For most people their homes are the single largest investment ever made. Many homeowners overpay for their homes because they don’t understand the mortgage they use can add hundreds of thousands of dollars to the cost of their homes. Here are several tips to help you avoid overpaying for your home when refinancing your mortgage.
An average home in many markets costs over $200,000; depending on the type of mortgage you choose this home could cost you $400,000, $500,000, even $600,000 before you’ve finished paying for it. The type of mortgage you need depends on your financial situation and largely determines how much you pay. If you have poor credit and need an 11% mortgage to purchase your home; then that was the right loan at the time for you.
Just because you had a poor mortgage when you purchased your home, doesn’t mean you have to live with a bad loan. If your situation has improved due to a higher paying job or you have a better credit rating you could qualify for a lower mortgage interest rate. This lower interest rate would give you a lower monthly payment and free up cash in your budget for other things.
If your goal for your home loan is to pay less to your lender, choosing a loan with a shorter term length enables you to pay less to the lender and build equity in your home at a faster rate. Choosing a fifteen year term length allows you to avoid the high cost of thirty year mortgages and keep more of your money. You can learn more about your mortgage refinancing options with a free mortgage tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: “Mortgage Refinancing - What You Need to Know, " which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit .
Claim your free mortgage refinancing tutorial today at:
Maryland Home Refinance Loan