5 Common Refinancing Mistakes in Farmington Hills When refinancing your home, it’s important to make the best decisions possible in order to avoid unnecessary delays and expenses. The following are the 5 most common mistakes individuals often make when applying for a refinance loan: • They apply for a new credit card, finance a new vehicle, purchase furniture, or saddle themselves with additional new monthly debt. • They comparison shop lenders and interest rates without consulting a knowledgeable, professional mortgage broker. • They don’t research their sources when seeking refinancing advice. Unfortunately, there are individuals and rogue internet sites in the real estate industry that aren’t qualified to give you that advice. • They fail to understand the 3 types of refinancing loans – cash-out, rate/term, and renovation refinancing loans. • They finance a major purchase, the repayment of which will immediately impact their credit score and could eliminate their chances of refinancing. Remember, your refinance interest rate isn’t guaranteed until it’s locked in. Because rate fluctuations cannot be predicted with 100% certainty, it may increase if you wait to lock it in. It’s always best to consult with a knowledgeable mortgage broker regarding your refinancing needs. https://www.google.com/maps?cid=17636774335061292863