Living in New York is not all about the Empire State Building or Manhattan. As one of the millions of home owners in the state of New York, you want to be sure you not only live in one of the most renowned states in America, but that you are also taking advantage of all the savings refinancing your home can offer. Being a responsible homeowner means knowing when to refinance and how to get the best deal on your loan. So what can you do to get the best deal?
Avoid High Fees
There are plenty of lenders out there waiting to offer you a great deal on refinancing your New York home. Many of these lenders will offer you low fees. However, you need to be sure that you are not being told some refinancing fees will be lowered while other fees are quietly being inflated. Be sure you look closely at your New York refinancing offers so that you avoid any high fees on your loan.
Shop Around
This is the number one rule when you are looking to refinance your New York home. There are a lot of New York refinance lenders, and you should explore your options so that you know you are getting the best refinance loan possible. Using a mortgage broker, either online or offline, will allow you to compare different rates and companies. Be sure you look at everything from rates and fees to financial ratings and customer service comments.
Compare Like Numbers
Many people only look at the refinancing rates and do not bother to look beyond the one number � the APR. When you are considering refinancing your New York home you need to think like you are starting all over with your mortgage, because you are. It is important to look at fees and points, too when you consider your refinancing. Be sure you are comparing all of the numbers when you are looking at different refinancing offers.
Lock in Your Rate
It is important that you get a lock on your interest rate when you are refinancing your New York home. A reputable lender will offer you the refinance rate in writing. However, you should also be sure you understand how long the rate is good for so that you know if your payment will be going up. Your lender should also be giving you a good faith estimate on your New York refinancing. This will tell you all the fees and costs when you close on your refinance loan.
Work with a Reputable Lender
Be sure you are working with a reputable lender when you are refinancing your New York home. There are a small number of mortgage lenders that take advantage of borrowers and commit mortgage fraud, costing borrowers and other lenders money. Therefore, be sure you do not sign off on any refinancing paperwork that is not filled out and do not submit to pressure to lie on any paperwork. Also, get copies of all of your refinancing paperwork. A reputable lender will not have any problems giving you copies of anything.
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