Debt Consolidation Credit Counseling In Phoenix

Economic times are tough. Because of the fact that properties don't rise in value and in some cases even drop in value, homeowners are worrying about the debt they incurred on their house.

On top of that, many fixed rate mortgages are ending and it's time to get a new deal from the bank. As we all know, the banks have incurred a lot of damage lately. Luckily for them, government is bailing them out, but despite the billions of dollars being pumped into banks, they have yet to recover completely.

When you're going to renew your fixed rate mortgage, or change your current mortgage into a different form, be sure to check the fees quoted. If your credit score has worsened in the last few years, you may be looking at higher interest and higher fees. But if your credit is pretty clean, and you have some equity, you can negotiate with your lender over fees and interest.

You need to be aware of the fact that lenders want to keep their clients with clean payment histories. They appreciate the fact that these clients are reliable and favor them over the occasional price shopper. This can help you in the negotiations.

If you want to come prepared to the negotiations with your lender, browse the Internet and look for the average rates and deals that are out there. It may shock you that some fees have gone up, so it's important to know what you will be dealing with upfront.

When speaking to your lender, always demand to see the whole picture, with all the fees and costs included. Don't allow the lender to sneak some costs by you, because they will probably try that. You need to find out before the closing, otherwise you're going to be too late.