Considering a Mortgage Refinance
If you are looking for a mortgage refinance, it never hurts to
shop around for the best rate and deal. Shopping around could
mean the difference between paying or saving thousands of
dollars in closing costs, and interest fees'.
If time happens to be on your side, and you don't need to
refinance your mortgage immediately, take some time to educate
yourself about the mortgage industry.
By educating yourself about the mortgage industry, you are
essentially putting yourself into the driver's seat.
There is so much mortgage jargon, terms, and definitions that
will be thrown at you when considering a mortgage refinance,
that it is impossible for any one person to understand
everything.
It is not necessary to become an expert in the mortgage
industry. You just need to have somewhat of an understanding.
This way, while you are shopping around for a mortgage
refinance, your decision on which lender you want to work with,
will be all the more educated.
The mortgage industry is a very competitive one, so by shopping
around, and making it clear that you are shopping around to the
lenders or brokers you are dealing with, they will be forced to
come back at you with the best deal possible. They know that
they are competing with other mortgage companies, and they will
not want anyone else to get your business, so they will offer
you the best rate available to them in order to keep your
business.
Keep in mind when a loan officer or broker offers you a deal
that sounds too good to be true, it just may be, so be careful.
You don't want to get to the closing table only to find out you
are not getting what you thought you were getting.
Remember, before you commit to a lender, ask for everything they
told you to be sent to you in writing, this way you won't have
any surprises at the table.
This is why it is so important to educate yourself about the
mortgage industry.
With just a fair amount of knowledge, you will have a general
understanding of what you are being offered, and you will be
able to determine whether or not the deal is reasonable.
My suggestion to you would be to allow for up to four loan
officers or brokers to assess your situation. Whichever one
comes back with the best, and most reasonable deal, should be
the one for you to consider.