 6:01 am

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