Arlington, Texas based Mortgage Lender Chad Bates reveals mortgage refinancing secrets at a new web site that is full of free reports, a home buying guide and free mortgage calculators. The site is designed to give Texas residents all the facts about mortgage refinancing so they can make an educated decision when obtaining a mortgage.

Arlington, TX -- (ReleaseWire) -- 03/31/2009 -- It seems like everyone in Texas is jumping on the mortgage refinancing bandwagon. Maybe you're thinking about it yourself? After all, with rates at or near historic lows as they are, the promise of lowering your monthly payments, sometimes significantly, is a great attraction for many homeowners.

But before you sign on the dotted line, there are a few things you should know about the way refinancing works so you don’t make a mistake that could wind up costing you big time.

"With refinancing as popular as it is right now, Texas residents have to be even more careful about shopping for the best loan," says Chad Bates, President of Legacy Financial, Inc. a Arlington, Texas based mortgage company. "Even the most attractive offer can wind up being a disaster once you realize how much the loan is really costing you. Service is also important in this process- as is the overall structure of your mortgage. Unfortunately, the consumer normally only knows to ask one question- and that is what the interest rate is. What is important is to deal with a mortgage professional that takes your overall financial picture into perspective and counsels you about the best structure that fits with your own particular personal financial situation."

Bates offers these tips when considering refinancing:

* You should get a lower rate for refinancing to make sense, however, with the proper structure that rate may only need to be 1-1.5% lower than your existing rate- sometimes even less when we are paying off higher rate consumer debt. Don't rush to refinance unless it's truly worth your while. If you're working with a mortgage professional rather than going it alone, you can be assured that they're bringing you the best offers out there and structuring the loan to maximize your personal financial situation.

* Consolidating unsecured debt with a refinance loan can be a great way to save money on your taxes and on your overall interest costs. A careful analysis of your overall financial picture is the key. In Texas, there is also a State law that only allows you to pull cash out for debt consolidation up to 80% loan to value.

*The key to analyzing whether a refinance makes sense for you is to analyze the amount of time it takes for you to breakeven on your closing costs and then start saving money. One of the ways we help shorten this break even point is to structure many loans such that the borrower can skip one to two mortgage payments to help expedite the recovery of closing costs.

* Your credit score counts... big time. If you've had credit problems in the past like a bankruptcy, it might make sense to wait a while for your credit score to recover before trying to refinance. Most lenders make it hard for people with less than perfect credit to get the best deals. But, again, if you choose to let an expert like a mortgage broker get involved in the process, they can often find loan options that most homeowners didn’t even know existed - which can save you thousands over the long haul. Legacy works with a special law firm that is helping many consumers improve on their credit scores.

Arlington, Texas - based mortgage expert Chad Bates specializes in providing mortgage information to Texas residents that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan. Legacy Financial, Inc. is the proud recipient of their local Better Business Bureau Golden Torch Award for their eleven county area- the only mortgage company to ever receive this award based on Marketplace Ethics and excellence in customer service.

Chad Bates is available for interviews and will welcome all your mortgage related questions.

Call 817-860-3232 for a No Cost Personal Consultation or visit http://texhomemortgages.com, http://www.legacyfinancial.com or email Chad at cbates@legacyfinancial.com