Refinance your Mortgage... How to make it an opportunity?

Hello all,

I just wanted to write a little bit about Refinance and Mortgage. One thing you need to know (if you have questions, you just need to send them to me...), you can save. Make sure when you see your GFE (Good Faith Estimate), you check the mortgage broker points and the discount points. Here's your opportunity, or here's what they don't want you to know: Many brokers use the term "I will charge you 3-4 discount points to lower your rate"! Then you are happy to save but YOU HAVE TO MAKE SURE it is on the line discount points not mortgage broker points. Mortgage broker points are points the broker charges to make money, YES, to make money! It doesn't affect your rate AT ALL! Discount points are use to lower your rate but you have to make sure it is worthed. Make sure you will stay long enough in the new mortgage to make it worthed! Ask your broker to calculate how many year it take to get that money back! You'll see if it's worthed!

The opportunity here is for you to SAVE MONEY when you refinance. Here's an example:

New mortgage: $200,000
4 broker points: 8,000 (money you pay, and most of the people don't know)

You could use those points to discount your rate but you will not be able to use them all! There is a floor rate to respect.

Let me know if you have questions!

Use a simple opportunity everyday and you will save a lot at the end!

Enjoy!