<small>© 2019 Susan Pruden. All rights reserved. Each CENTURY 21 office is independently owned and operated. Listings provided by Bright MLS from various brokers who participate in IDX (Internet Data Exchange).
<small>© 2019 Susan Pruden. All rights reserved. Each CENTURY 21 office is independently owned and operated. Listings provided by Bright MLS from various brokers who participate in IDX (Internet Data Exchange).

Cut Refinancing Expenses

by Susan Pruden
January 20, 2014 iStock_000016148905XSmall(er).jpgEvery single day, homeowners who are excited about lowering their rate have a tendency to ignore the refinancing costs because they?re being rolled back into the new mortgage. If the payment is lower than what they?re currently paying and there?s no money out of pocket, it seems like a good deal. Refinancing your home because a lower rate is available is one thing but the closing costs associated with that new loan could add several thousand dollars to your mortgage balance. By following some of the suggestions listed below, you may be able to reduce the expense to refinance.
? Tell the lender up-front that you want to have the loan quoted with minimal closing costs. ? Check with your existing lender to see if the rate and closing costs might be cheaper. ? If you?re refinancing a FHA or VA loan, consider the streamline refinance. ? Shop around with other lenders and compare rate and closing costs. ? Credit unions may have lower closing costs because they are generally loaning deposits and their cost of funds is less. ? Reducing the loan-to-value so that mortgage insurance is not required will reduce expenses. ? Ask if the lender can use an AVM, automated valuation model, instead of an appraisal. ? You may not need a new survey if no changes have been made. ? There may be a discount on the mortgagee?s title policy available on a refinance. ? Points on refinancing, unlike purchase, are ratably deductible over the life of the loan. ? Consider a 15 year loan. If you can afford the higher payments, you can expect a lower interest rate than a 30 year loan and obviously, it will build equity faster and pay off in half the time.

A lender must provide you a list of the fees involved with making the loan within 3 days of making a loan application in the form of a Good Faith Estimate. Every dollar counts and they belong to you.

A lifetime Maryland resident, Susan Pruden has the ideal foundation for selling and buying homes. After 8 years working in just about every facet of the mortgage industry, and several years with her own company specializing in marketing for real estate agents, Susan got her real estate license in 1994. Susan has earned several industry awards. The CENTURY 21 Quality Service Pinnacle Award is based on reviews from Susan's clients and is earned by a very small percentage of agents. She has earned that coveted recognition since 2012

Two others were awarded by the Prince George's Association of REALTORS®. The Distinguished Sales Associate of the Year Award is based on a mixture of community involvement, association involvement and real estate education and designations. The other, the Distinguished Service Award, is for "exceptional meritorious service."

Susan is involved in her local community. She was named Cheverly Volunteer of the Year in 2018, even having June 25th designated "Susan Pruden Day" in the Town of Cheverly. She is also a Commissioner on the Prince George's County Historic Preservation Commission and President of the Cheverly American Legion Auxiliary.

Susan Pruden has lived in Cheverly lived with her husband, Joseph, for almost 30 years.

Susan Pruden, REALTORĀ®
CENTURY 21 New Millennium
1000 Pennsylvania Ave SE
Washington, DC 20003
Direct:
© 2019 Susan Pruden. All rights reserved. Each CENTURY 21 office is independently owned and operated. Listings provided by Bright MLS from various brokers who participate in IDX (Internet Data Exchange).
<small>© 2019 Susan Pruden. All rights reserved. Each CENTURY 21 office is independently owned and operated. Listings provided by Bright MLS from various brokers who participate in IDX (Internet Data Exchange).
 
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