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There are many reasons to refinance your mortgage, including lowering your monthly payments, lowering your interest rate, or consolidating a first and second mortgage. Research mortgage financing companies, banks and search online.

Step 1

Look at your current mortgage terms. Review your interest rate, monthly payment, whether your interest rate is fixed or variable and consider your financial needs.

Step 2

Research current interest rates. If rates are lower than your current rate, then it is usually a good idea to refinance. If rates are the same or higher, you’ll have to consider whether it’s in your best interests to go through with refinancing because of other factors like employment or salary.

Step 3

Start getting some quotes from online lenders and from local banks in order to understand your options.

Tips & Warnings

Sometimes the bank or financing company you currently have your mortgage with is the best option. You may be able to pay no points or lower costs since the lender knows you and you pay your mortgage on time.

Consider Refinancing Options

Step 1

Wade through the materials provided by the various lenders from which you have quotes.

Step 2

Decide how much you can afford to pay for a monthly payment. This will help you decide what term of years you want for your mortgage.

Step 3

Contact mortgage lenders to ask questions if you have any. Refinancing can be overwhelming, particularly if you get a number of quotes and lenders are contacting you for your business.

Step 4

Think carefully before you commit to refinancing. Don’t be afraid to pass up current offers if the costs of refinancing, like points or closing costs, outweigh any long-term benefit.

Step 5

Negotiate with lenders. Mortgage lenders have lots of competition these days. As a result, ask them how you can limit points or closing costs if you decide you’re interested in refinancing.

Tips & Warnings

· If interest rates are low, choosing a 15 or 20-year mortgage rather than a 30-year mortgage may be in your best interest. Obviously you must determine if you can afford the monthly payment, but you can save thousands of dollars in interest and free up money for your children’s college education or for your retirement by paying off your home earlier.

· If you do decide to refinance, think about any debt you might want to consolidate, such as credit card debt. If you can get a good deal on a mortgage rate, it may warrant rolling other debt into your mortgage to lower your monthly expenses.

Complete the Refinancing Process

Step 1

Make sure you’re clear on the different options available to you and do not hesitate to ask pointed questions of lenders to make sure you understand their offers.

Step 2

Decide which lender you’re going with if you do decide to refinance and contact that lender to provide any additional information or set up an appraisal if necessary.

Step 3

Read any contract provided carefully. Make sure you understand all the terms before you sign a refinancing agreement.

Step 4

Sign the contract. Enjoy your lower monthly payments and celebrate!

Coral reefs help prevent erosion of beaches, provide breeding and feeding grounds for marine life, control carbon dioxide in the water and bring money to low income regions that rely on tourists for economic survival.  Collection of coral, unsafe fishing practices and increasing pollution of ocean waters has put coral reefs in danger of destruction.  Help coral reefs survive by following the ideas below.

Step 1 - Throw all garbage and other waste into a proper container and not overboard when boating in the Caribbean.

Step 2 - While sailing to Buck Island anchor your boat in sand and not on a coral reef.

Step 3 - Look at coral reefs when diving or swimming, snorkeling at the Buccaneer or Carambola Resorts, but never touch them.  Don't walk on, sit on, stand on or collect coral from reefs.

Step 4 - Cast your fishing line away from coral reefs.

Step 5 -  Volunteer for a reef cleanup at your local beach here on St. Croix.

For more tips on how to protect coral reefs log onto my Blog for "How To" tips.

If you have been working with numerous agents in your search to eiher find a new waterfront home or land on our island paradise, St. Croix, Virgin Islands (where you can find waterfront golfing at"The Buccaneer Resort") or if you wish to sell your home or land and still have not found satisfaction, you may want to consider a new approach.

Working with many agents at one time can be confusing to all parties.  I suggest you pick one reputable agent and work closely with that person.  Agents are willing to work hard for you because they want to see a return on their investment.  They are limited on time, just like you are, and can only work effectively with a limited number of buyers.

Take time to interview a few agents and find one you consider the most qualified and compatible.  If not satisifed with your agent, find out what is being done to locate a home or piece of land for you.  If still not satisfied, part company, and look for another agent.  Consider quality over quantity.

FREE MARKET ANALYSIS

I would like the opportunity to serve you?  For a free market analysis or if you have any questions about real estate, please call Lee A. Seward, Jr. at 340-718-5680 or 340-643-5375.

Please disregard if your property is currently listed with another agent or company.