5 Proven Mortgage Refinance Tips For Lower Fees And Costs

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By handling these costs wisely, you can make your mortgage refinance tips even more effective and save remarkable sums in your monthly payments.

The structure of your mortgage refinance loan, PMI avoiding and an ability to buy lower interest rates are the ways.

1. Mortgage Refinance Tips, Close Credit Card Accounts.

What credit cards have to do with your mortgage refinance tips? A lot! When you close inactive credit card accounts, you can improve your credit score, which means lower interest loans possibilities to you.

This is wise to do by a letter to the credit card company. In this way you will have a document, if there is a need to handle the issue later on.

As a second step you have to check your credit report after 30 days to make sure, that it includes the comment that your credit card accounts have been closed by Customers Request.

This is important, because this report can be seen by other lenders later on, so they see that you have done the closing and not the company. Remember to correct all the mistakes, which can affect your future possibilities to get a loan.

2. Mortgage Refinance Tips, Avoid Hidden Cost Of PMI.

PMI, private mortgage insurance, can hit you, if you do not do the refinancing right. Why? Around 30 % of the people, who will refinance their home loan take certain part of their home equity as a cash to pay home improvement or paying some other big costs.

By paying off credit cards or improving your home, this can be extremely smart, but if you borrow more than 80 % of the home equity, you must pay PMI, private mortgage insurance, which can be hundreds per every year.

3. Mortgage Refinance Tips, Short Term Loan.

Usually short term mortgage loans offer lower interest rates than the long term ones.This means lighter monthly payments but also shorter payment time. The result is a larger monthly payment, but you can still save thousands later on.

4. Mortgage Refinance Tips, Ask About Fees.

Every mortgage refinance case includes fees, which are costs you do not necessarily remember to ask. They have several fancy names: document prep fees, courier fees, administrative fees etc. And lenders must disclose these costs, fees, within three business days of a mortgage loan application.

Now you can do the following. Request an official list of these fees from every company, you have asked an offer. When you have them all, add the fees to the interest rate of the mortgage loan. You will be surprised, when you notice that the cheapest offer has not the lowest interest rate.

5. Mortgage Refinance Tips, Pay Points.

When you plan to live in your home for many years, you can save money by paying points for lower interest rates. This happens by paying upfront fees by which you guarantee that the interest rates are lower during the rest time of your loan.

9 Hidden Secrets to a Powerful Mortgage Marketing Letter

Mortgage Marketing Letter Tip #1: Know your readers well – You can’t influence everyone, so why waste time and money contacting consumers who have no interest in your mortgage services? It’s vital that you thoroughly research the most appropriate way to reach your target audience.

How you generate the contact information for the people you’re sending your mortgage marketing letter to is not as important as who receives that message. There are numerous companies that will create worthwhile lists of potential customers who might need your lending services. Most likely, the names were collected because the person showed a prior interest in purchasing or refinancing a home.

You could also create a list yourself. Organize a free giveaway that entices the people you want to reach. In return for the complimentary product/service you give away, ask for each person’s name and mailing address. Be prepared, though, as some people might be hesitant to offer this information. You’ll want to emphasis the information is for internal use and will not be shared with outside parties.

Mortgage Marketing Letter Tip #2: Grab your reader’s attention immediately with an offer – You only have seconds before a reader gets bored and moves on, so use your time wisely. How is your lending company different from the competition? Whether the benefit(s) you’re providing to your customers is a risk-free offer or a unique service, make sure it’s the first point your reader sees.

Your offer might include free information, a no obligation consultation, a contest, an exclusive invitation or a limited-time discount.

One of the most common mistakes marketing writers make is to focus their writing toward an aspect of the lending firm that is too obvious. How many times have you seen a mortgage marketing letter praising a company’s customer service as its competitive edge? As a consumer, you assume any lending firm you work with will be able to service your needs at a high level. If they didn’t, you wouldn’t contact them in the first place. So determine another facet of the business that sets you apart from your competitors. With a little creativity you should be able to find something that makes your lending firm unique.

Also, avoid the urge to copy the marketing techniques used by other companies in your field. Not only is this unoriginal, but it will cause you to duplicate a plan that might not be effective. No one else knows your business better than you, so don’t be afraid to take a risk with your mortgage marketing copy.

Mortgage Marketing Letter Tip #3: Tell your audience what you want (your call to action) – How are your readers going to know what you want from your mortgage marketing letter if you don’t tell them? Yes, I know this seems obvious, but far too often this important step is forgotten.

For example, if you want your potential customer to call for a free consultation, include a phone number (toll-free is always best) that will allow your readers to talk with a live person. The fastest way for your new customers to lose interest is by answering the call with a recording – especially when you’re encouraging their phone calls.

The popularity of the Internet has led some lending companies to use a call to action that encourages readers to visit their websites (e.g., Visit us online today at www.xyzlendingcompany.com to fill out your loan application).

Another common request in lending companies’ marketing letters is to have the reader respond back with a postage-paid mailer. This is effective because many people view filling out a card and returning it less of a hassle than a phone call. Here’s a reminder for your return mailers: Be sure to clearly restate your offer because some people will skip your mortgage marketing letter altogether and go right to the response card.

In addition to explaining your call to action, let readers know what type of person is ideal for your lending program. If you’re a large firm specializing in helping people with bad credit secure loans, tell your readers. On the flip side, if you don’t want to deal with low credit scores, make this fact known. By narrowing down your audience, you’ll demonstrate a niche, which often leads to increased credibility.

Mortgage Marketing Letter Tip #4: Establish a deadline to encourage immediate action – Once you’ve hooked your readers with the offer and explained the action you want them to take, set a deadline for responses. You could even present discounts or special deals as incentives for acting quickly. This would also be a good time to re-introduce that magic four-letter “F” word – FREE. After all, when was the last time “free” failed to grab your attention?

For those times when you need your readers to act even faster, take the deadline a step further by making your offer available to only a select number of customers. A benefit of this technique is that the readers who respond will feel like a select member of an elite group.

Smart Mortgage Shopping

Shopping for a mortgage is one of the most important aspects of purchasing a home. The mortgage you get will be a major defining factor in your financial future. It will dictate the amount of money you have available for the other facets of your life as the mortgage payment is, let's face it; the most important monthly bill you are likely to have. Shopping for a mortgage can be even more confusing and time consuming than the actual purchase of a home. There are such a large number of lenders available and even more kinds of loans to choose from. It is essential that you find the loan that is right for you now, and will continue to be right for you for the years to come.

Standard mortgages are amortized over a fixed length of time. The most typical is 30 years, but there are shorter-term loans available as well. In looking at loans, the best kind to find is a fixed rate loan. This will keep your monthly payments at the same amount, be mindful of variable rate loans as the variable rate clause means that the lender can increase the payments to match fluctuating interest rates. Knowing what your monthly bills are going to be for the foreseeable future is a critical part of financial planning.

When searching the available loans and lenders, make sure that you do some research into both. Much like any business there are those who conduct their business without regard for the clients that they serve. Many people have run afoul of unscrupulous mortgage lenders and the results of these loans are never pretty. Spend some time researching the history of the lenders that you are considering. Take into account their track record and maybe check with your local COC and BBB. If the lender has any complains against them find out why they were made. It's safe to say that a lender with more than one complaint against them may not have your best interests at heart. If you have questions about the different types of loans that are available try talking to your realtor or even one of the financial planners at one of the larger banks in your area.

How To Save Money When You Apply For A Mortgage!

So, you're about to get a mortgage? Take a deep breath. Prepare to spend a little bit of time doing your homework. Three or four hours of effort may end up saving you thousands of dollars now, and tens of thousands of dollars over time. Home financing can be intimidating, but it's not rocket science. A few basic considerations can make a world of difference.

Let's get started

Educate yourself. Get several quotes. Mortgage brokers will generally offer a better deal than a bank, but it doesn't hurt to call a bank or two for comparison as well. A good loan originator will spend as much time with you on the phone as you need. And a truly professional loan originator will ask enough questions to understand your goals. If you don't feel good about a conversation, trust your instinct; cross them off your list and move on.

Get everything in writing

Make sure to ask for Good Faith Estimates. There can be quite a few costs associated with getting a mortgage. You want to see every one. Comparing Good Faith Estimates can be challenging because different mortgage lenders often use different terminology. Don't let that stop you. It's also a good idea to ask the mortgage broker if there are any additional costs that are not shown on the estimate.

Ignore the APR

APR, or Annual Percentage Rate, was originally designed to help borrowers compare mortgages. I won't go into the mathematics involved, but in principle APR was a good idea. In practice it has turned out to be useless. Lenders do not all use the same inclusion methods in calculating APR. To add to the confusion, adjustable rate mortgage calculations are notoriously misleading. But that's okay! APR involves two variables, note rate, and closing costs, and all you need to see is on the Good Faith Estimate.

Points versus rate

I've been a Florida mortgage broker since 1989. My company is also licensed in Georgia, Massachusetts, and Virginia. We talk to lots of people about home financing. It's my experience that when people are shopping for a mortgage they often fixate on the interest rate, and overlook the points. Interest rate and points are inversely related. Unless you specify that you don't want to pay points a lender is likely to price your loan with one or two points. This will make your rate lower, but it may not be a better deal. If the lower rate saves you fifty dollars a month on your payment but you pay an extra five thousand dollars in points, it will take you eight years to catch up with the cost of the points. Do the math.

The margin trap

Many adjustable rate mortgage programs now offer a variety of margins for you to choose from. This means that you may have an opportunity to control your future interest rate. Sooner or later all adjustable rate mortgages adjust to an interest rate that is equal to an index plus the value of your margin. You have no control over the movement of the index. But if you can get a lower margin you will have a lower rate (once your loan starts adjusting) for as long as you have your loan. Your good faith estimates should all indicate the margin for your loan. Call the individual mortgage brokers and tell them you are interested in a lower margin. Don't be shy. It's your money!

Pre-payment penalties; Good and bad

As a Florida mortgage broker licensed in several states I discuss financing with many people every day. Most people are averse to considering a loan with a prepayment penalty. But it is worth looking into. Adding a prepayment penalty to your loan may reduce your interest rate significantly. Prepayment penalties typically expire after three years, but recently many lenders have started offering a choice of one, two, or three year penalties. Will you still be in the home past the expiration of the prepayment penalty? If you outlast the penalty you have reduced your monthly payment for as long as you have the loan. That can add up. And it didn't cost a penny!

Choose wisely

There are an amazing number of mortgage programs to choose from these days. You can select a fixed or an adjustable rate mortgage. Or you might choose one of many hybrid fixed period adjustable programs designed to give the comfort of a fixed for a predetermined number of years before starting to adjust. Interest only options are available now on both fixed and adjustable rate programs. When selecting your mortgage program think about yourself. Any decision only makes sense if it makes sense in the context of your life.

Mortgage Refinance Loans

Within recent decades mortgage loans have become an everyday occurrence, spreading over all the groups of the society. The necessity and importance of mortgage loans are doubtless, therefore everyone who wants to take advantage of mortgage should gain a complete understanding of its types, relevant terminology, benefits and such options as mortgage refinance.

Choosing a certain type of mortgage it is important to know to which extent interest rates depend on the value of real estate and what mortgage loan rates evolve from. In general, all mortgages can be divided into secured and unsecured ones. The main types of mortgage are the adjustable or variable rate mortgage and the fixed mortgage. Adjustable rate mortgage allows to change the interest rate within certain periods of time. The intervals depend on a fixed financial index, with the payment rising in accordance with the interest rates. In case the latter are low, this type of mortgage loan gives 100% benefit.

As to the fixed rate mortgages, it is the most widespread type of mortgage loan, while the interest rate doesn't change during the whole term of loan. Being the oldest type of mortgage, it is especially popular among householders. Other types of mortgage include balloon mortgage, two-step mortgage, jumbo mortgage and hybrid mortgage. Actually the type of mortgage is determined by the mortgage loan program of a certain mortgage loan company.

If the client is going to take out a new loan which permits to compensate the current mortgage, he or she can use the option called a refinance mortgage loan. Having a low interest rate, the refinance mortgage loan is a good choice for those who want to pay back the whole debt in a short term. In addition, a refinance mortgage loan is an ideal opportunity to pay off the debts for those who are no more able to fix their mortgage loan.

Refinance is basically performed using a second mortgage loan which has both incontestable benefits and some significant disadvantages that should also be taken into consideration. Thus, in case the second mortgage loan is not compensated for, the client just loses the property. So, before deciding on mortgage refinance one should determine the affordable interest rate. On the other hand, the interest rates of the second mortgage loans are usually fixed so that borrowers could save their money. Besides that, mortgage insurance isn't required, if mortgage payments are performed in two steps – a first mortgage loan and a second mortgage loan.

Make Your Mortgage Shrink

For nearly all homeowners who have a mortgage on their house or condo, they dream of the day when it is finally paid off in full. Having that legal document in hand that says you are free of debt and the property is in your name is an extremely satisfying life-long goal for many people. Mortgages and the accompanying monthly payments are just part of the home buying process, and thus part of most adult lives. Unfortunately for some, various factors in life such as a market downturn, job loss or increase in payment amounts can spell disaster and end up in foreclosure. If you are in a financial position to do so, there are a few ways you can pay off your mortgage faster.

Before you even consider paying off your mortgage early, you need to realize that not everyone considers doing that a good idea. If you have a very low interest rate on your loan, some people would advise that you take the money you would otherwise use to pay extra on your mortgage and invest it, which would in turn earn even a small income or profit. There is also the argument that you could use the extra money to renovate your home or condo or just make a few improvements, thus increasing the overall value of the property and making it nicer for you to live in as well.

You also have to weigh whether or not you'd be happier by paying off your mortgage sooner or by having the extra money to spend in the present. Then you also have to consider the fact that unforeseen circumstances can arise such as illness or unexpected expenses and it always pays to have a financial cushion to fall back on during rough times. And of course you also have that handy tax deduction along with your mortgage. But if you do decide you'd like to be free of your monthly mortgage payments sooner, then you can do so by taking a few proactive steps right now.

The first and probably most simple thing you can do is to either increase the amount of your monthly payment or make biweekly payments. Be sure to discuss this with your bank or loan company because there may be restrictions on the number of additional payments you can make or limits on the extra dollar amount. By requesting that the extra payment you make be applied to the principal of your mortgage you can knock off between 5 and 10 years and a huge amount of interest on a 30 year mortgage.

Even if you have just bought into a pre-construction development and haven't even moved in yet, it doesn't hurt to consider all your options. One of the most widely publicized developments right now is the http://www.bestchicagocondos.com/pre-construction-condos/chicago-spire-2.html, and the developer is requiring 15% down with each contract to buy, which is a little more than most other new projects. That reduces your amount owed, and if you can afford the $750,000 to $40 million that a unit there will cost, you might not be overly concerned about shortening the life of your mortgage. But in reality, the amount saved on any loan is a bonus for you.

It's also important to speak with your loan officer and find out when they apply your payments. If the extra payment you send isn't credited until the next month, then you not only lose out on saving interest on the current month, but also on any interest that money might have earned in your savings account. Time your payments so that they are applied the month you send them. Be sure to have any extra payment go towards the principal and not just deducted from your next month's payment. And make absolutely certain that your bank or loan company doesn't charge a service fee for processing that extra payment.

Another option is to make a lump sum of balloon payment once or twice a year if you are permitted to do so. To save up for that amount you can earmark your tax return, any bonus you receive at work or profit sharing dividends. Something as simple as forgoing that $4.00 mocha latte on the way to work may sound like pocket change but will add up to some big savings in interest over the long run if you add it to your payments.

3 Quick Tips for Creating a Garden Hideaway

Many perfectly sensible and sociable adults will confess that they had a secret, private hiding place in some garden of their childhood: a hidden corner in a grandmother's garden, a secret spot in a grove of trees, or even a shrubby nook in a vacant lot. In the rush to ensure that we create environments for socializing and for family activities, we can forget the joy we found in those secret garden hideaways.

Sure, it's great to have "together" spaces: like a pool for the family to splash in... or a swingset and sandbox for the youngsters. But more than one parent with a beautifully groomed yard has listened to their child speak reverently of the "hideout" at a friend's place: a bank of towering, unkempt weeds where a child can hide from the world.

Children have it figured out: the more hectic our lives, the more we need a place for renewal and rejuvenation. Creating your own garden hideaway need not involve major construction projects or expensive plantings. Instead, scan your garden for the three key criteria:

1. Hidden from the world.

Look for privacy, or a sense of enclosure or hidden-ness. You'll need space for a comfortable chair for one. Is there a spot where you can grow a screen of morning glories... or maybe moonflowers if you plan to enjoy your oasis in the evening? The perfect kids' hideout allows you to remain hidden while preserving at least a glimpse of the outside world. Use the same principles.

2. The sounds of silence

You're a very lucky homeowner if birdsong and rustling leaves are your natural sound environment. For the rest of us, we need to improvise. Wind chimes are a popular way to create a more peaceful soundscape. But to many, the sound of water is incomparably soothing, and you can achieve the effect with only a babbling fountain in a large ceramic pot. Even a gurgle can help conceal or counteract the noise of traffic or humming air conditioners.

3. Eye-level beauty

Create a focal point that you can enjoy from your chair. Flowering vines - like the morning glory or moonflowers - can be helpful. Or put a pot of pretty annuals on a short pillar or stand. Consider some scented flowers to appeal to the senses. Only a fence to keep you company? Try mounting a framed mirror that reflects a pretty area of the garden.

From daycare to office work, our lives are overwhelmingly communal - and solitude is a quality which easily goes missing in our lives. Each day, try to disappear for a few minutes - with an early morning coffee, a mid-afternoon lemonade or a late-night glass of wine. Bring a favourite book, a summer journal, or happy thoughts... but leave your roam phone in the house.