This post is my entry to Problogger’s How To Writing Project of this week.
Are you going to refinance your house later? Then you must pay attention on the tips that I listed here. The following “How to refinancing tips are some of the summary of my after reading note book that I collected when I read the refinancing books from time to time. Although the tips are simple and no technical explanation here, but I believe they sure will give you a rough guidelines how to refinancing your property without losing money to bankers.
- Know the impact of interest. A 10% interest is a lot of different with a 9.9% in long run
- Know and understand the mortgage products on the market. ARM? APM? Balloon Rate Mortgage?
- Know and understand the technical terms of Mortgage world. For example, what is the meaning of 3/1 or 3/3.
- Collect and compare all the mortgage packages and offers. I think Internet will be your important tool right?
- Learn and calculate all the offers. Mortgage simply a mathematic subject of our life. I think this is why we learn mathematic in school
- Train your mind and read the micro/macro-economy of your country. This is important if you want to be an investor who always predicts the trend of market and mortgage rate.
- Bargain, Bargain and Bargain!! People love bargain
- Pay attention on the closing cost. Be careful, there might be a trap here.
- Make a decision on time. Don’t wait once you make your decision. Deals may change without your notice.
Last but Not least : Test, fail and learn from experience. Maybe failure is hurt, but you learn the most from it. 
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I am SO glad my husband handles these details…it makes my head spin to have to remember all of these kinds of things.
Ooo, very useful, thanks! Our how-to is up as well if you’d like to check it out!!
I am thinking about refinancing. Thanks! Thanks for participating in the Group Writing Project. My How To is up also.
Another tip that can be useful is to honestly evaluate your feelings on how long you will stay in your home. In some cases, it doesn’t pay to lock in on a 30-year mortgage when you will be moving in 5-10 years.
You have some very useful tips and they have the potential to save one quite a bit of money. My how-to is posted as well.
Thanks for the comments. I’m trying my best to check out all the “how to” submission in the writing project. So far I learn a lot from what I read.
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