Yesterday I had the pleasure to be on the Hurdie Burk Radio Network. In the last seven years in mortgage lending that was probably one of the coolest things I have done. You would think that talking about finance and mortgage lending for an hour would be boring but Hurdie kept it very entertaining.
Needless to say, I am very impressed and if you didn’t get a chance to listen HERE is a copy of the recording.
Here are some tips and strategies that save you money when you are in the market to refinance your home loan:
- Don’t get caught in the trap of consuming your home equity by getting deeper into debt to go on vacation, purchase unnecessary items and spread out your car loans and credit card balances over 30 years. As a Certified Mortgage Planner, I help you implement viable refinancing strategies to conserve your home equity, build greater wealth and achieve your goals in life.
- Understand that you may need to pay higher fees or interest rates if you are getting cash out of your home equity vs. simply paying off the current balance. Also, you may lose the interest tax deduction on cash-out funds in excess of $100,000. I am able to help you structure your refinancing transaction to give you the best overall financial impact for your individual circumstances.
- I will help you evaluate the mortgage products that will work best in your situation. Remember, it is far better to implement the best strategy with competitive interest rates than for you to shop for the lowest rate with the wrong strategy.
- Know your credit score! You may be able to get a better mortgage rate and more favorable loan terms by restructuring some of your balances on credit cards, car loans, etc.
Too often people get too comfortable with the their mortgage broker that they are not open to getting a second opinion on the quotes that they are receiving for their new mortgage. People shop around all the time for new cars, their house, their insurance but rarely on the actual mortgage.
Here’s the inside scoop on how to shop for a mortgage!
There are many pitfalls you can avoid when you are in the market to buy a new home. Here are just a few tips and strategies to help you prepare for success:
As a CMPS professional I am committed, qualified and equipped to help you improve your credit rating.
Your credit scores usually determine the price you pay for your money (your mortgages, your auto loans and leases, your credit cards, business loans, etc.). Perhaps the most significant part of your credit report is your credit score. Credit scores range from 350 to 850, with 850 being the best possible credit score that you could receive, and 350 being the worst possible credit score.
There are five factors that determine your credit score: