Get the Bottom Line with Your Home Mortgage Refinance
October 31st, 2009 . by adminFar too often, a homeowner shopping for a home mortgage refinance loan will get lender quotes on interest rates and closing costs without getting the true bottom line numbers. It is very important that the borrower be aware of what that number will be before they commit through a mortgage application and home appraisal.
The reason is that there may be better options than the first or lowest quote given when your loan timeframe is taken into consideration. For instance, suppose that you plan on moving in five years, then your proposed home mortgage refinance loan program would not be suited best by the lowest interest rate available. Why? Because the lowest rates will include discount points, which will add significant fees to your closing costs. The discount fee will most likely not be able to be recouped by the end of a five year period.
