A Guide To Refinance Your Home

Refinance your house to save money. We refinanced our home for the fourth time in three years, with interest rates hovering around 3 1/2 percent for a fixed rate 30 year mortgage. With Social Security as our principal source of income, every penny we can save each month allows us to enjoy our retirement and spend our money on activities we enjoy. Underwriting regulations have made refinancing your house more difficult… even though I refinanced four times with the same firm, I had to jump through some hoops to meet the underwriting requirements each time.Do you want to learn more? -Check This Out

Underwriters who are looking for a square peg in a square hole don’t seem to understand common logic or the fact that I haven’t missed a house payment in 38 years. Expect some frustration, but it will be well worth it in the end. Despite the fact that I have been a customer of the same bank for the past ten years, they have refused to refinance my house due to a failure to fulfil their own underwriting requirements.

The irony of the situation is that they bought my mortgage from the mortgage broker… from themselves… that’s right, they turned down my refinancing request and ended up buying the mortgage… and paying the mortgage broker several thousand dollars, when they could have avoided paying the brokerage fees and refinanced my home themselves. Despite the headaches of underwriting and the paperwork that goes along with it, refinancing your house is the most cost-effective approach to cut your monthly payments.

When compared to our initial mortgage, this newest refinance saves us $400 per month… our interest rate started at 6 3/8 percent and is now locked in at 3 1/2 percent. Even though I’ll be 97 years old when my mortgage is due, lenders don’t seem to mind… so my advise is to not waste time trying to figure out the process… instead, take advantage of the current cheap interest rates while you still can and cut your monthly budget.

When you consider the final result… a smaller monthly budget… a few days of gathering information and answering inane questions is well worth it. Mortgage payments are the largest single item in the monthly budget for the vast majority of Americans… don’t lose out on this opportunity to refinance your home while rates are still low.