Living in South Carolina comes with its own rewards, but when you refinance your home you can enjoy those rewards while knowing you are being financially responsible. There are a number of reasons that you should refinance your South Carolina home, and there are things you should look for so that you get the best deal on your refinancing home loan.
Get the Right Refinance Loan
The first thing you need to do when you are refinancing your South Carolina home is to be sure you are getting the right refinance mortgage loan. Part of getting the right refinance loan is to know what you want out of your refinancing. Do you want to stabilize your monthly payment? You may want to consider a fixed-rate refinance loan. Do you want money for a new addition on your home? Consider a cash-out refinance loan. When you understand your goals for your South Carolina refinancing efforts, you will be sure you are getting the right type of refinance loan.
Get the Right Rate
Knowing which type of loan you need may be the first step in saving you money, but getting the best South Carolina refinance rate is the next. You need to shop around to find rates that are at least two points lower than what you are currently paying. This way you will offset any other costs associated with your South Carolina refinancing. You can consider rates that are not quite two points lower as long as the lender is waiving a number of fees. Just be sure the lender is not inflating other fees instead.
Watch Those Fees
Keeping an eye on South Carolina refinance fees is important even if your lender is not waiving any of them. Be sure that your fees are not inflated by doing comparison shopping. Also, be sure that your lender is charging you appropriate fees for things like appraisals, title searches, inspections, and more. Comparison shopping allows you to know what is normal in refinance fees and what may be the sign of a spotty lender.
Get the Right Lender
As you are shopping around for rates, you should also be shopping around for a good South Carolina refinance lender. Rates will only tell you a part of the story. Be sure that you look at financial ratings and customer service ratings to tell you the rest of the story. Ask your friends and family their opinions. If your lender is asking you to do things that make you uncomfortable, like signing blank paperwork or lying on applications, you may want to find another lender.
Make Good Comparisons
When you are comparing South Carolina refinance rates, be sure you are making proper comparisons. Not all rates are the same. For instance, you may have a refinance rate from one lender that is 6 percent, but another lender wants you to pay points to get that 6 percent rate. When there are points tied to a refinance rate, you pay more. Also, do not forget to add in your fees when you are comparing South Carolina refinance rates. By looking at all the variables you will be able to pick out the better deal.
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