Also Bear in Mind . . .
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Also Bear in Mind . . .
Thinking about refinancing? Here are a few other recommendations from Stuart McHenry, a financial planner in Waldorf, for finding the best deal:
Avoid loans with prepayment penalties.
Shop around, checking lender fees as well as interest rates. "That's where people can make a big mistake -- by choosing a low-rate lender when there might be a lot of hidden fees or costs they didn't expect." McHenry said.
Rather than refinancing, ask your current lender to modify your loan, which can save both the borrower and the bank money.
