Monday, March 23, 2009

Mortgage Refinance

There maybe a window of opportunity to refinance your mortgage. It appears as if the banks may reduce mortgage rates to 4.5% or thereabouts. If you feel it is worth your while to refinance, here are a couple of tips.
1. If you've refinanced within the past 6 months, you may not need another appraisal. That should save you $350.
2. If you go to the same lender as your original mortgage or last refinance, you may be able to negotiate his/her fees. Most will give you a break on the commission side and/or discount some of fees.
3. Go to the same title company/attorney as you did on your original mortgage or last refinance. Ask for a "bring to date" on your title search (saving you most of the money it costs to do a title search) and a "re-issue" of your title insurance, saving you money to simply renew your title insurance policy, not have to get an entirely new policy.

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