Denver Refinance
There are lots of facts to focus on when you’re shopping for a Denver refinance. If you overlook some key points, though, you may be making the same mistakes as many Denver mortgage shoppers before you. You can avoid getting caught in traps now that could have negative consequences later by knowing what these potential pitfalls are and avoiding them.
Control your Denver cash out
In the recent past, the cash out Denver refinance, where Denver homeowners borrowed extra money when they did a Denver refinance, was all the rage. Unfortunately, that type of borrowing got many people into serious financial trouble when housing values dropped, and they found themselves underwater on their Denver mortgages.
Know your break-even period
If you’re going to refinance in Denver , it’s going to cost you. It may feel like first mortgage déjà vu, because you’ll be required to pay closing costs again, including fees for appraisals, credit checks, title insurance, application, and points, to name a few.
Appraisal shock
The ultimate determination of whether you’ll qualify for a Denver refinance or not will depend partly on your appraisal, especially if you’re in an area where Denver real estate values have dropped. Prepare yourself by checking with a local Denver realtor, and asking for a list of recent Denver properties that have sold that are comparable to yours. This will give you some idea of how much your Denver home is currently worth. Before the appraiser comes, fix any obvious problems that may be an eyesore, like broken windows or messy landscaping.
As the old saying goes, “Fool me once, shame on you…fool me twice, shame on me.” The above traps have fooled many borrowers. Now that you know them, you can easily avoid them, and your Denver refinance will definitely give you the benefits that led you to do it in the first place. Want to find out about more pitfalls in the refinancing world? Give Home Refinancing Denver a call to find out how easy and safe a Denver refinance can be.
Links:
First Option Mortgage
Refinance at First Option Mortgage
Refinance at First Option Lending
Control your Denver cash out
In the recent past, the cash out Denver refinance, where Denver homeowners borrowed extra money when they did a Denver refinance, was all the rage. Unfortunately, that type of borrowing got many people into serious financial trouble when housing values dropped, and they found themselves underwater on their Denver mortgages.
Know your break-even period
If you’re going to refinance in Denver , it’s going to cost you. It may feel like first mortgage déjà vu, because you’ll be required to pay closing costs again, including fees for appraisals, credit checks, title insurance, application, and points, to name a few.
Appraisal shock
The ultimate determination of whether you’ll qualify for a Denver refinance or not will depend partly on your appraisal, especially if you’re in an area where Denver real estate values have dropped. Prepare yourself by checking with a local Denver realtor, and asking for a list of recent Denver properties that have sold that are comparable to yours. This will give you some idea of how much your Denver home is currently worth. Before the appraiser comes, fix any obvious problems that may be an eyesore, like broken windows or messy landscaping.
As the old saying goes, “Fool me once, shame on you…fool me twice, shame on me.” The above traps have fooled many borrowers. Now that you know them, you can easily avoid them, and your Denver refinance will definitely give you the benefits that led you to do it in the first place. Want to find out about more pitfalls in the refinancing world? Give Home Refinancing Denver a call to find out how easy and safe a Denver refinance can be.
Links:
First Option Mortgage
Refinance at First Option Mortgage
Refinance at First Option Lending
