Mortgage Refinancing Tips to Help You Shop for the Best Home Mortgage Refinance Loan

To make sure you get the best deal on your new home mortgage refinance loan it is important to comparison shop from a variety of mortgage companies. The Internet makes it quick and easy to comparison shop; however, there are a number of potential pitfalls to avoid. Here are several tips to help you comparison shop for the best loan when mortgage refinancing.

Check Your Credit Before Mortgage Refinancing

The first thing you should do before applying for mortgage refinancing is to review your credit records for errors. These credit reports are maintained by three separate companies and are extremely prone to mistakes. Having mistakes in your credit reports will significantly damage your FICO score and the interest rate you receive when mortgage refinancing. Don't pay for a credit report unless you absolutely have to, the law requires each of these companies to provide you a free credit history once per year.

Is Mortgage Refinancing Right For You?

Mortgage refinancing has the potential to save you a lot of money if done correctly. Generally speaking, the longer you plan on keeping your home, the more sense it makes to refinance the loan. Because there are expenses involved with mortgage refinancing, a simple mortgage calculator can help you determine how long it will take to recoup your expenses.

Comparison Shop for the Best Mortgage Company

When comparison shopping for the best home mortgage refinance loan, request a copy of the Good Faith Estimate from each mortgage company you consider. The Good Faith Estimate allows you to do a line-by-line comparison of each home mortgage refinance loan. Most mortgage companies will give you a copy of the Good Faith Estimate simply by asking for it. Make sure you compare the origination fees, processing fee, and closing costs for each loan offer you consider.

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Posted in: Mortgage,Refinance,Refinancing