Heard interest rates are low? Want to cash in on the potential savings you could reap by refinancing your home mortgage?
Millions of Americans do.
And every year, Americans are fleeced into thinking they’re getting a great deal on their home mortgage refinancing.
While refinancing offers homeowners the unique opportunity to save money on their monthly mortgage payment, it is important to understand the nuances of how to refinance your home mortgage so that you get the best deal possible.
STEP 1: Make Sure you’ll Reap Significant Savings
The first place to start when you are considering refinancing your home mortgage is to assess how much money (if any) a refi loan will save you in the long run. You can do this by adding up all of the closing costs you will be required to pay and dividing the by the amount you will save on your monthly mortgage payment. For example, suppose it will cost you $5,500 in closing costs and your mortgage payment will be $120 lower. Simply divide your closing costs ($5,500) by the $120 you’re saving per month and you’ll arrive at the number of months it will take you to recoup your expenses. In this case it will take 46 months (almost 4 years) to realize a savings from refinancing. If you are okay with the amount of time it takes to recoup your closing costs, then refinancing may be a viable solution in your situation.
STEP 2: Find out if you Qualify
This step involves filling out an application to see if refinancing your home mortgage is even an option for you at this time. Part of this process may require having your home appraised so your lender knows how much your home is worth.
STEP 3: Make Sure you’re getting a Good Deal
All too often, unscrupulous mortgage lenders dupe trusting homeowners into mortgages that look good, but aren’t the best for the homeowner. It is imperative to inform yourself of the predatory lending practices and underhanded tactics unethical lenders use to milk you out of the savings you could have had.
Learn How to Refinance Your Home Mortgage without Paying Too Much
As someone who’s been burned by a sleazy mortgage broker, I’ve made it my mission to protect other people from the sordid schemes of crooked lenders. With the help of a mortgage broker with over 27 years of experience in the industry, I have put together a series of 6 videos that provide you with all of the insider information you need to know to obtain the maximum benefit when refinancing your home. These free videos take you step-by-step through the process of refinancing your mortgage and teach you how to get a wholesale rate with no junk fees.
Sign up to learn how you can SAVE THOUSANDS OF DOLLARS on refinancing your home mortgage today