I have a bit of mortgage refinance advice that will sound so obviously beneficial, and yet it is rarely followed. Before that, let me ask you a few questions about your last mortgage refinance.
“Did you only look at lowering your payment as the primary determining factor as to whether the refinance was “beneficial” to you?
The idea perpetuated by the no cost refinance advertisers primarily that no cost refinances even exist, is just mean. This no cost refinance fantasy will be put to rest here and now.
I estimate half of the people I have discussed mortgage refinancing with over the last year have wanted to know more about the no cost refinance loans they saw on TV or heard on the radio.
Fannie Mae’s CEO, Daniel H. Mudd testified before the House Committee on Financial Services today and unveiled a commitment to those subprime borrowers who need new options now that their earlier mortgage decisions are proving to be disastrous.
In typical “borrow from Peter to pay Paul” fashion, this new initiative involves refinancing out of the bad, old mortgage and into a new, better mortgage.
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