Don't gamble with your rate!

You may have noticed that interest rates continue to be very low. You may not be interested in selling or buying right now but have thought about refinancing. There are a few things to consider, here are some suggestions... 1.) CHOOSE A REPUTABLE LENDER... loans are laden with junk fees and hidden expenses that cost you REAL money. There are on average $1000 in loan "administration and processing" type fees that lenders tack on to some home loans. Check your good faith estimate for these fees and NEGOTIATE! There is a possibility that some of those can be removed. 2.) CHECK YOUR RATE CAREFULLY... by not being knowledgeable on the current rates the lender can make additional money (over and above the loan origination fee) off your loan by something called "yield spread". If they quote you a rate on your good faith estimate and the rate drops... they are paid the difference in commission which can be considerable money. Also, if they quote you a rate that is just a little above the going rate "pad the rate" they are paid the difference as well. 3.) GET 3 LENDER QUOTES... when your lender knows they will be up against another lender and competing for your business (remember though, poor customer service can cost you money too... choose wisely) you will be more likely to get a better rate. 4.) KNOW YOUR CREDIT SCORE... Inaccuracies on your credit report can cost you money by not qualifying for a lower interest rate. Those credit errors bring your credit score down which makes you a higher risk to the bank, translating into a higher interest rate. If you haven't pulled your credit report lately DO SO NOW! You are entitled to a free credit report annually through all three credit bureaus. Go to www.annualcreditreport.com For additional information on credit scores etc. click on the "featured articles" tab of my website. If you have any further questions, call me. I can refer you to a reputable lender AND save you money!