This blog isn’t really supposed to be about tips, and hints. But, a couple of days ago, the New York Times gave such a good piece mortgage advice that I just have to pass it on.

If you are considering refinancing your mortgage with a new lender then you should ask whether the bank will perform a “consolidation and assignment” with your old loan. If it says yes, then you may well dodge completely the mortgage origination tax that you would otherwise have had to pay.

For some reason, not all lenders offer this service unprompted, so be sure to ask.

The New York Times piece also explores when it is sensible for borrowers to refinance, and when it should be avoided. So if you’re considering restructuring a loan, you should be sure to read the full article.

Tags: mortgage bankers, mortgage banks, mortgage borrowers, mortgage lenders, mortgage modification, mortgage refinance, refinance, refinance help, refinance to lower rate, refinancing, refinancing options

This entry was posted on Monday, December 29th, 2008 at 9:52 am and is filed under Daily Pick. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.