Welcome to Mass Home Help .com
Refinance Quickly! The Best Option and Least Expensive Option
Refinancing these days can be scary. If you don’t need a loan, the banks want to through the money at you. On the other hand, when you need it most, the banks are running in the other direction.
We have found the best places to start looking when you need to refinance your house are Small Banks or Credit Unions. This is my favorite option because they offer so many benefits over using a Mortgage Broker.
Here are some of the reasons why Small Banks and Credit Unions are my favorite:
1. Their fees are normally the least expensive.
2. They usually clearly state all fees and costs associated with the refinance up front. This avoids last minutes surprises and you know exactly what it will cost you.
3. It’s easy to get a customer service rep on the phone when you have questions.
4. They also tend to move much faster through the refinance process.
The most outrageous fees I have seen brokers charge are associated with the Origination Fee. I swear it seems like a made up moving number.
Here are some of the bogus reasons lenders/brokers use to keep increasing the cost of your refinance: “Your credit isn’t good enough in today’s market”, “You’re taking money out” or “The Bank charges for extra paperwork”.
Mortgage Brokers will feed you all types of nonsense all for the purpose of increasing their own paychecks. Don't get me wrong - Not all Brokers do this, but there are enough doing it to make the average person distrust this system.
Small Banks and Credit Unions usually offer the lowest charges and they will tell you the cost in advance. The cost doesn’t change based on their mood.
As I mentioned earlier, Smaller Entities clearly state their fees. They wil usually give you a Comprehensive Good Faith Estimate. There is no need to guess if there are additional costs that will magically appear. Most brokers on the other hand will tell you the cost could keep changing. The reason for this is usually because it depends on how much money they WANT to charge you.
Here is the best part – You can get them on the phone when you need them or have questions. Customer Service! Wow…it does still exist. Smaller business need to keep their customers happy, so they are usually very good at responding to the small number of customers they have very quickly.
This is a very competitive business. The advantage for the smaller Banks or Credit Unions is they have less customers, so it’s easier to service the customer in need. My experience has also been -they will do whatever they can to work with you to help meet your needs.
My last few words "for thought"…Carefully research the company you decide to use when refinancing and be sure to compare rate - even among the Smaller Banks and Credit Unions.
If you are not able to refinance – Check out Loan Modifications
Credit Facts
» A Deficiency Judgment can be reported on your credit report for up to 20 years
» A Bankruptcy or Foreclosure on your credit report could STOP you from:
°Getting a job or switching jobs
°Obtaining a rental apartment
Home Loan Modification Requirements
°Need a Real Estate Solution
°Ready to Solve Your Problem
°Ready to take Action
