If you have ever considered refinancing your home mortgage, now is the
time. You likely realize that mortgage interest rates have reached a
record low. Hence, taking action to obtain a lower rate or convert to a
fixed rate is wise. After deciding to refinance a mortgage, your next
big decision involves selecting a good lender. Because various lenders
offer refinancing, there are several options available to you.
Request Quotes from Your Current Mortgage Lender
Before refinancing, you should fully understand the process.
Refinancing involves more than simply acquiring a better mortgage rate. If you
make the decision to refinance, you will create an entirely new mortgage.
With this said, homeowners should anticipate paying closing costs and
other mortgage fees.
If you refinance with your current mortgage lender, it is possible to
have some fees waived. For example, the lender may not charge a fee for
title search, appraisal, application, etc. In some instances, the
lender may offer to pay these fees as a part of the negotiation. The aim is
to keep you as a customer.
Contact Individual Mortgage Companies
If you have good credit, you may get approved for a low rate refi with
little effort. Nonetheless, it is vital to compare quotes and offers
from more than one lender. Comparing lenders is very necessary if you
have bad credit. Some mortgage lenders do not specialize in bad credit
loans. Hence, a person with poor credit will pay much higher fees.
To avoid this problem, research lenders that offer bad credit
mortgages, and request quotes from these lenders. By comparing rates, fees, and
terms, you can quickly identify a bad refi loan. Remember, the primary
objective of a refi loan is to secure a better home loan. Avoid
refinance loans that will not save you money.
Find a Lender with a Mortgage Broker
The easiest and ideal way to locate a good lender is through a mortgage
broker. Regardless of your income, credit, etc, a broker has the
ability to locate the best loan. In fact, brokers present their clients with
several loan offers. Upon receiving your information, the broker will
match you with potential loan programs. Before making a decision, you
should carefully review each offer. Thus, you are aware of estimated
refinance rate, monthly payments, terms, closing fees, etc.
Try using one of ABC Loan Guide's
Recommended Mortgage Refinance Companies.
View our recommended lenders for a
Bad Credit Mortgage Refinance. Also, view our recommended sources for a Free Credit Report Online.
