Need advice about refinancing our mortgage loan

Discussion in 'Community Discussion' started by macaddict23, Nov 14, 2007.

  1. macaddict23 macrumors 6502


    Jun 20, 2006
    MacVille, USA
    What's the best way to go about shopping for a lower rate? My wife and I are thinking of getting a few quotes from several banks in our area. What are some typical "traps" to avoid? What are the basic info, say a bank, that's required from my wife and I? We don't want to give "too much" info. Also, If Bank #1 has already pulled my credit report, does is affect my credit rating if Bank #2 also checks my credit report? Thanks in advance for the help.
  2. motownflip macrumors regular

    Oct 24, 2007
    If you're staying local, maybe pulling your own credit and bringing it to them may be a solution. I recommend checking out credit unions too. They seem to be the cheapest money sometimes. I recommend staying away from adjustable mortgages right now since rates are probably going to trend up in the years to come. Also, try to avoid PMI if you can. Sometimes it's unavoidable though. Good luck!
  3. bellgarath macrumors newbie

    Nov 15, 2007
    mortgage loans

    First of all, you should lower your credit score by getting rid of inactive credit accounts. When you do this, also make sure that it is clearly stated in your last bill that the account has been closed. This way, the mortgage company will not assume that your credit account was closed due to bad credit. Also, when you get your quotes, make sure that you also ask about the additional charges. And, before you commit to anything, make some calculations.
  4. jhkingsr macrumors regular

    Mar 23, 2007
    I believe the goal is to raise your credit score, right? :confused:

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