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Your pocketbook Refinancing Checklist - from NEA Member Benefits Whether you want to improve the terms of your current mortgage or lever- age your home equity for an important purchase, refi- nancing allows you to take advantage of your most valuable asset -- your home. ing progress. U First, determine your goals Should you lengthen the term of your loan, thereby lowering your monthly payments? Can you short- en the term of your loan, thereby building your equity faster? If you want to change or improve the terms of your current mortgage or home equity loan or line of cred- it, decides if refinancing is advanta- geous. • Is the current interest rate for refinancing lower than your exist- ing rate? • Can you afford the closing costs and transaction fees? • Does your current lender offer special deals for refinancing? • What effect will the refinance have on your payments and your current home equity? • Compare your best refinance option with your current mortgage. • Determine your payoff amount, including any prepayment penalty. (Consult with your lender.) se this checklist to help you think through your options and to track your refinanc- If you want to get a larger loan or obtain an ongoing source of fund- ing in order to remodel your home, make major purchases, pay off other loans and consolidate debt, or meet any other financial needs: • Determine the amount of money you need. Is this an unknown amount, likely to fluctuate over a long period of time? If so, a home equity line of credit might be your best financing oion. You can take money out as you need it and pay interest only on what you borrow. • Assess current interest rates. Are interest rates generally better than your existing rate? • If yes, cash-out refinancing (replacing your existing mortgage with a larger amount) might be your best option. • If no, getting a home equity account is a smart way to leverage your home asset. It allows you to keep your current mortgage intact. • Determine the details of the prod- ucts you're considering. Be sure to consider closing and transaction costs, as well as your new monthly payment. Ask your lender for help. Next, get ready to apply Assemble the required financial information, such as: • Year property was acquired • Original cost of the home • Payoff balances for your first and any second mortgages, if applicable Here are the Hot Deals and Discounts from NEA Member Benefits for Nov. highlights select retailers and mer- chants each month. These are the featured discounts for November. N • Income tax forms • Income information • Information regarding other debts • Bank statements • When you apply, work with your lender to set up an appraisal and get title insurance. • Pay any closing costs, transaction fees, or taxes required, if not already included in the loan. (Your lender will help with this.) To learn more about refinancing through the NEA Home Financing Program®, go to https://www. benefitsmortgage.com/loans/nea6 429/ mortgagerefinance/index. page or call 1-866-327-6385 and speak with a Home Mortgage Consultant. Remember, the benefits of the NEA Home Financing Program are extended to parents and adult children of NEA members. The NEA Home Financing Program® is provided by Wells Fargo Home Mortgage. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. ©2012 Wells Fargo Bank, N.A. All rights reserved. An Equal Housing Lender. Education Support Professionals (ESPs): Get your bachelor's degree Online without breaking the bank NEA members receive an addi- tional 5% discount off WGU's already low tuition rate (almost half the cost of for-profit universities), an application fee waiver ($65 sav- ings), and eligibility to apply for the WGU-NEA Academy Partner Scholarship. For more information visit www.neaacademy.org/western governors. T he NEA Academy is sponsor- ing courses from Western Governors University, an online, non-profit university. WGU provides a wide array of NCATE-accredited (National Council for Accreditation of Teacher Education) bachelor's degrees in interdisciplinary studies (K-8), early childhood education, mathematics, science, special edu- cation, business, sales, marketing, nursing/health, accounting, infor- mation technology, and other criti- cal teaching disciplines. At WGU, your coursework is measured by competency and assessments, not seat time. Throughout your program, you are supported by faculty mentors focused on your success. Columbia Sports Get 15% off Fandango (movie tickets) Get $10 off $50 1800baskets Get 20% off Endless Vacations Get 35% off New Balance Get 15% off Reebok Get 20% off Go to www.neamb.com/clickand save and start shopping today. Save with the NEA Magazine Service The NEA Magazine Service® offers over 900 popular titles and up to 85% off cover prices. Right now, you can take advantage of "combo" offers that pair two magazines for additional savings (e.g., Working Motherand Parenting: School Years). View all combo offers at www.neamag.com/neacombosor visit www.neamb.comand look under the Shopping & Discounts tab for "Magazines." Get 20% off at Red Roof Inns With nearly 350 properties in 36 states, Red Roof® is offering NEA members a 20% nationwide dis- count on already economical rates. For the latest Red Roof informa- tion, to sign up to become a mem- ber of RediCard® (Red Roof's loyal- ty program), or to search for the perfect location and make your reservation, go to www.neamb.com /home/1211_5090.htmor log into www.neamb.com, go to Red Roof, and get your Promo Code to receive the discount. EA Click & Save, the online discount buying service for NEA members, 20 October 2012 DSEA ACTION! www.dsea.org