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Mortgage & Refinancing Information |
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Residential Mortgage - Finding The Best Home Mortgage Lender
Most people approach the act of getting a home mortgage purchase or refinance loan the wrong way. They timidly approach lenders and cross their fingers that they will quality for that all-important loan. But that's just the opposite of what most people should be doing! There are a lot of lenders out there-some great and others that can be difficult to work with. And here's the good news-they all want your business! Before agreeing to a contract with just any lender, you should make an appointment with (in person or by telephone) and ask them some important questions. Doing so could make the difference in a wonderful experience and one that you'd rather forget. If you are in the process of applying for a mortgage loan-either online or off-then you should ask the following questions to every lender that you are considering. ? What are my loan options? Some lenders specialize in only fixed-rate mortgages and you couldn't get an ARM if you begged. It's important to know your options up-front. ? What is the interest rate? You can easily go online and find the competitive interest rate on any given day, and you should ensure that your chosen mortgage lender is offering you one in line with the market. ? How many points will I have to pay to guarantee that rate? Just because someone offers you a great interest rate, that doesn't mean there won't be strings attached. Be sure and ask if the interest rate they quoted you is contingent on your buying points. ? Will you charge an application fee? This can vary drastically from lender to lender, and in some cases the fees are negotiable. ? What happens if I pay off my loan early? Some lenders will include a pre-payment penalty in their contract, actually penalizing you for paying off your loan early. If one is included in yours, try to negotiate around it, or look for another lender. ? Can I lock in my rate? Be sure to ask specifics about this. Will it be possible to lock in a rate at the application stage, or will you have to wait until you've been approved? After you've locked it in, how long is it good for? ? Will I be assigned a person that I should call with questions? It is vital that one person is familiar with your application and loan documents so you don't have to explain yourself every time you call with a question. ? How long will it take you to approve a loan? With the Internet and other modern advances, there should no reason that a lender can't process your loan in a jiffy. If a lender appears to be slow, you should take it as a red flag. The best way to find a good lender is to use a home mortgage loan company online that will give you multiple offers from different lenders. You want to let lenders compete over your business. To see our list of these types of recommended mortgage lenders, visit: Recommended Home Mortgage Lenders Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.
MORE RESOURCES:
Top 5 mortgage refinance questions answered Fox Business How a mortgage refinance affects your net worth Fox Business Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business 3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool What is a mortgage prepayment penalty fee, and how does it work? Business Insider Weekly Mortgage News Roundup for Jan. 22, 2021 Motley Fool What is a second mortgage, and should you get one? Business Insider 5/1 adjustable-rate mortgage falls to new record low Bankrate.com 2.74 Million Homeowners Are Still in Forbearance: What You Need to Know About Exiting It Motley Fool Racked Up Holiday Debt? Refinancing Could Help You Pay It Off The Motley Fool 8 ways to pay for a home office setup Bankrate.com 3 Options for Financing Home Improvements in 2021 The Motley Fool Mortgage refinance: Everything you need to know Fox Business How to decide if you should refinance your mortgage Fox Business How to refinance your mortgage Fox Business Who's exempt from the new mortgage refinance fee? Fox Business How do I get the most out of my mortgage refinance? Fox Business Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes How to refinance your mortgage in 5 easy steps Fox Business Today’s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 Fox Business Today’s mortgage refinance rates mixed — one key rate drops while two hold steady | December 15, 2020 Fox Business 4 ways to get lower mortgage refinance rates Fox Business 10 things to know before refinancing your mortgage Fox Business Refinancing your mortgage? Don’t make this mistake Fox Business Today's mortgage refinance rates stay low with the election underway | November 3, 2020 Fox Business How often can you refinance your mortgage? Fox Business Complete Checklist of Mortgage Refinancing Requirements Credible News Today’s mortgage refinance rates climb upward — though one key rate holds steady | October 23, 2020 Fox Business The best mortgage refinance lenders of January 2021 Business Insider When should you refinance your mortgage? Fox Business How to refinance your mortgage without closing costs Fox Business Thinking of refinancing your mortgage? Do your homework before you jump in. The Philadelphia Inquirer 10 tips for getting the best mortgage refinance rates Business Insider Today's mortgage refinance rates hold steady at unprecedented lows | October 16, 2020 - Fox Business How to Refinance Your Home | Home Lending Chase News & Stories 5 reasons to refinance your mortgage right now HousingWire Today’s mortgage refinance rates keep sinking, reaching 37-day low | November 13, 2020 Fox Business How to get a low-cost mortgage refinance Bankrate.com |
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