How do you choose the best mortgage lender when refinancing? There’s more to getting a good deal on your home loan than getting the lowest mortgage refinance rates. Here’s an article on MortgageLoan.com to help you find the best home loan without paying unnecessary fees or lender markup:
When shopping for a mortgage, either to buy a home or refinance, there are a variety of different types of lenders that can meet your needs: large institutional banks, national mortgage lenders, online lenders, smaller regional and community banks, savings and loans, credit unions and mortgage brokers, to name some of the main ones. Each offers its own advantages and disadvantages.
Choosing the right lender for your mortgage refinance is very important; however, equally important is choosing the right person to arrange your home loan. Find the right broker and you’ll not only have access to today’s lowest refinance rates but you’ll avoid lender junk fees in the process.
One of the most common mortgage mistakes is overpaying closing costs. The Annual Percentage Rate (APR) does not give you an exact picture of the fees you’ll be required to pay for your mortgage refi because it’s based only on the Good Faith Estimate of fees. Truth in Lending laws require that lenders give the GFE; however, there is no standard for calculating APR or requirements for which fees they include.
This is why mortgage rate shopping using the Good Faith Estimate will never give you an apples-to-apples comparison of mortgage refinance rate quotes from one lender to the next. You can learn more about getting the best deal for your next home loan by checking out my free Underground Mortgage Videos.