What is Mortgage Refinancing?

For the first time, I am satisfy with my real estate and homeownership, but that doesn’t mean I am satisfied with my mortgages. I am a firm believer in adjustable mortgage rates. Refinancing and lowering your mortgage rates mean lowering the payments for your home and keeping more money for yourself.

For the last 3-4 years, I used the same loan officer and even followed her to her new place of employment. My experience was horrific for every loan. Deadlines weren’t met, follow-up and communication wasn’t good. I don’t know exactly what went on after I handed over my paperwork and felt so helpless that I have been accepting lousy service for numerous loan transactions. I often wondered what happens if I dealt with a self-service loan process where it was more self-reliant, where I didn't have a loan officer. Would it save me from the hassels? Even with the nightmares I went through, I don't give up easy, persistent me have been poking around on USA.gov and found a great brochure called Looking for the Best Mortgage that I think everyone in the market for refinancing mortgages should have a look at http://www.hud.gov/buying/booklet.pdf.

In this current market, you could get around *3.75% rates compared to when I first bought my home. It would be a shame not to take advantage of such a fantastic opportunity. My adjustable loans are lowering by themselves, but the fixed rate loan has been stuck at a pretty high rate. I’ve talked to a couple of places online about refinancing my mortgage, but didn’t take them serious in the past, although, I am much more comfortable with doing business online now, so I am planning on giving Aurora Bank home loan refinancing a try. I hope to turn my fixed rate loan into a 5-year adjustable with a couple of points lower than what I am paying now. I know it would save me a few hundred dollars a month, and over the course of five years that could be a whole lot more money for me!

*Please check with Aurora Bank for more updated rate per your personal finance situation.
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