ARE you currently shouldering a mortgage loan in the state of Wyoming? Do you think the market conditions (mainly interest rates) are now low enough to justify refinancing your mortgage so that you can derive some monetary advantage for yourself? Or, regardless of interest rates (which, anyway, keep fluctuating almost everyday), do you think your present financial status calls for a change in the terms of your mortgage repayment plan? Do you want to shorten the duration of your mortgage loan account? Or extend it?
Mortgage Planners in wyoming
Do you need cash for an immediate purpose, and has the equity of your property increased considerably enough to fetch you the cash through a refinance deal? If your answer to any of these questions, or similar ones, is ‘yes’, it’s time you look at the mortgage refinance option.
How to know if refinance will help you:
There is no single benefit of mortgage refinance applicable to all. Personal needs vary. Mortgage refinance is not any end in itself, but a tool to enable you to meet your end. And what the ‘end’ is depends on your own needs and circumstances. Some of the needs that mortgage refinance can fulfill have been stated above. But how will you know whether refinancing your mortgage will fulfill your special need?
At first impulse, one would rush to the nearest registered mortgage broker or lender in Wyoming. Yes, the state has many ethical mortgage professionals, but it would not be a good idea to rush to them the first time the thought of refinance rises in your mind. This is because professionals anywhere in the world respect customers who have a basic knowledge of the market and what they can expect from the market.
Customers who have no such knowledge take more of the professional’s time and, often, the professionals are hard-pressed to explain details to the customers. Never mind that they are required by law to guide you all the way through to conclusion of a deal. You can expect better service from them if you know the basics. In the process, you will also safeguard yourself from the possibility of being offered a deal more rewarding to the professional than to you – howsoever remote such a possibility may be in Wyoming.
So, how would you go about exploring the mortgage refinance market and what it has to offer you? It’s easy. Just log on to the Internet and visit websites of lenders and brokers in the United States. At this early stage, you don’t necessarily have to visit websites of mortgage service-providers in your own state. Mortgage broking firms anywhere in the United States would be appropriate because the broad parameters of mortgage finance and refinance are government by US federal law (you have to get ‘local’ when you start consulting brokers or lenders).
You can locate websites of mortgage firms by using the www.google.com search engine and typing in ‘mortgage refinance in Wyoming’ as the keywords. Alternatively, you can straightaway visit the following websites which have been tested by this writer and were found to be good: www.mortgageloan.com, www.erate.com, www.bankrate.com, www.interest.com. Websites keep being amended from time to time. But at the time this writer visited the sites named above, each of them had an online mortgage refinance calculator on their home page, or a home page link to such a calculator. Use these calculators.
How to use online mortgage calculators
Using these calculators is child’s play. But it requires more than a child’s knowledge. You have to know what your credit profile is. This is a very important criterion for the terms of refinance you will get from the market. It will also decide the commission you will have to pay the broker (it varies from 1% to 10% in Wyoming; better credit profile warrants lower broker commission, and the other way round).
You also have to know:
- the interest you are paying on your existing mortgage loan.
- the amount remaining to be paid to clear off your loan.
- the amount of refinance loan you want.
- the interest rate you are willing to pay.
- the type of your house (i.e., single-family, two-family, three-family, etc.).
- the points you are willing to pay to reduce your monthly payments (1 point = 1% of the loan amount).
- the number of years you want to stay in the particular house before moving to a new one.
- the exact location of you house in Wyoming.
- the type of loan you want (i.e., fixed-rate, adjustable-rate, interest-only, home equity loan, jumbo loan, and so on – remember jumbo loans come at a higher interest rate than the other loan types, so they are not popular in Wyoming).
You have to know the above details because the online calculators will ask you for them. As you feed in the details, the calculators will give you an estimate of the refinance loan you may be eligible for, under different loan types.
These results will not be accurate, but they will give you an idea of what you can negotiate around during your subsequent consultations with mortgage professionals. Use online calculators on three or four websites, compare their results - and then get ‘local’ by contacting professionals nearest to you in Wyoming. Most mortgage websites contain directories of brokers and lenders in different cities of different states. Look at the Wyoming section of the directory, and then to the sub-section on your city. Some of the websites enable you to request a broker call at no obligation.
In whichever way, you locate the professionals in your area, make sure you don’t rely one any one – and also make sure that their offers are not glaringly contradictor to what the approximations you got from online calculators.
To conclude your efforts into a refinance deal, choose the offer that fulfils your specific need. It may even be that you don’t need refinance at all (this is often true of cases where the original mortgage loan term is due to end soon). And when you consider refinance, talk to the professionals about APR (annual percentage rate) of your loan, and not the interest alone.
Remember that interest is only cost-head – there are other cost-heads (such as broker’s commission, penalty for premature closure of your existing mortgage account, property valuation fee, points you may be required to pay, etc), which add up to the total cost of your refinance. And if you are talking to brokers, agree on the commission at the very start of your interactions.