I have an ARM with a penalty phase getting ready to end. Where do I start to refinance?

Question

I know that everytime my credit is checked, it is a hard hit on my credit. I want to shop around for the best rate, but want to do so in a way that will not be detrimental to me.

Answer 1

Getting your credit checked isn't that hard of a hit. Besides, if you get all your quotes within a 2 week period, creditors treat all those credit inquiries as one inquiry. They know people shop around.

Try Bankrate.com for a list of lenders and rates. You don't have to stick with your current lender.

Answer 2

I agree. A refi can run you thousands of dollars that will be lumped into the loan. If you are going to be in this place for many years, you can refi, but if you are only going to be there for five to seven years, you would not gain much. Don't forget, rates go down sometimes, too.

As for the credit check, the agencies know when you are looking for similar purchases. For example, when you buy a car you can apply at five places, but it only hits your credit once. Check out the websites and e-mail the companies. They are pretty good about explaining these questions.

Answer 3

Actually, if you limit it to mortgage inquiries, all inquiries within 14 days count as one. Act of Congress several years ago, put through by National Association of Mortgage Brokers. Yes, it helps them, but it *really* helps you by enabling you to shop for a loan as much as you might shop for a toaster oven.

Have good long conversations with at least half a dozen prospective loan providers. If you get a good one, brokers will beat direct lenders every time, because when you talk to a broker, you're automatically shopping a lot of lenders. Brokers get better prices than a lender's own loan officers in most cases, because 1) the lender isn't paying their overhead, and 2) from the moment you walk in the door, most direct lenders consider you their captive. Broker clients are *never* captives.

Answer 4

Your ARM will probably only change 100 BPs per year. When you should refinance will depend on the size of the loan. You refinancing cost should be easier recouped with the savings on the interest. Probably when the going rate is 50 BP less than your current rate, you should look at the math.

Answer 5

You need to decide if your going to live there for a few more years or if you need a bigger or smaller home. If your planning on living there long term I highly recommend refinancing now and locking in a new rate. You may also want to consider maybe even some debt consolidation if you have any. Interest on your home can be written off on your taxes but you can't write off interest on credit cards or car loans. Please make sure you consult a certified public accountant to verify that as I am not a in that line of work. I hope this helps you but if you need any help or have any additional questions please feel free to email me or visit my website www.dantadgerson.com.

Answer 6

hmm i just answered this question, i guess in a different category.

well here it is again. http://www.savingslife.com

heres a service you can compare the best mortgage refinance rates
that requires no credit check

Answer 7

You mean they are not calling you yet? I must get at least 5 calls a week offering to refinance.

Answer 8

Usually I can give a quote over the phone with put pulling your credit.

Matt
http://www.diversifiedlender.com/

Answer 9

If you would like for me to look at it you can contact me at [e-mail]

Thanks,

Charles