Homeowners who are re-financing their home for the first time may need a great
deal of counsel to help them during the process. While homeowner can certainly
research the process of re-financing by themselves, this can be a cumbersome
task which is difficult, if not impossible. While it might be possible for a
homeowner to educate himself enough to make informed decisions, it is
unreasonable to expect a homeowner to be up to date on the most current
information in the re-financing industry. It would also not be reasonable for
homeowners to learn enough to make a definite decision regarding re-financing.
The homeowner may still require some direction regarding which options are best
suited for the needs of the homeowner.
Fortunately there are two easy steps homeowners can take to tips the odds of
obtaining the most favorable re-financing in their favor. These simple steps
include consulting with friends and family members who have recently financed
and turning to industry experts for assistance.
Consult Friends and Family when Re-Financing
Believe it or not asking family and friends is one of the first steps a
homeowner should take in the refinancing process. Those reading this article
might be a bit confused by this suggestion because in the previous section we
stressed how it would be virtually impossible for a homeowner to thoroughly
educate themselves on the re-financing process. Surely, we are not implying
every homeowner has a friend or family member who is capable of given detailed
financial advice in regard to re-financing. However, friends and family members
can be helpful in a different capacity.
Friends and family members who freshly re-financed their own home likely did a
great deal of research and legwork before making their decision. They also
likely formed useful opinions, either negative or positive, about the lender
they used in the process. It is this information which can be very useful to
homeowners who are considering their own re-financing. Homeowners can obtain
information such as which lenders are currently offering the best rates as well
as which lenders are easy to work with and responsive to the needs of the
homeowners as well as which lenders do not take a vested interest in helping the
homeowner to succeed.
Ask Experts for Advice when Re-Financing
One piece of advice which cannot be missed when re-financing a home, is asking
an expert in the re-financing industry for reccommendations. These experts may
have costly consulting fees associated with their assistance but most homeowners
would agree these fees are certainly worthwhile especially if the result in a
significant cost savings for the homeowner.
We previously emphasized how the issues associated with re-financing can be
quite complicated and difficult for those outside of the industry to fully
understand, however, those in the industry spend their days devoted to learning
more about re-financing, keeping up to date with changes in the industry as well
as new developments and figuring out how to best serve the customers. All of
these characteristics make it clear that homeowners should really consider
employing the services of a financial planner with a great deal of experience in
re-financing when they are making decisions regarding the best re-financing
option for their situation.
Again, friends and family members who had earlier consulted with an industry
professional can supply candid opinions about those they met. This can save the
homeowner a great deal of time by eliminating potential candidates who friends
and family members thought performed poorly.
This work is protected under copyright and may not be published in other works without express written permission
Return to Brokerforyou's real estate articles