Most of us are not exp
erts when it comes to our knowledge of mortgages and how to find the best rate. And finding the best rate is really only part of the picture when refinancing mortgage rates. You'll want to make sure that the costs associated with closing on your new mortgage are in line as well. Your mortgage broker can sort through the myriad of lenders and loan programs available and custom-fit you with the best rate at the best price given your unique financial profile.Closing costs run about $2000 for the average refinance. If you are getting a quote from any lender that is considerably higher than that, PLEASE SHOP AROUND!!! Unless you have something way out-of-the-ordinary in your financial profile, refinancing your mortgage rate should cost you about $2000-give or take a few hundred dollars.
If you contact your current banking institution or credit union (the place where you have your checking and savings accounts) about refinancing your mortgage rate, chances are you will get a short list of rates that they offer on a few possible loan choices. For example, they will probably tell you the rates they offer on a 30 year mortgage, a 15 year mortgage, and an adjustable rate mortgage. You may think that the rates they offer are pretty much the same as the rate
s any lender offers-not true!!There are hundreds of loan programs available today. Most of us don't have the time or the knowledge necessary to maneuver through all the options and be able to pick the best program. And that is the trick. Unless your finances are a total mess, you don't have to use a loan program just because you qualify for it. There may be dozens of loan programs that you can qualify to use. You want to use the program that gives you the lowest rate and has the lowest closing costs.
Also, make sure that you are using a reputable mortgage broker. Try to go local if at all possible. By "local" I don't necessarily mean in the same town. If you live in a small town, you may not have a mortgage broker right there, but whatever large city you live near will have dozens of mortgage brokers. For instance, I live in a small town just outside of Atlanta, GA. I have hundreds of mortgage brokers in my area. I can find them on-line by typing "mortgage brokers Atlanta GA" in my search bar.
Also, any realtor can give you a list of local, reliable mortgage brokers. Realtors work very closely with lenders as they help clients buy and sell homes. They know from experience the best lenders in the area.
Learn from Lyn Collier's years of Real Estate experience.
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