Do what makes sense. (Ask Your Advocate).Q As a new homeowner, I would like to know how soon some one can refinance their mortgage. What costs are associated when refinancing at lower mortgage rates in today's market? A You did not mention how new a homeowner you are, but according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Robert Withers withers the region over the backline where the neck joins the thorax and where the dorsal margins of the scapulae lie just below the skin. fistulous withers see fistulous withers. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of First Alternative Mortgage Corporation, all you need to wait for is the paperwork on your original transaction to be finalized See finalization. , about 30 to 90 days. "You can refinance [almost] immediately. The question is whether the rates are low enough so that it makes sense," says Withers. You should also know that there are several reasons to refinance a home: * To build equity faster by shortening the term of your current mortgage. Understand that a shorter mortgage term means a higher monthly payment. Would you be able to afford the payments? * To take advantage of lower interest rates. You would have to determine whether interest rates have dropped significantly since your purchase for you to benefit. * To take cash out of your home's equity. If you can refinance at a lower rate, the money you save can be used for renovations or consolidating debt. The costs associated with refinancing involve the same costs as your original mortgage: points, closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, , and in some cases, penalties (see "Home Free" in Consumer Life) depending on your contract. Shop around for the best mortgage broker and the best rates, and visit www.mortgage select.com and www.mortgage101.com. These Websites include online calculators to help in your assessment.--S.A. Mail your consumer questions to Ask Your Advocate, BLACK ENTERPRISE 130 Fifth Ave., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10011 or send an e-mail to alleynes@blackenterprise.com |
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