Refinancing your mortgage loan can be a stressful process; some mortgage lenders try and take advantage of their borrowers with the intent of repossessing their homes. Doing your homework and researching mortgage lenders will help you avoid these predatory lenders. Here are several tips to help you find the best mortgage lender for your financial situation.

At least 24 hours before closing on your new mortgage it is important to get all closing costs, fees, points, what they are for, and your interest rate in writing. Many lenders will try and raise your interest rate .25% just prior to closing because they don’t think you’ll forego closing. This .25% they slipped into your loan contract will cost you thousands of dollars over the life of the mortgage.

If a lender or broker encourages you to borrow more than you need or asks you to sign incomplete or blank documents, this is a sign that you should find another mortgage lender. Borrowing too much could lead to a monthly payment you cannot afford and end in foreclosure. If you sign blank or incomplete documents the lender could fill in anything they like and you have already agreed to unfavorable terms or even balloon payments.

Make sure your new mortgage does not include any kind of prepayment penalty. Mortgage lenders use prepayment penalties to discourage homeowners from refinancing. This penalty can be quite steep; some lenders charge as much as six months interest on 85% of the original loan balance. Bad credit mortgage lenders tend to be inflexible when it comes to prepayment penalties; however, if you are a homeowner with good credit there is no reason to accept a mortgage that includes any prepayment penalties.

Finally, make sure you are qualifying for an interest rate that corresponds to your credit rating. Predatory lenders often try and sell bad credit mortgages to homeowners with good credit so they can charge more. When you carefully compare loan offers from a variety of lenders and brokers, it is very easy to spot lenders that are overcharging.

You can learn more about mortgage refinancing, including costly mistakes to avoid by registering for a free mortgage guidebook.

People invest in their commercial properties with great care and go to great lengths to ensure the durability of the structure. They take out mortgages to finance the purchase of the property and invest a lot of time and money to get the best deal. Commercial mortgage brokers understand the requirements of their clients and find a mortgage based on factors such as location, commercial purpose, and number of employees. Washington commercial mortgage brokers are always in demand, as Washington is a hub of commercial activity.

There are a number of mortgages to suit the specific needs of organizations with various commercial purposes. There are several ways to apply for these mortgages. However, commercial mortgage brokers are the best option as they have the resources as well as the expertise to guide the company regarding commercial mortgages in Washington. Every sate has its own rules and compliance laws that a company has to adhere to in order to be able to purchase a mortgage. Washington commercial mortgage brokers are equipped to handle all the requirements, and work closely with companies to make sure they get the best possible loan.

Commercial mortgages brokers are a big help for people trying to secure a mortgage to start a business. There are some companies that operate from a home or a small office and later wish to set up an office at a prime location. Such new companies are not sure whether they must opt for a commercial mortgage, as the rate of interest is higher than the any other kind of loan. They have the option to opt for 'commercial interest only' mortgages where they pay only the interest for the first five or ten years of the loan. They have the option of prepayment of principal after this period is over. Commercial brokers assist such companies, in deciding the mortgage best suited for their requirement and budget as well.

Commercial mortgage calculators permit you to calculate complicated commercial mortgage loans. Commercial mortgage calculators feature amortization tables to help you understand loan mechanisms, have a template-driven design with multi-language support, customizable interest compounding and initial value setting to match your market and currency symbol. There are plenty of commercial mortgage calculators on the web which you can use free of charge. All you need to know is your mortgage amount, the down payment, interest rate, and the number of years. You will get your monthly payment calculated for you by simply putting those numbers into the commercial mortgage calculator.

If you are thinking of refinancing your current commercial mortgage loan, a commercial mortgage calculator can be a great tool for you. For this, you need to know what your existing commercial mortgage loan balance is, the current commercial mortgage interest rate, and number of years you wish to refinance your commercial mortgage loan.

Most of the commercial mortgage calculators feature a PDF calculation sheet, which permits the customers to print calculation results. Some commercial mortgage calculators support multi-language; this means you can translate the interface language into your country language. You can set any initial value, to match your market, whether you are operating in the lower or higher segments. Some commercial mortgage calculators feature customizable currency symbols which mean that you can set virtually any currency symbol you want. Some have customizable thousand and decimal delimiters, so that you can match your country number formatting easily. Adjustable compounding periods that can be used in any country, where compounded factors do not matter, is another feature seen in some commercial mortgage calculators.

There are commercial mortgage payment calculators with which you can calculate mortgage monthly payment with applicable financial charges including insurance and property taxes. There are commercial mortgage principal calculators which allow you to peek into the future. With these you can determine the remaining balance of your commercial mortgage after several years of payments. Commercial mortgage length calculators will help you to find out your savings in case of bigger monthly payments.

Refinancing a loan can be a very important decision, particularly if that loan is an important loan, such as a mortgage or automotive financing. If individuals opt to refinance their loan too soon, there is the probability that they may end up doing more harm than good. On the other hand, if they choose to wait, it may result in missing out on a good deal that they cannot get back.

Prior to deciding to refinance, individuals need to make sure that they completely understand exactly what refinancing involves. It is also advisable to determine whether or not the time is actually right to refinance the loan. Refinancing a loan is in reality a separate loan that is utilized to pay off the remainder of the original loan according to the new loan's interest rate and payment cycle.

Refinancing can be done through banks or with the lender from whom the original loan was taken out. This can be advantageous if individuals wish to change banks or lenders but are worried about the outstanding loan that they presently have. The refinanced loan generally uses the same collateral as the original loan, although in some instances, the collateral can be changed, and new collateral can be used to try to get a lower interest rate. The collateral used for the original loan will not have a lien against it if individuals use new collateral.

When thinking about refinancing, individuals are advised to start by looking at existing interest rates for loans and developments in refinance lending. Several finance journals and newspapers have information on whether interest rates are likely to increase or decrease in the near future. Individuals need to consider their existing loan and how much of it has been repaid. Moreover, they also need to evaluate current monthly payments and interest rates and then conclude if they are likely to get a better rate and lower payment from refinancing. It is suggested that individuals investigate different lenders so as to find the best refinance rates.

It is quite possible that individuals may end up paying more in interest or monthly payments than what was required by their original loan when they refinance, so it is important to do a bit of research before deciding to commit to refinancing.

Okay so you've reached that milestone where you don't want to work any more-where ever that is- 60, 62, 65, 67-where ever and you want to plan the rest of your life. You have limited resources but you do have a home free and clear that you will live in for the rest of your life. You qualify for a reverse mortgage and decide to pursuit that idea. You have the mandatory counseling session, close on the loan and get all that money-NOW WHAT?

"How do I love thee-let me count the ways…." as the saying goes. So does it go with how to spend the proceeds of a reverse mortgage home equity loan. As many ways as there are you can probably find one more. There are no restrictions on how the money can be used. It can be used any way you wish. You may select to get monthly payments, a lump sum upfront, or a line of credit that would allow you to draw on the account as you needed it or a combination of the three. If you select a line of credit with a "growing" credit line your available balance earns interest. A withdrawal at the beginning of the plan could be offset by the interest earned. The most common uses of the proceeds are:

---HOME IMPROVEMENTS Build that enclosed patio you always wanted, a pool in the backyard, yada, yada.

---MEDICAL EXPENSES You will have medical expenses that come your way. Plan now for them and be ready.

---SUPPLEMENTAL INCOME For most people this is a practical use that is really a life saver to supplement the other monthly income you might have.

---TRAVEL Go some places you've never been before Italy, Germany, Hawaii, and really spoil yourself. Or go on that cruise you never had?

But you can be creative and come up with your own way to spend the money-start that business you've always dreamed about; help your kids with their expenses; pay off all those bills; the list goes on and I think you get the idea.

If you have never refinanced before, you may be wondering exactly what lenders mean when they start talking about points. To make sure that you are able to follow what they are saying and make wise borrowing decisions when it comes to your Illinois refinance loan, you will need to find out exactly what points are and how they work.

What Are Points?

Points are charges that must be paid on an Illinois refinance loan. Though these charges are usually paid at closing, they shouldn't be confused with closing costs, which are separate charges. One point is equal to one percent of your loan. For example, if you get an Illinois refinance loan for $100,000, one point would be equal to $1,000.

Paying Points

Different lenders charge different points, so it is very important that you compare these figures when you compare interest rates. You should also know that you can negotiate the amount you pay in points. If you pay more points, you lower your interest rate. Most lenders will reduce your interest rate by a quarter of a percentage for every point you pay. Average rates and points on a 30 year Chicago refinance are 6.45 and .03 respectively.

Reaping the Tax Benefits

Just like mortgage interest, the amount that you pay for points is tax deductible. The points you paid during your Illinois refinance can be deducted in the year in which they were paid. Your lender should send you a form, known as a 1098 statement, at the end of the year indicating exactly how much you paid in points. In most cases, you should be able to use this amount to get a health deduction. To learn more, you can contact your accountant or visit the IRS online.

During the last year, property values have declined in some areas of Indiana. This can make it a little difficult to dip into your equity and get the cash you need to pay off debts, college tuition, and home improvement costs. However, it is possible; zero equity home equity loans are available. There are a few catches, which is why you will want to do your homework before applying. Here are a few things you can expect when it comes to zero equity home equity loans:
Private Mortgage Insurance
If you get a new mortgage and finance more than 80 percent of the value, you will be required to pay private mortgage insurance (PMI). The same rule applies with zero equity home equity loans. The premiums for your PMI will vary depending on your lender and the amount that you borrow, but you can expect to add anywhere from $20 to $150 to your payment each month. You will be required to carry this insurance until you have built up 20 percent equity in your home.

Higher Interest Rates

Indiana home equity loan rates currently average 7.64 percent. If you will be getting a zero equity home equity loan, you will be paying a rate that is at least 2 to 6 percent higher. As with any loan, your rate will depend on your credit history, the amount you borrow, the lender you choose, and other various circumstances.
More Risk
Zero equity home equity loans aren't right for everyone. Before applying, you will want to assess the risk factor, as well as the amount of time you plan to keep the home. If you find yourself in financial trouble, you will be hard pressed to get any more money out of your property. You may also find it difficult to recoup the money on your loans if you decide to sell.