Sentences with phrase «charges by refinancing your mortgage»

We may be able to lower your monthly payment and reduce your total interest charges by refinancing your mortgage.

Not exact matches

But if some of the refinanced proceeds are used to improve your home and weren't a charge for any services provided by the mortgage lender as part of the loan origination fee, you may be able to fully deduct the portion of the points that is related to the improvement the year you paid them.

You might assume that the only reason to refinance is the possibility of reducing your monthly mortgage payment (though be aware that by refinancing your existing loan, your total charges may be higher over the life of the loan).

So, when considering refinancing, you will need to pay special attention to the interest rate charged for the new loan and compare it with the outstanding mortgage loan so as to see if you are actually saving money by refinancing.

It is also worth knowing what the prepayment fee is - that is a fee that is charged if you repay your mortgage early, which could come into play if you sell the home or refinance the mortgage within the time period covered by the prepayment fee.

If you decide to refinance your mortgage, shopping around by calling several lending institutions to ask each one what interest and fees they charge will help you get the best deal available.

Thus, a mortgage lender will charge a person with poor or bad credit a higher interest rate to refinance because the lender is taking more of a risk by lending that person money.

However, some loans like mortgages and car loans will come with prepayment penalties, so the benefit of refinancing can be weakened by the cost of paying that extra charge.

This should include the following information: o The interest rate to be charged and whether the rate is fixed, variable or both; o Interest accrues from the time monies are advanced to the borrower and the interest is compounded; o All reverse mortgage fees and costs that must be paid by the borrower; o A description of any refinancing features that have been discussed with the borrower; o Any events that could terminate the reverse mortgage such as death or moving from the residence; o A description of any shared appreciation or equity participation features; and o A toll - free telephone number and the name of a contact person who can answer any questions, comments or complaints that the borrower may have.

360 DOS 09 Matter of Depass — associate broker; failure of proof of charge of failure to disclose prior business association and failure to cooperate; conduct as attorney is relevant to determining trustworthiness and competitiveness; amend pleading to conform to proof; failure by account; fraudulent mortgage transactions; sham to refinance; revocation