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Thinking about Refinancing? 

1. Start online – A shorter-term loan will have a lower interest rate than a 30-year fixed-rate loan, but the payment will be higher because you’re paying it off faster. It’s important to decide what payment you’re comfortable making before you see a lender because that payment could be much less than the payment you qualify for.

2. Determine your loan term – Loan term you choose must fit in the context of your other financial obligations and plans. If you have $30,000 in credit-card debt and no savings for college, you may want to go for a 30-year loan to keep the payments as low as possible. Someone else may want a shorter term to build equity faster, while another borrower might want a longer loan so they can keep their tax deduction as long as possible.

3. Talk to multiple lenders – Research loan products available from a credit union, a regional or community bank, a direct lender and a national bank to find out what special programs they offer. Many lenders offer ‘portfolio loans,’ ones they keep in-house instead of selling on the secondary market. They can be more flexible with those loans and offer special promotions.

4. Chat about loan options – Discuss various loan products when interviewing lenders. There’s a broad product mix of conventional financing, government-backed programs like [Federal Housing Administration] loans and special refinancing programs through the Making Home Affordable program. A good lender can present the pros and cons of each of these programs in the context of your individual finances.

5. Decide how you’ll finance your refinance – Closing costs and lender fees can be paid at closing or wrapped into your loan balance. You also can choose a “no-cost” refinance. A no-cost refinance means that your lender will pay the fees, and you’ll pay a slightly higher interest rate of one-eighth [percent] to one-fourth percent.

6. Compare mortgage rates and fees – Advertised mortgage rates are sometimes based on paying points, so you need to make sure you compare loans with zero points or the same number of points.  It’s important to compare all three things that factor into what your loan will actually cost: the interest rate, points and the loan-origination fee.  Mortgage rates vary daily and sometimes hourly, so it’s best to compare rates on the same day.  While shopping for a refinance may take a little longer than refinancing with your current lender, the rewards can last as long as your loan.

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About The Author

Joseph Sabeh Jr.

Please let me introduce myself, I am Joseph Sabeh, Jr a full time licensed professional realtor. I have been with Executive Homes Realty for over 13 years and was trained by my late father and Broker, Joseph Sabeh. I recently incorporated the company and we moved the office to 43513 Mission Blvd just last summer. I could not have found a more honorable place to work. After earning my experience selling high end Ralph Lauren suits and studying business management in southern California, I decided to pursue my dream of selling real estate and working with my father. He had already had such an excellent reputation and established a niche market of high end clientele that catered to the very best. I wanted to become the consummate professional just like him and have strived to become just that being just a phone call or email away from getting back to my client’s immediate needs! Known by my clients for my tenacity, perseverance , and excellence in negotia- tion(Certified Negotiation Expert), I have always strived to meet my clients high demands and goals. As a result of my professionalism, I have achieved an extensive portfolio of referrals from past and present clients. I credit my current values from my upbringing of my parents and the credit is due to them without question. Their integrity, pride, and willingness to sacrifice for the better of my life and my sister’s always left a mark on me that one day I will pass on. Their desire to achieve a better life and live it to the fullest is one that some families dream of and I certainly am appreciative of all of the education and etiquette I have learned from them both. I have sold condos up to 3.2 million dollar homes and I am here for any and all of your future real estate needs and wishing you the very best experience in your future real estate endeavors with me.

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