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Find the Best Mortgage Lender
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Best Mortgage Rate
I am serious, there is something that you can do to save a lot more money than shopping for the best mortgage rate. I know it's surprising and that it goes against what everyone says but it is true and...
I will show you why.
Searching for the best mortgage rate
The best rate is the best mortgage rate available for you by any lender. Period. But can we calculate th... Read mortgage refinance article
Home Mortgage Refinance Loan - 50 Year Mortgage Refinancing
One of the newest mortgage products available is the 50 year mortgage loan. This is a typical home mortgage drawn out over a fifty year period. The main advantage of a 50 year mortgage loan is a significantly lower monthly payment; however, there are drawbacks to a mortgage of this term length. Here are several tips to help you decide if refinancing with a 50 year mortgage is right for you.
Find the Best Mortgage Lender
If you are considering mortgage refinancing for any reason, comparison shopping for the best mortgage lender could save you thousands of dollars. Mortgage lenders vary widely with the fees and interest rates they charge. Doing your homework and researching mortgage lenders will help you avoid many costly mortgage refinancing mistakes. Here are three tips to help you evaluate mortgage lenders when mortgage refinancing.
Mortgage Refinancing: Choose the Right Type of Loan for Your Situation
Before refinancing your mortgage you need to determine which type of mortgage is right for you. There are three basic loan types to choose from depending on your financial situation and tolerance for risk: you can choose mortgage refinancing with an adjustable rate loan, mortgage refinancing with a fixed interest rate, and mortgage refinancing with a hybrid loan.
Fixed interest rates have the advantage of predictable payment amounts that you can plan your budget around. Adjustable Rate Mortgages come with much lower interest rates during the introductory period, but come with a higher level or risk. Finally, hybrid mortgages offer the best of both types by offering a fixed rate for a period of time that converts to adjustable interest rate later on. When choosing a lender for mortgage refinancing, try and shop from lenders that offer a variety of loan packages, or one that will tailor an offer for your financial situation.
Mortgage Refinancing: Evaluate the Customer Service You Receive
When you shop for a mortgage lender, pay attention to not only how you're treated but how cooperative the mortgage lender is. Ask how the mortgage company guarantees your interest rate and if you can see the guarantee from the wholesale lender. The guarantee you get from the mortgage company is often not the interest rate you were qualified by the wholesale lender. Asking for the original written guarantee and the Good Faith Estimate before submitting your application is half the battle to qualifying for the best mortgage. If you find a cooperative mortgage company that offers good customer service you should factor that into your decision.
Mortgage Refinancing: Check the Mortgage Company for Complaints
Before choosing a mortgage company, check with your local Better Business Bureau and the office of your State's Attorney General to see if that company has any complaints. Remember that your lender and mortgage company are two separate companies. Mortgage companies and brokers are simply reselling loans for wholesale lenders. Make sure that the mortgage company or broker isn't inflating your interest rate for a profit. Choosing a reputable mortgage company will help ensure you are not overpaying the retailer when mortgage refinancing.
You can learn more about your mortgage refinancing options, including costly mistakes to avoid by registering for a free mortgage guidebook.
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Mortgage Broker Refinancing
If you are considering mortgage refinancing with a mortgage broker, there are several things you need to know to avoid overpaying for your loan. Mortgage brokers routinely inflate the interest rates they sell their customers to boost their revenue. Here are several tips to help you save money when refinancing with a mortgage broker.
Mortgage Brokers can be an excellent tool for refinancing your mortgage loan. Brokers have contacts with dozens of lenders and can tailor loan packages to your individual financial situation. It is important to understand how mortgage brokers are compensated to avoid paying double for your new mortgage loan.
When you take out a new loan using a mortgage broker, that person receives the origination fees you pay. Origination fees typically run between 1-1.5% of your loan amount and that fee is more than ample compensation for the amount of work your mortgage broker did. So how does the mortgage broker overcharge you? By inflating the interest rate that the wholesale lender qualified you, the mortgage broker receives an additional 1% of your loan amount for each .25% they overcharge you from the lender.
Here's an example of how this scam works. Suppose your mortgage broker tells you that you qualify for an interest rate of 6.75% on a $250,000 mortgage loan. You agree to the terms and pay the broker 1.5% for the origination fee. Your fees for the mortgage broker's services are $3,750. These fees are in line with what you can reasonably expect to pay when refinancing. What your mortgage broker isn't telling you is that the wholesale lender qualified you for a mortgage interest rate of 6.25% and your mortgage broker is inflating your interest rate to boost their profits. By getting you to agree to pay 6.75% the mortgage broker receives an additional 2% of your loan amount. Your mortgage broker gets $5,000 from the wholesale lender for lying to you!
This retail markup of your mortgage interest rate by the mortgage broker is called Yield Spread Premium and results in paying thousands of dollars in unnecessary interest. How can you avoid paying retail markup of your interest rate? You can learn how to recognize Yield Spread Premium and how to avoid paying it by registering for a free mortgage guidebook.
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Find the Best Mortgage Lender
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