Refinance Mortgage

I have a total debt of $348,000 including the mortgage, 4 lines of credit, and credit cards. I am able to make all payments and just want to consolidate. Wouldn’t one lending institution want my money that I am paying to 12 different ones?

Refinancing your mortgage will typically be the best option, as it can save you hundreds of dollars per month if you’re refinancing from a high interest rate to a lower rate.

The website below may provide some insight for you.

http://www.refinancing101.net

Good Luck……..!

I still owe 75% on my existing mortgage, am I obligated to stay with my current lender? If not, what do I do first?
- Call local banks?
- Do the web search and go with the lowest % rates when they list the bigger lending companies in the results?

By the way, we have 6.25% now… should I not fool with all this unless I can get below 5.25?

Thanks in advance!

The first step is a pre approval. I would first scout out all the best deals on line as they are all available on line these days. DO NOT apply for more than one loan though as each time you apply your FICO credit score take a hit as you search for debt.

Yes. Any time a financial institution offers financing, even for a refinance, a Truth in Lending disclosure is required.

This disclosure shows you what all your payments will be and what the actual realized interest rate is.