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If you are thinking of refinancing, your existing mortgage either to reduce your monthly payment or get cash out or both, you should find out where you stand.
Knowing where you stand involves much more than knowing your current loan balance and monthly payment. You need to know more in order to make a smart decision. Here are a few things you need to know about your current situation:
- Is your mortgage fixed or adjustable?
- What is your current interest rate?
Are you sitting on a time bomb?
- If you are sitting on a time bomb, how much time do you have? How bad is it?
- Do you have a prepayment penalty? If so, when does it expire? How much is it?
- How much is your home worth realistically? How much equity do you have?
- How long do you plan to keep your current home.
Most homeowners do not know the answer to most of these questions. I can help you answer most of these questions if you fax me a copy of your mortgage note, your current home loan statement, and your adustable rate rider (if applicable). If you do not know which is which or do not have the time (or inclination) to sort through all of your mortgage papers, call me to give me a heads-up then fax over the whole shebang (yes, all 100 pages).
Do not refinance before you have reviewed comparable real estate sales in your neighborhood. If your home is not likely to appraise high enough to achieve your goals, you need to know before you spend money on an appraisal. I can pull comps to get an idea of what your home is worth before spending any of your money on an appraisal. I do not order appraisals unless I believe that there is enough equity to complete the transaction.
Even you believe that all is well with your mortgage, you should get a free mortgage check-up to be absolutely certain. Why? Because many homeowners are sitting on very "interesting" toxic mortgage products that their previous loan officer did not understand. That's right; some homeowners have mortgage products that look normal on the surface but interesting problems lie beneath.
If you wish, you can get an accurate picture of your credit score and credit profile by ordering your report and score from all three credit bureaus through myfico.com . You can then fax me the reports prior to your free consultation. Or I can pull your triple-merge credit report and we can discuss options and solutions.
Feel free to call me for answers to your mortgage questions.
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