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Refinancing? I'll Show You How To Get The Best Deal - Ever!!!

Updated on December 15, 2015

Having been in the mortgage industry for about 16 years, I have seen every scenario imaginable - more than once!

* people getting an interest rate they didn't deserve...

* paying fees that could have been avoided...

* not paying off debt when they had the chance to do so...

* not being presented with all options, etc.


What I am about to do, is share what I have discovered over the years - basically by my own desire to help my clients to get the most out of their refinance!

I will also show you how this can be...

" The Last Refinance You Ever Need To Do "!

How's Your Credit?

Before you do ANYTHING, get an answer to this question!!!

Because, if the answer is not good, you can save your self a ton of work, worrying, agravation, frustration, time and money by stopping at this point!


So, where ever you bank, if you have a friend behind the counter, talk to them! Tell then that you might be interested in refinancing but you would like to check out your credit first.

Depending on what it looks like, you will know if you can move forward or work on getting your credit fixed. If it does need some repairing, here are some helpful hints...

  1. FICO SCORE...obviously the higher the score, the more options will be available to you. Push to have at least 620 minimum - ( This being your middle score rated by Transunion) There are 3 reporting agencies - Transunion, Equifax & Experian. Your middle score is always the one that is used.

  2. Obviously, try not to have too many open accounts and always try to pay a little more than that minimum payment.

  3. If there are any open Suits, Liens or Judgments and you need these to go away in order to raise your scores, find a way to pay them all off.

  4. If your scores are low because you have several accounts that are damaged because of lateness's, I had assisted many of my clients in getting a Secured Credit Card from their bank that is tied to a savings account. Meaning, what ever amount you have in the particular account, that is your credit cards limit. By getting several of these (it can be a limit of only $500!) and making immediate purchases - " I used to tell my clients my shirt size" - and make on time payments, you can see an increase in your scores in as little as 3 months.

STEP 1! "Choosing The Right Bank "!

Do your homework! Just don't take your family, friends or co-workers advice. Remember - they are not the one who will be making your mortgage payments!

Obviously, the best source of information is the Internet and start by checking for the obvious...

  • upfront fees...

  • points...

  • free appraisals...

  • low cost or no cost loans, etc.

Look for anything that just doesn't seem right or make sense. Don't fall for the fast talking, slick moving loan officers!

Sign here! Sign here!

STEP 2 - "How Much Is Your House Really Worth?"

Is your property - under water?


Or, Are You Sitting On A Pile Of Cash!

Once again? Do your homework! There are plenty of sources available to you to get an idea of the value of your property - like http://www.zillow.com/

More importantly, check our your own neighborhood... Any recent sales? Was their house similar to yours? If so, how?

What kind of shape was it in? Property size? New siding & roof? Basement? Gargage? All of these variables and more, play a big part in determining the value of your house.

Another source of invaluable information is your local real estate office. Go make a friend! You'd be surprised to find how eager they are to talk with you!



Some Helpful Hints!

In order to get the highest appraised value of your house, it needs to be in it's best shape possible! Here are some suggestions to achieve this. Man the stories I can tell you... Ok, you convinced me - but just one - because I have hundreds!

I walked up to the front door of a house that didn't look too bad on the outside. I was greeted by the husband and was led into the kitchen so we can sit and talk. His wife then came in, introduced her self and asked if I'd like a drink of soda. Yes please I said, that'll be fine. She walked over to the opposite end of the kitchen and shouted into the basement for her son for a bottle of coke. I then saw the woman bend over and grab the bottle from her son - through a "hole in the floor"!


So, where was I?

Right, Suggestions...

Consider it to be folks, more of a check list;

Let's talk about the outside first...

  1. What kind of shape is it in? Need a new paint job? How are the leaders, gutters, roof, windows?

  2. Lawn...Get It Green! Bushes, shrubs, trees - anything that needs pruning - Get 'er done! ( Yes, I do like Larry the Cable Guy!)

  3. Have a pool? Clean it!

  4. Garage? Once again, clean it up, organize it. Not only will this make your wife happy, but you'll be able to find what you've been looking for all these years, but were never able to find it!

Next, inside...

  1. When was the last time you painted. If you don't remember and it looks like you don't remember? Paint it!

  2. Carpets...I'm not suggesting you put down new rugs. But if they do look that bad, rent one of those shampoo machines from the supermarket.

  3. Any cluttering? Get rid of it.

  4. Kitchen cabinets...if they're old, polish them.

  5. Appliances - Washer, Dryer, Dishwasher, Refrigerator, Hot Water Heater, Central Air Conditioning Unit, Oil Burner - if any of these are fairly new - within 5 years - point this out to the appraiser.

Please keep this in mind folks...Depending on your area, your property value may still be in a slump. So, you need to do what ever you can to make your house shine above everyone else's. You need to do what ever is possible to impress the appraiser so he will take EVERYTHING into consideration and give you the highest value possible.


Step 3! "Get Your Paper Work Together & Organized"!

Once again, here's your check list...

  1. 3 months of pay checks...

  2. 3 months of bank statements, including any retirement accounts...

  3. title report...

  4. last appraisal report...

  5. deed...

  6. Home owners Insurance Policy...

  7. W 2 or 1099 statements for the past 2 years...

  8. If any Bankruptcy's, all discharge papers...



Step 4 - "PAY OFF EVERYTHING"!!!

This Is Something That Many People Don't Take Advantage Of or Aren't Told That They Can!

PAY OFF EVERYTHING!

Got outstanding credit card debt? PAY THEM OFF$

If you have outstanding Suits, Liens,Judgements or Collection accounts that you didn't need to pay off in order to qualify for the loan? PAY THEM OFF$

(AFTER VERIFYING THAT THEY ARE FOR REAL!)

BUT NEVER PAY THE AMOUNT DUE! ALWAYS NEGOTIATE!

BY DOING THIS, YOU CAN REDUCE YOUR MONTHLY PAYOUT BY HUNDREDS, MAYBE EVEN THOUSANDS OF DOLLARS$

NOT TOO MENTION, IMPROVE YOUR CREDIT SCORES - BIG TIME$

At the same time, look into pulling out some extra cash for that extension to the house, that dream vacation, that bike, new car, 1st Honeymoon, 2nd Honeymoon - with your 1st, 2nd or 3rd wife! What ever!

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

HERE'S A PERFECT EXAMPLE OF WHY YOU SHOULD NEGOTIATE!!!


My favorite story - ever? I had clients that had more than several of the above. The husband lost his job and was in a wheelchair due to back surgery. His wife was on Social Security. Though she was very nice, she was convinced that they were beyond help.

I calmed them both down and said that throughout my life, I have had many people go out of their way to help me. I promised them that I will do everything I can to help them.

After reviewing mounds of papers, credit issues, etc., I found a way to save them about $800 per month! The wife was so excited that she jumped up with tears in her eyes gave me the biggest hug! There's more...As I said, they had several Suits, Liens, etc. I told them that I will contact these accounts personally and NEGOTIATE for a smaller settlement!

For 2 weeks, I contacted about 6 accounts and by saying that there was only a certain amount of cash out, I can only offer .50 cents on the dollar. Yes, I did get favorable results.

Now, there was a Judgement for approximately $32,000. After going back and forth with the agent, here' what he said...

" AFTER RESEARCHING THIS, I HAVE FOUND NO FILE AGAINST YOUR CLIENTS!"

I had him fax me over this statement. Now, the loan was already built upon paying this off! So, the outcome folks? Because of my desire to help these people that definitely needed help - at the time of closing - not only did I pay off all their debt, save them over $800 per month - but they walked away with a check of approximately - $37,000!!! Can you imagine how they felt? Honestly? I don't think you can. Me? I felt great. No, all loan officers are not alike.


So, More Free Advice. With any outstanding Suits, Liens, etc., NEGOTIATE THE SETTLEMENT!


STEP 5 "HOW TO SAVE UP TO HUNDREDS OF THOUSANDS OF DOLLARS OFF YOUR MORTGAGE - PLUS SHORTEN THE TERM!

"HOW TO GIVE YOURSELF THE AFFORDABILITY OF A "30 YEAR MORTGAGE" WITH THE CONVENIENCE OF A "10, 15 - EVEN A 20 MORTGAGE"!

At least 1 out of 4 of my clients took advantage of this incredibly outrageous tool!

By paying half your mortgage every two weeks, you can knock years off the term, as well as saving a ton of money! By adding a couple of dollars on top of your "split payment," you would save even more!

But wait, one last thing on this while we're on this subject - you can even apply this tool in a mortgage that you have already been in for years and also save up to hundreds of thousands of dollars - as well as reducing the term!

MY LAST PIECE OF ADVICE...

Ask questions...

ABOUT EVERYTHING!

You want to avoid surprises at your closing? ASK QUESTIONS! Don't ever think that you're being annoying. Remember, your house is your biggest investment - so ASK QUESTIONS ABOUT ANYTHING AND EVERYTHING!

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