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If mortgage lending for the short-term, can significantly reduce your out-of-pocket costs by avoiding the cost close. This is the no-fee, no points mortgage you advertised and you can use these types of mortgages Your advantage, even if the lender is not completely honest about the loan. Here are some tips for you to avoid include the costs of refinancing your mortgage loan.

The catch lenders not to speak with their non-fee mortgage is that you pay in the form of higher mortgage interest rate. How can you tell if he has a higher mortgage rate is a fair trade-off for the closure costs will not pay? To determine this, first divide the sum of the potential closure costs by the amount of your mortgage loan. Let's say your closing are $ 3,800 on a $ 225,000 mortgage loan. Divide $ 3,800 by $ 225,000 and you get 017, that is the same as the payment of 1.7 points or 1.7% of the loan amount.

Discount points reduce your interest rate of 25% for each point you pay. In this case, the lender is actually the points that increase your interest rate. In this example, assuming that you originally designed for a 5.8% mortgage would rise to 6.0% your. The difference in height on a 30-year, fixed loan would be approximately $ 71 more per month without paying closing costs.

In this example, you save $ 3,800 because the lender footed the bill for your closing costs. Your monthly payment amount is still $ 71 more than it would be, but you have to pay nearly four thousand U.S. dollars out of pocket for this record. If you choose to refinance this loan in less than four years, you are always ahead of the game from all previous closing costs.

You can learn more about your mortgage refinancing options, including costly mistakes to avoid with a free mortgage tutorial.

To get your free six sub mortgage refinancing tutorial, visit RefiAdvisor.com with the link below.

Louie Latour specializes in homeowners how to avoid costly mortgage mistakes and predatory lenders. To your hands on this free video tutorial: "Mortgage Refinancing - What You Need To Know," "teaches strategies for finding the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

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Home Mortgage Loan Refinancing