xmlns:og='http://ogp.me/ns#' Wil Coloma: Five costly errors you'll want to avoid when refinancing

Sunday, December 9, 2012

Five costly errors you'll want to avoid when refinancing


Click Me  (click here for the article)


Personal Note or Quick Thoughts:

I would encourage that you shop around to a minimum of three lenders for a refinance.  But be aware of the difference between a Broker and a Bank/Lender.  A banker or lender (e.g. Bank of America, Wells Fargo, US Bank and such) will have their own programs and guidelines.  So, if you don't "fit" within their program guidelines, then that's it.  If you do, then great!

On the other hand, the Broker is able to shop many lenders for you and will locate the best program out there that fits your situation.  If you don't fit with one lender, then you might with another.  So, programs and guidelines will be different and you'll have options to choose from.  The biggest advantage of using a Broker as opposed to a Banker/Lender is that the Broker can do the shopping for you!  Then with your approval, you can pick the best program that fits.  Of course, we at Cascadia Lending are a Brokerage and I prefer to do business this way.  Also, the Broker can usually match up with the Banker/Lender when it comes down to closing costs/fees, etc.  The Broker has flexibility.

I hope you enjoy this article and that it is somewhat educational for you.  I pulled the link from Yahoo.com.  In closing, I would add at least one thing to that list in that, one should avoid making major purchases while refinancing.  For obvious reasons.

Hope you all had a great weekend.  Hang loose!  Wil 425-772-1713