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Mortgage & Refinancing Information |
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Be Prepared when Seeking a Mortgage
When you're looking for a mortgage, whether it's a first time loan or you're taking advantage of an opportunity to refinance an existing mortgage, it may seem that you're wading through a quagmire of uncharted territory. If you're prepared ahead of time, you'll avoid some of the common pitfalls and know how to find the best deal for your situation. Remember that you are the consumer and that you are shopping for a service. That means that you have the right to be treated as a customer. Ask questions and keep asking until you get all the answers you are looking for. If a potential lender is reluctant to spend the time addressing your concerns, you don't have to do business with that particular company. In today's market with the opportunities to shop for a mortgage online, finding a lender is the least of your worries. Look for the best interest rates, but also search for a lender who offers the mortgage without the high closing costs. There are likely to be some requirements for closing the loan. You may be asked to pay for an appraisal, home inspection and even a survey if property is involved in the transaction. Those are fairly standard but be wary of a company that charges a large additional fee for closing costs though you can expect a moderate fee. A lender is a business and as such, is in business to make money. That means that you as the consumer should expect to pay for the service, but comparing fees and interest rates will help you find the best possible deal on your mortgage. Finally, be aware of unbelievable claims. A company that promises you'll be approved for a loan regardless of credit is probably making promises that they can't keep. If you're asked to pay an application fee with this guarantee, you could be wasting your money. In some cases, the lender will approve the loan, but will make unreasonable requirements for repayment or down payment. If you then can't meet the terms, the company will have fulfilled their promise - they did offer you the loan. Your application fee is typically non-refundable and you've simply lost that money. Mark Lambie is the founder of The Loan House a website that allows consumers to quickly and easily get mortgage quotes and mortgage information.
MORE RESOURCES:
What are the hidden costs of refinancing a mortgage? Fox Business 3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business What is a mortgage prepayment penalty fee, and how does it work? Business Insider What Is A Debt Consolidation Refinance? | Pros And Cons The Mortgage Reports Black Knight Delivers Next Generation of its Loansifter Product, Pricing and Eligibility Engine for Mortgage Brokers Yahoo Finance Racked Up Holiday Debt? Refinancing Could Help You Pay It Off The Motley Fool 3 Options for Financing Home Improvements in 2021 The Motley Fool Can You Refinance A USDA Loan? | USDA Refi Options The Mortgage Reports PropertyGuru Tackles Top Home Loan Refinancing Misconceptions Among Singaporeans in New Research Taiwan News Mortgage refinance: Everything you need to know Fox Business Buying a Second Home: What to Do and How Much It Costs Credible News 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 Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes 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 How do I get the most out of my mortgage refinance? Fox Business 4 ways to get lower mortgage refinance rates Fox Business Today's mortgage refinance rates don't budge for fourth consecutive day | November 24, 2020 Fox Business 10 things to know before refinancing your mortgage Fox Business The best mortgage refinance lenders of January 2021 Business Insider 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 Today’s mortgage refinance rates climb upward — though one key rate holds steady | October 23, 2020 Fox Business Complete Checklist of Mortgage Refinancing Requirements Credible News 10 tips for getting the best mortgage refinance rates Business Insider How often can 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 When should you refinance your mortgage? Fox Business Today's mortgage refinance rates hold steady at unprecedented lows | October 16, 2020 - Fox Business Is now a good time to refinance your mortgage? Fox Business How to get a low-cost mortgage refinance Bankrate.com How to Refinance Your Home | Home Lending Chase News & Stories How much can you save by refinancing your mortgage? Fox Business Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette No-Closing-Cost Refinance: Is It Right for You? NextAdvisor The impact of the coronavirus on mortgage refinancings Brookings Institution |
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