Special to the Financial Independence Hub
If you’re not satisfied with your current mortgage lender, it may be in your best interest to switch to a different bank. In order to accomplish this, you’re going to need to refinance your mortgage, as banking institutions (in the United States) won’t simply take over your existing mortgage. The key difference here is that you already own the house and may have an established payment history.
Is Refinancing worth the effort?
While going through the mortgage process a second time may seem like a hassle, the reality is that seeking out a better rate is often a prudent financial strategy that can be well worth the time spent. After all, even a slight improvement is going to make a significant difference when you consider the long term. Fortunately, according to US News & World Report, the mortgage process is far easier and more straightforward these days than it was before the recession. Here’s a quick rundown on how to set the wheels in motion.
1.) Look into early termination fees
If you refinance your mortgage, the new bank is going to pay off your existing mortgage so you can start with a clean slate. Before you proceed, Continue Reading…