The Internet is an excellent tool for locating mortgage quotes and comparison shopping for the most competitive mortgage refinancing offer. Online search makes it easy to quickly locate and compare stated income, no obligation quotes from dozens of mortgage refinancing lenders. It is important to comparison shop using stated income quotes because the lenders will not access your credit until you are ready to apply for the mortgage refinancing loan.
Mortgage refinancing comparison shopping from a variety of online lenders will help you avoid many costly mistakes when refinancing your mortgage loan. When you comparison shop online it is important to compare all aspects of the mortgage offers you consider. Many borrowers assume choosing the best interest rate will save them money when mortgage refinancing; these borrowers often overlook fees and closing costs and overpay thousands of dollars for their new loans.
When you shop for a new mortgage refinancing loan online it is important to make sure the interest rate you receive is one that you are qualified for. Some lenders take advantage of borrowers with good credit by qualifying them for bad credit mortgage refinancing loans. These loans cost more and come with higher interest rates. By carefully comparing mortgage refinancing loan offers you will be able to tell which offers are too high for a borrower with your credit rating.
Once you decide on a mortgage refinancing loan offer, carefully review the closing costs listed on the Good Faith Estimate. Mortgage lenders are required to provide you the Good Faith Estimate upon receipt of your application; however, most lenders will provide you the Good Faith Estimate upon request. It is important that you compare all aspects of similar loan offer using the Good Faith Estimate to determine which offer is better.
Carefully compare all the mortgage refinancing terms associated with the loan you choose. Make sure this loan does not have a prepayment penalty, periodic refinancing requirements, or balloon payments. Predatory mortgage lenders often require that borrowers purchase additional services such as insurance as a requirement for mortgage refinancing approval. If you are dealing with a lender of this type you should seek mortgage refinancing from another lender. To learn more about mortgage refinancing while avoiding costly mistakes, register for our free mortgage guidebook.
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
