If you are a homeowner in the process of refinancing your mortgage, proper comparison shopping can save you thousands of dollars. There are a number of common mistakes borrowers make when refinancing that cause them to overpay for the new mortgage. Here are several tips to help you avoid overpaying for you mortgage when comparison shopping for the best mortgage offer.
Careful comparison shopping when mortgage refinancing will save you money and many future headaches. Comparing loan offers from a variety of mortgage lenders allows you to choose the mortgage with the most competitive fees, interest rate, and closing costs. When you shop for mortgage offers it is important to request stated income, “no-obligation” quotes so the lenders do not access your credit reports until you are ready to submit the application.
The Internet makes it easy to compare loan offers from dozens of mortgage lenders in minutes. Rates will vary significantly from one mortgage lender to the next so it is important to comparison shop from a variety of mortgage lenders. Even a difference of .25% in your mortgage interest rate will save you thousands of dollars over the life of the loan. When you compare mortgage offers from different lenders it is important to compare all fees, points, closing costs and the terms associated with each loan. Make sure the mortgages you consider do not include penalties for early repayment as this penalty could cost you a lot of money down the road.
Do Your Homework before Refinancing Your Mortgage
When you do your homework and research mortgage offers you will better understand the mortgage refinancing process. Understanding mortgage terms, interest rates, and fees will enable to choose the best loan for your financial situation. To learn more about comparison shopping for the best mortgage loan when refinancing register for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com
