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发信人: darwin (darwin), 信区: Living
标 题: refinance注意事项 (zz)
发信站: BBS 未名空间站 (Mon Mar 23 14:28:33 2009), 转信
很不错的一篇文章，建议对refinace过程不是太熟悉的
朋友看看。
business/savage/1490343,CST-FIN-savage2
In the midst of all the bad news about mortgages and home
foreclosures, there is really some very good news for qualified
borrowers. If you're purchasing a new home, or if you've decided
to refinance, you can now lock in some enticing low rates, thanks
to the Federal Reserve's determination to bring mortgage rates
down and get the economy growing.
According to Bankrate.com, the national average for a 30-year,
fixed-rate mortgage has fallen to 5.06 percent. Choose a 15-year
fixed-rate, and you can pay as little as 4.76 percent.
This time around, everyone knows how important it is to do your
homework on the mortgage you are being offered. This time around,
lenders are being very careful to check on your income, your credit
score, and the current appraised value of the home.
You'll get the best deals and the lowest rates if you have at least
a 20 percent down payment and good credit. But there are loans
available with lower amounts down -- if you know where to search
and whom to trust!
Step 1: Figure out what type of mortgage works best for you
I have forever advised sticking with a 30-year fixed-rate mortgage,
and paying extra on the principal every month to pay it down more
quickly. Yes, the rate will be slightly higher, and you'll get a
lower rate on an adjustable mortgage. The adjustable is tempting
if you plan to move within a few years. But you might also get
caught in a trap of an upward rate adjustment brought on by future
inflation -- even more likely now that the Fed is literally
"printing money" to get the economy going.
A 15-year mortgage comes with lower rates and slightly higher monthly
payments that will save you a fortune in interest if you plan to stay
in your home. But if you want flexibility, you can get the same
advantage by making extra principal payments on a 30-year loan.
Step 2: Understand fees, costs
While most people focus on the interest rate, your true cost must
include all fees and charges. When comparing deals, you'll need to
make sure you're comparing all the costs. Some brokers proclaim
there are "no closing costs." But you can be sure they're not
working for nothing!
Instead, they've rolled these costs -- appraisals, title search and
legal fees -- into the interest rate you're paying. So a loan with
a 5.25 percent fixed rate and no closing costs might not be as
attractive as a loan at a lower rate with modest closing costs. A
lender should give you a "good-faith" estimate of all costs.
You can pay "points" upfront to lower the interest rate. Each point
is equal to 1 percent of the loan amount. So on a $100,000 loan, one
point is equivalent to $1,000. If you pay "points" to get a discount
on your interest rate, that amount may be tax deductible. Given
today's volatile mortgage market, it's probably not advisable to pay
points to reduce your rate. If you decide to refinance at a lower rate
in the future, you'll have "wasted" the money you paid for the points
on your old loan.
At www.Interest.com, you can find many calculators to help you make
mortgage decisions, including how much mortgage you can "afford" on
your income, and the break-even time for buying down your interest rate
by paying points.
Step 3. Start your search
The radio advertisements are coming back -- promising easy deals, no
costs and low rates. But how will you know you're getting a good deal
if you don't do some comparison shopping? That's easier than ever
today with online tools.
Just remember that every Web site makes money in some way by getting
credit for your business. Some want you to register so mortgage brokers
can contact you. Others are a source of "leads" for just one mortgage
company. You'll probably have to give some personal information to get
a quote. But don't give out your Social Security number until you are
ready to make a deal.
On a national basis, your best place to start is at www.Bankrate.com.
There you can search by type of loan and by city/state to find out
what deals are being offered in your area. Some will be rates quoted
by well-known local banks, while others will come from online
services such as Quicken Loans.
There is an aggressive new online mortgage service that has received
high marks from users. At www.GuaranteedRate.com, you can compare
deals and speak directly with a mortgage broker to lock in a rate.
They actually offer a $500 guarantee of having the lowest rate on
fixed-rate loans on a given date.
Of course, you'll want to check with your local bank for comparisons.
And don't forget that mortgage deals offered by a credit union, if
you are a member, tend to be very competitive.
Step 4: Get it in writing!
Each lender should make a firm rate commitment, good for at least
30 days. And they should give you a "good-faith" estimate of all
costs and fees. It's a little late to reiterate this advice, but
if you're thinking of getting an adjustable rate mortgage, ask for
a written example of how high the monthly payment could go, and when,
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