Iheartny, Renter in New York

What issues should refinancing borrowers be wary of when paying off the OLD mortgage?

Asked by Iheartny, New York Tue Apr 30, 2013

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when paying off the existing mortgage, be careful to check the prepayment penalty, to avoid paying penalty for paying off the mortgage earlier than the maturity date.
1 vote Thank Flag Link Tue Apr 30, 2013
In essence, all refinances are paying off a previous mortgage. The main things to look out for is the reliability of the lender and you want to make sure the terms of the new loan work for you. If the rate is right, the payment and the term all around, you should be in good shape.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
1 vote Thank Flag Link Tue Apr 30, 2013
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