Mortgage refinancing tips with NerdWallet


So, you’re thinking about refinancing your
mortgage. That can be a good move. There’s a lot to consider, but NerdWallet
is here to help, every step of the way. For starters, shopping around is key. Our refinance rate comparison tool can help
you find the best rates, personalized for your situation. It’s good to weigh your options, and we suggest
you reach out to at least three lenders. Once you’ve chosen a lender, it’s time
to run the numbers. We’ll automatically factor in lots of fees
and costs that aren’t always obvious. Knowing actual totals will help you pick the
most cost effective way to refinance. Here are a couple other things you’ll want
to be aware of, right off the bat. When it comes to refinancing, there’s no
such thing as no cost. Usually that just means that a lender bakes
the fee into the overall cost or the interest rate. This doesn’t have to be a deal-breaker,
but it might not actually save you any money. Speaking of “no cost”, the same goes for
a rate lock: It’s never actually free, but it will protect you from a rate increase
after your loan application is approved. Even a small interest rate hike could raise
your monthly payment and cost you thousands over the life of your loan. If you can afford a rate lock, the benefits
outweigh the risks, so we recommend it. Finally, you might want to contact a mortgage
broker for more personalized guidance if your situation is considered nontraditional. For example, if you have a low credit score,
are a foreign national, self employed, or if you’re applying for a government loan
program. More questions? Visit http://NerdWallet.com for the full rundown
on refinancing and to get started with our refi rate comparison tool. Thanks for watching, see ya soon.

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