Here we are years later and shopping for a mortgage when considering to refinance is fiercely competitive.  How can we homeowners narrow the playing field while searching for our refinance mortgage.  First off, make sure the mortgage professional you are talking with is one who believes in true upfront disclosure.  This includes all closing costs fees that may be incurred, choosing the right mortgage program and why, and prepayment penalties; if there are any.

You should never find out later that you discovered there was a better mortgage loan you could have considered.  Or that you had a choice in paying discount points or not; and that there a different types of prepayment penalties.  Did you know some prepayment penalties reduce the penalty over the 1st 3 years and some allow you to sell your home without having to pay the penalty altogether.

The truth is, when you are seeking to refinance your current mortgage; call a mortgage professional.  You can separate a mortgage professional by listening to the questions he or she is asking.  Mortgage professionals want to know why you are refinancing, how long you plan on staying in your home, etc….

Upfront verbal communication between the moprtgage professinal and the homeowner is what we need more in today’s mortgage arena.  If you need mortgage professional advice with your refinance questions send me an email at refi@beechtreemortgage.com.

Stephen Thaggard

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