refinancing home

I can't tell you how difficult it was, when I finally attempted my first refinancing home experience.

Believe me, reading mortgage for dummies did not help. I didn't need a book or list of loan definitions - I knew I wanted a 30 year fixed rate with interest only but honestly didn't know how to get it.

I tried the "Lending Tree" thing and 15 mortgage brokers called me 5 times a day each - whoa that was crazy. Who was telling the truth?

Well I kept playing the game (and believe me it's a crazy refinancing home game) but winning was what I set out to do.

I'm going to try to share my experience with you here and show you some amazing little tricks I learned along the way.

Stop focusing on getting the lowest interest rate. Yes it's important BUT the only way to get the best refinancing home rate is to ask for the items that lead up to the best rate, not the best rate itself.

Example; call your broker and ask for his lowest interest rate and you'll get it. It might be a 6 month adjustable rate but hey, it's his lowest rate right.

--- side note ---

I got most of my information on refinancing home tips at The Stupid Home Owner blog.

--- end side note ---

How about asking for a specific product like a 30 year fixed rate mortgage and even better ask for zero points, 1 point or 1 discount point. Be specific and realize that it's not just the lowest rate - it's how you approach the broker and what you ask. Belive me, the mortgage broker is better at the game than you and if you call up acting like an idiot (asking what his lowest rate is) then he will give it to you - and I mean GIVE IT TO YOU.

Stay tuned for my best refinancing home tip #2 soon...