If you are in the process of refinancing your mortgage you might find the process confusing and intimidating. No one likes to overpay for their purchases and your home loan is no exception. Here are several tips to help you refinance your mortgage without paying too much.
Before you start comparison shopping for a new lender it is worth your time to request copies of your credit reports to check for errors. Your credit score is what lenders look at when determining your mortgage rate; if you have mistakes or negative information in your credit history it will cost you a higher interest rate. Your credit records are maintained by three separate reporting agencies that don't share information well; you'll want to request a credit report from each agency and carefully check it for errors.
There are three companies you need to request records from. These credit agencies are Trans Union, Equifax, and Experian. It's easy to request these records and free; congress recently passed a law stating these agencies are required to give you one free credit report each year. The website you need to visit to download your credit history is annualcreditreport.com.
Once you've reviewed your credit records and are confident they are error free you're ready to being comparing loan offers. Choosing the correct lender is an important part of refinancing and there are several types of lenders you need to avoid. The three types of mortgage lenders are banks, broker-banks, and wholesale lenders. You should never consider refinancing with your bank due to loopholes in the Real Estate Settlement Procedures Act; however, I'll cover banks and broker-banks in depth later in this article.
Refinancing your mortgage with a wholesale mortgage lender will give you the best deal for your money; the question becomes how do you go about finding a wholesale lender? Because the average homeowner does not have access to wholesale lenders you'll need to use a broker to refinance with wholesale mortgage rates. Refinancing with a mortgage broker has many advantages; although you'll need to watch your broker like a hawk to avoid paying too much.
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Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this "refiadvisor.com Mortgage Refinancing Toolkit," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
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