Mortgage Refinancing - How to Choose the Best Mortgage Lender

Are you considering a new mortgage loan? Many homeowners are refinancing their mortgages for better terms and lower payments even if they don't necessarily qualify for a lower interest rate. Choosing the right mortgage lender is one of the most important aspects of mortgage refinancing. Here are several tips to help you find the best mortgage refinancing lender for your financial situation.

Mortgage Refinancing - Screening Mortgage Lenders

Don't rule out your existing lender when shopping for a new mortgage. Sometimes when you contact your current lender and let them know of your intentions for mortgage refinancing, they will make adjustments to your current loan such as lowering the interest rate to keep your business. Your current lender is just one avenue to explore; comparison shopping from a variety of mortgage companies and brokers will help you find the most competitive mortgage refinancing offer.

Mortgage Refinancing - How to Compare Loan Offers

When mortgage refinancing it is important to compare all aspects of the loans you consider. Some homeowners assume choosing the mortgage with the lowest interest rate means they are getting the best deal; however, focusing solely on interest rates often leads to overpaying other fees. Carefully compare the interest rates, term length, points, origination fees, and closing costs found on the Good Faith Estimate and HUD-1 statements before choosing a mortgage lender.

Mortgage Refinancing - Watch Out For Abusive Lenders

When you comparison shop from a variety of lenders the ones with unusually high rates and fees are easy to spot. These are the mortgage refinancing lenders that take advantage of homeowners that have not properly done their homework. By taking the time to research mortgage refinancing lenders you will avoid 90% of the mistakes homeowners make.

You can learn more about mortgage refinancing while avoiding costly mistakes by registering for a free mortgage guidebook.

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