Why I didn't refinance my mortgage, even though I was told I'd save $14,000 in interest. (via CNBCMakeIt)
Finally, I reached out to my current mortgage lender to see if they would be willing to refinance our mortgage. Sometimes your current lender will put forward a competitive refinance offer just to keep you as a customer.because the lender will often waive the appraisal, origination, and title insurance fees. Going this route could save you thousands. But when I contacted our current lender, they weren't able to provide a lower rate.
If you're interested in refinancing, I recommend reaching out to a variety of lenders, including online lenders, local banks, and credit unions, to compare offers. But make sure to contact them within the same two-week period so it only counts as one hard inquiry on your credit report. If you contact lenders several months or even several weeks apart, it can count as multiple hard inquiries and your credit score can suffer.
Ultimately, my best advice is to make sure you look at all aspects of the offer and keep the big picture in mind. Even though it may seem like a good deal on the surface, do your due diligence and have a clear understanding about whether it's the right decision for you and your financial future.Zina Kumok
is a freelance writer and editor. She has written for outlets such as Investopedia, Credit Karma, and LearnVest. Her expertise has been featured in Glamour, BBC, and NerdWallet. She paid off $28,000 in student loans in three years and works as a money coach at ConsciousCoins.com.
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