Online mortgage companies make refinancing convenient and competitive. By researching mortgage rates and lenders online, you can be assured that you have the best refinancing rates.
Before You Refinance
Before you refinance your current mortgage, do a little financial housekeeping. Check your credit report and make sure all your financial records are in order. This is also a good time to close a couple of unused credit card accounts.
Also, be sure that refinancing your mortgage will actually save you money. The rule of thumb is to make sure that the new refinanced mortgage will pay for itself within three years.
To figure the savings, take the amount you save in reduced payments over three years and subtract the cost of the new loan. This is just a rough estimate since the length of your loans will also make a difference.
Comparing Rates
Online mortgage companies allow you to quickly compare rates by asking you for some basic information. Based on the loan amount, your general credit ranking, and the estimated down payment, you will receive a generic quote. This will give you a rough idea of who is the most competitive lender.
Accurate Quotes
Accurate quotes will only come when you provide the mortgage lender with detailed information. Mortgage rates depend on such factors as your current employment history, home's location, and your precise credit score.
You will also want to add in any points or fees that are part of the loan's cost. At this point in your refinancing process, you should still be comparing financing packages from at least three different lenders.
Applying Online
The hardest part of refinancing a mortgage is finding the right mortgage lender. Once you have found the best rates and fees, you can complete the application process from the convenience of your home.
Online mortgage applications require you to fill out your typical personal and financial information. Once you submit your information, you will receive the final paperwork in the mail within a couple of weeks. You will need to review the terms, sign on the appropriate lines, and have it notarized. The paperwork is then sent back to the mortgage lending company for final approval. The whole process can take less than six weeks.
To view our list of recommended sources for mortgage refinance loans online, visit this page: Recommended Mortgage Refinance Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
If you have a poor or bad credit history with... Read More
If you do not wish to commit to living in... Read More
With the many different kinds of mortgage loans out there,... Read More
Some people in the real estate industry have a terrible... Read More
Reverse Mortgages are exploding in popularity and as the baby... Read More
Real estate prices are rising across the country, and Americans... Read More
More and more of use are signing up for limited... Read More
Refinancing your house's mortgage is not the same thing as... Read More
So you've finally decided you've had enough of paying rent... Read More
Interest-only loans are quickly becoming a mainstream loan product. Borrowers... Read More
To paraphrase an old familiar quote that goes "there's gold... Read More
A fixed-rate mortgage is a mortgage on which the interest... Read More
Interest rates are at an all time low, making now... Read More
Many Homeowners are not aware of all the options that... Read More
Whether you're looking to buy your first home, or trading... Read More
If you are transferring to the Kings Bay Georgia Naval... Read More
When you're self employed you have numerous advantages. As you... Read More
In previous decades, when a borrower missed a payment on... Read More
Finding the right buy to let mortgage is crucial to... Read More
Everybody wants to own a house because it is something... Read More
Wanna know a little secret? There is an ingenious method... Read More
With escrow accounts the money for your home insurance and... Read More
Do you want a mortgage loan for your new home?... Read More
Households across the country are finding themselves in a similar... Read More
You can maximize your savings by shopping for a lender... Read More
Have you heard about or been interested in finding out... Read More
Refinancing has become a valid option for many individuals with... Read More
There are many benefits in choosing a remortgage, some of... Read More
Listed below is a guide to mortgage terms. It is... Read More
This article will help you understand the differences between a... Read More
A home equity loan is a loan that is guaranteed... Read More
Many homeowners are lucky enough to find a house that... Read More
Finding a cheap home improvement loan can be a challenge... Read More
The bills are out of control and you need a... Read More
Buying a home is usually the largest purchase any of... Read More
Man has been known for continually simplifying things in his... Read More
A secured home loan differs from an unsecured loan in... Read More
Mortgage advice overwhelming you? Many people get advice from everyone... Read More
Tracing back, the concept of reverse mortgages began when one... Read More
You're considering refinancing your home mortgage loan to save money.... Read More
Help is available to borrowers who have claims against their... Read More
When you're looking for a home loan, you might work... Read More
Before you go looking at houses, you'll need to find... Read More
What is a Fixed-To-Adjustable Rate Mortgage?This type of mortgage offers... Read More
Texas was one of the last states to allow homeowners... Read More
Shopping online for mortgages ought to be trouble free, even... Read More
The power of home equity and interest-only payments, provided from... Read More
With so many lenders out there, it can be hard... Read More
To paraphrase an old familiar quote that goes "there's gold... Read More
1. Save on your income tax.Yes, something good can come... Read More
I don't know what the mortgage situation is around the... Read More
Property website Rightmove has released its latest house price index... Read More
The average home in the United States has a value... Read More
The most common reason most people refinance is to save... Read More
Whether you are looking to purchase your first home, sell... Read More
Purchasing a home involves certain important, even essential, steps that... Read More
This is a great time to Refinance Your Home or... Read More
Have you been turned down for a home loan recently... Read More
A remortgage is changing your mortgage without moving your home.... Read More
Your equity is the amount your home is worth, on... Read More
Real estate lenders now offer mortgage loan quotes and application... Read More
This article will help you understand the differences between a... Read More
Add the term 'online' and it will open for you... Read More
Refinancing your house's mortgage is not the same thing as... Read More
The answer depends on several factors including your financial situation.... Read More
The recent boom in house price values have made some... Read More
Mortgage Refinance |