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Wednesday, April 01, 2009

Tips on refinancing your mortgage

If you are thinking of refinancing your mortgage, remember to shop around, compare loan terms and negotiate with lenders. Refinancing allows you to switch to a different mortgage with terms that you think are more beneficial. If your credit score has improved, you may be able to get a loan at a lower rate. Or you may want to refinance for a longer term to lower your monthly payments. (suggestion from a seasoned real estate professional like myself, at least 3 or 4 opinions are necessary).

Be prepared however to pay closing or settlement costs to refinance. Lenders are required by federal law to provide a "good faith estimate" of your closing costs within three days of receiving your loan application.

A refinancing calculator that I use for my clients is located at www.federalreserve.gov

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