Refinance Mortgage Loan – Tips on Refinancing Your Home MortgageWritten by Carrie Reeder
Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage payments. You can save money on your payment or pay off your entire mortgage faster when you have better terms. Here are a few things to pay attention to when you refinance your mortgage loan, to make sure that you don’t overlook anything that you might regret, or that can cause you problems later:1. Apply for a pre-approval to many different lenders to make sure you are getting lowest rate possible. When you do this, make sure that with initial pre-approval application, lender is not pulling your credit history. You will want to reserve your credit pull for lender that you are most likely to work with. You can decide that after you have gone through preliminary pre-approval process with a few lenders. Each time your credit is pulled, it docks your credit score just a little. If you have too many inquiries, it could keep you from refinancing your mortgage loan with lowest rate possible. When you pre-apply for home mortgage loans online, most lenders or mortgage service companies will not initially pull your credit. Check for information about this on their website. They will usually tell you whether or not they are going to pull your credit. Also, if on application you do not give them your social security number, they cannot pull your credit. If, on application, they ask you to describe your credit, they are probably not pulling your credit. 2. Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty.
| | Repairing Your Credit is as Easy as 1-2-3Written by Don Blackhurst
1. Review Your Credit Report For Errors. After you have received a copy of your credit report, you need to look through it very closely. If you do not yet have a copy, TrimYourDebt.com has negotiated with one of credit bureaus to offer consumers a free look at their credit report and credit score. It is a 30-day free trial offer, so you get information right up-front and you can cancel free of charge within 30-days. To check your credit report for free, visit http://www.TrimYourDebt.com/GetYourCreditScore.aspx?src=art to find out now. It is important to first review all personal identifying information in your credit report such as name, address, social security number, birth date, and so on. You should then evaluate each account that is reported about you to credit bureau. Determine whether any of this information is in any way inaccurate, incorrect, erroneous, misleading, or outdated. If you find that any of information in incorrect, then you should move on to next step. 2. Dispute errors with credit bureaus and your creditors. You should dispute inaccurate information with both consumer credit reporting agency and furnisher (creditor). Disputing with both allows you to cover all of your bases to ensure that corrections are consistently made by both sources. You should follow up with these companies to ensure that inaccurate or incomplete information is removed in a timely manner. You should then continue to monitor your credit information on a regular basis by ordering and reviewing your consumer credit reports from major credit reporting agencies on a regular basis.
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