Refinancing your mortgage can be a major step to improving your financial well-being, if done correctly. Many homeowners are intimidated by mortgages because there are a number of mistakes that can cost you thousands of dollars. Here are several tips to help you find the best mortgage for your financial situation and avoid costly refinancing mistakes.
There are dozens of options available to homeowners refinancing their mortgage loans. These mortgage options include FHA loans, VA loans, traditional fixed rate loans, interest only and option adjustable rate mortgages. Different types of mortgages are not right for every financial situation. It is up to you to research mortgage loans and choose the right mortgage for your financial situation.
Shop for the Best Mortgage Online
Shopping for the best mortgage from a variety of quotes will help you find the most competitive offer for your loan. When you compare offers it is important to compare all aspects of the loans you consider, not just the interest rate. Many homeowners that make the mistake of only comparing interest rates overpay for their lender fees and closing costs.
When you compare loan offers it is not enough to base your decision on the Annual Percentage Rate or APR. To make an informed decision you should request a copy of the Good Faith Estimate from each lender. The Good Faith Estimate is a standardized form that outlines all of the expenses associated with the loan and who the costs are paid to. Mortgage lenders are required by law in the United States to provide this document to you upon receipt of your application; however, most will give it to you simply if you ask.
Do Your Homework First
Doing your homework means researching mortgage lenders and their offers; however, it also means gather together your documentation prior to applying. Before you apply for a new mortgage you should gather up your financial paperwork including pay stubs, bank statements, and tax returns. You will also need to review your credit reports for errors, find your existing mortgage contract and a recent mortgage statement. Having your documents ready before hand will make the entire mortgage process go smoothly.
You can learn more about refinancing your mortgage by registering 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 common 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 guidebook today at: http://www.refiadvisor.com
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