Loans and mortgages – Save steps and money

.
Refinancing your mortgage can cut your interest charges, but what about cutting the cost of refinancing? If you’ve refinanced once or twice before, you can knock at least $400 off the closing costs using what is called, “streamlined refinancing.”

Streamlined refinancing means you skip some of the steps you had to take last time you refinanced. If it’s been two years or less since you refinanced, look into saving in these areas:

* Use the same attorney and lender. You will pay less in fees because they have already done the background work, and you will avoid state mortgage taxes.

* Ask you lender to use the appraisal plan from the last closing, and cut $200 off your closing costs.

* Use the plot plan from last time, and save another $150.

* Update your title insurance policy instead of writing a new one, and save from $400 to $1,000.

If you have a loan from the Federal Housing Administration (FHA) and you’re kept up with payments, you can take advantage of its streamlined refinancing package.

No face-to-face meeting is required, you pay no underwriting fees, and you don’t need an appraisal. You don’t even have to undergo credit check or income verification. This refinancing is available strictly to lower your monthly payments. It is ideal if your credit situation has improved since you first took out the loan.



All the best,



Timben