Refinancing Mortgage Loan - Get The Lowest Interest Rate You Can When RefinancingWritten by Carrie Reeder
Refinancing can be a very simple process. You fill out a few applications, take best offer and youíre done. You already own your home, so, depending on your broker, whole process can be fairly simple. Just be careful and make sure you do your homework before you accept a refinance loan offer. You will want to make sure that you get as many refinance mortgage loan offers as possible and talk to as many mortgage loan brokers as you can.
Mortgage loan brokers will usually insist that if they canít help you, no one can. That is simply not true. All mortgage loan brokers or loan officers have access to many different types of programs. A refinance loan program that is impossible for one broker to do, may be completely possible for another broker.
When refinancing, one of most important factors to pay close attention to is interest rate. There are many ways to make sure that you get lowest interest rate possible.
1. Do your own research online. Find out what current interest rates are.
2. Apply for your refinance loan with companies that will submit your application to multiple lenders, in order to get them to compete and give you best rate. (For a list of our recommended mortgage companies that will get you multiple offers, click on link below) Most of these companies will offer you up to 4 refinance mortgage loan offers. Most of companies do not even initially pull your credit, so there is no harm in applying to a few of them, to make sure you can get as many offers to work from as possible.
Refinancing Your Home Loan? When Should You Refinance Your Home?Written by Carrie Reeder
If you have a current mortgage and are unhappy with interest rate or amount of monthly payments, it is possible to refinance your home and eliminate your problems. But before you call your lender, there are some questions that you should ask yourself in order to determine whether or not itís right time for refinancing your mortgage loan.
The first question that you should ask yourself is if you have cash on hand to pay fees. Depending on amount of your mortgage, and specific fees that your lender will charge, you could pay anywhere from a couple of hundreds dollars to a few thousand. Be sure that youíre financially ready for move before applying for loan.
Next, you should take a look at current interest rates compared to ones on your existing mortgage, and then decide whether or not a refinance would help your situation. For example, if you have an ARM mortgage, and interest rates are at an all-time low, you might want to refinance your loan and turn it into a fixed rate so your payments wonít go up again as rates rise. In addition, if you have a fixed rate, but bought your home when interest rates were higher, you might want to refinance in order to lower yours.