If you’re considering taking out a new home loan to take advantage of today’s refinance mortgage rates from lenders like Amerisave, don’t overlook credit unions, even if you’re not a member. Credit unions have nearly doubled their mortgage refinancing market share since 2007 and offer competitive refinance rates and fees. Here’s an article from MortgageLoan.com with several reasons to take a hard look at community credit unions before mortgage refinancing.
Credit union mortgage rates can be very competitive, on par with and even lower than major banks. In addition, because credit unions typically don’t pile on lots of “junk fees” to their closing costs, the actual cost of borrowing is often lower than it would appear from just their posted mortgage rate.
Remember Credit Unions are worth looking at even if you’re not a member. Most Credit Unions don’t manipulate their refinance mortgage rates with discount points, something big lenders like Bank of America and Wells Fargo Refinance are notorious for. As with any lender it’s important to pay close attention to the fees you’re paying at closing, including any mortgage loan origination fee. If you don’t recoup your closing costs from the lower payment amount when mortgage refinancing you’re losing money no matter how low your rates.
You can learn more about getting today’s lowest refinance rates without paying unnecessary lender fees or markup by checking out my free Underground Mortgage Videos.