Mortgage Refinance Information: Three Tips to Find the Best Mortgage Loan Regardless of Credit

By Louie Latour
Mortgage Refinance Information is fast and easy to find online. Using the Internet you can quickly find mortgage refinance information from a dozens of online lenders. Comparing mortgage refinance information from these lenders will help you find the best mortgage for your financial situation; here are three tips to help you quickly find mortgage refinance information and the best home loan for your financial situation.

I. Shop from a Variety of Brokers and Lenders

When you compare loan offers while collecting mortgage refinance information, you can use the internet to quickly screen mortgage offers. The main advantage of using the Internet is that you can quickly screen mortgage refinance information without having the lender run your credit. You will need to provide general information about your income and the state of your credit; however, you can complete all of your online shopping without providing your Social Security Number.

II. Avoid Exaggerating Your Income and Credit

When comparison shopping mortgage refinance information, the lenders and brokers will ask you for general information regarding your income, assets, and credit. You should avoid the temptation to exaggerate any of this information. While you are not providing your Social Security number when shopping for mortgage refinance information, the lender or broker will run your credit before approving your loan. If the lender finds discrepancies when they run your credit score, you could lose the interest rate you were hoping to receive or have your application denied. You will find the process of refinancing your mortgage go much smoother if you provide accurate information in a timely manner when comparing mortgage refinance information online.

III. Make Sure You Deal with Reputable Sources of Mortgage Refinance Information

When comparing mortgage refinance information online, make sure the websites you work with are reputable. Does the mortgage refinance information provided seem professional? Does the website list full contact information and use Secure Socket Layer connections for encrypting mortgage refinance information? Never provide sensitive personal information without insuring the website you are dealing with is a reputable source of mortgage refinance information.

You can find more sources for mortgage refinance information, including common mistakes to avoid 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

Mortgage Refinance Information

Article Source: [http://EzineArticles.com/?Mortgage-Refinance-Information:-Three-Tips-to-Find-the-Best-Mortgage-Loan-Regardless-of-Credit&id=344885] Mortgage Refinance Information: Three Tips to Find the Best Mortgage Loan Regardless of Credit

Get a Better Mortgage Refinance Deal than Your Local Bank Offers

By Mansi Aggarwal
Gone are the days when money could be fetched either by mere mortgaging or financing something. Now it is time to get money via an amalgam of the two; i.e. Mortgage Refinance. Mortgage refinance is a smart idea to have a good credit sum and repay it in an easy fashion. In simple terms a refinanced mortgage is one where a borrower repays a previous loan by taking a new one. The main motive behind refinance mortgage is to get a lower interest rate, lowering their payments, or to take cash out of their home equity. So basically a mortgage refinance refers to taking a secured loan to replace the existing loan that is secured via some assets of yours.

Let us first delve into the factors that instigate a refinanced mortgage.
There are several reasons that instigate people to opt for refinance. For instance

(a) Mortgage refinance reduces the interest rate on your mortgage. It not only
minimizes your EMIs or monthly installments but also brings down the total
amount that you need to repay.

(b) Another wonderful feature of mortgage refinance is the reduction in the
tenure of the loan, which is immensely effective in saving lot many bucks.

(c) Mortgage refinance is a smart idea to consolidate or fuse the amount you need to repay.

(d) Mortgages refinance serves you with the most essential thing i.e. cash in
hand. You can draw on an equity built up in the house to acquire cash amount
for several purposes such as your daughter's marriage, child education etc.

(e) If you want to have an adjustable-rate mortgage i.e. ARM and a fixed-rate
loan in order to ensure you regarding the mortgage payment, mortgage
refinance is a brilliant idea.

However there are other things to be taken into consideration. First and foremost mortgage refinancing can be recommended if the present rate on your mortgage is at least 2 percentage points higher than the existing market rate. Second you need to know that for how long you propose to stay in the house. Third you need to know that according to many sources given the costs of refinancing, it takes at least three years to realize completely the savings made from a relatively lower interest rate. Finally in order to go for mortgage refinance is to enlist complete expenditure of refinance and calculate your monthly installments. Knowing this will enable you to decide whether you should opt for refinance or not.

Well before going for a mortgage refinance you can also ask yourself questions ponder over questions such as- by how much will your existing monthly installment be lowered, what will be the financing cost that you will have to pay, how much will you owe in the house and for how much was the initial payment for the house made etc. Once after going through the various factors and conditions you feel it is appropriate to go for a mortgage refinance (which is true with most of the cases) then the first step is to consult a good real estate agent, mortgage lender as well as an attorney and other legal practitioners. Searching online is even an excellent option.

Mansi aggarwal writes about mortgage refinance. Learn more at http://www.info-web-online.com

Article Source: [http://EzineArticles.com

Five Mortgage Refinance Mistakes to Avoid

By Ara Rubyan
Here we go again: in response to the global credit crisis of late 2008, the Federal Reserve has been given the authority to spend a lot of money in the credit markets to bring down interest rates on mortgage refinance loans. In the words of one broker, the Feds have a giant hammer and they are going to use it to pound interests rates down into the ground. By doing this, they hope to help existing homeowners save money on their monthly payments which will, in turn, stimulate the economy as a whole.

As a result, you will be hearing from your mortgage company (and others) about doing a mortgage refinance. If you are seriously considering doing this sort of deal, here are some common mistakes you'll want to avoid:

Not shopping around for the best mortgage refinance deal and staying with your existing lender instead.Contrary to conventional wisdom, your current lender may not have the best deal on a mortgage refinance. Nor will it necessarily be easier to deal with them compared to starting over with a new lender. Often, your existing mortgage company will want you to do all-new mortgage refinance paperwork as though you had just walked in off the street. This is because they aren't really going to hold your mortgage for very long -- they'll just turn around and sell it on the secondary market (and making a commission on the sale). They can do this more easily if they can include a complete application from you in the package to prove that the loan is a good one. Therefore, regardless of how good a customer you have been, your lender will have to verify your financial position all over again.

Signing your loan documents without reviewing them. Do your homework before coming to the closing. You will not have enough time to review these papers during the actual closing. So review them in advance. The last thing you want is a surprise.

Not considering the break-even point on your mortgage refinance.Do you know how long it will take for you to recoup your up-front transaction costs? For example, let's say your mortgage refinance transaction costs are $3000. Let's also say that you will be saving $100 per month on your monthly mortgage payment. Divide 3000 by 100 and you'll see that it will take 30 months to save enough to pay back what you spent in getting the mortgage refinance in the first place. So ask yourself: are you planning on staying in your house for the next two-and-a-half years? If so, you'll recoup your costs. If not, consider a different deal, one with lower costs or a better interest rate with greater savings.Granted, this is just a simple example. Your situation may be more complex. For example perhaps you currently have an adjustable-rate mortgage, or you may be doing a mortgage refinance from a 30-year term to one that is only 15 years. If this is the case, the break-even point may be harder to calculate.Also, you may not be doing a mortgage refinance simply to lower your payment. Perhaps you are doing it to pull cash out of the equity in your home in order to consolidate multiple debts into a single payment. If so, a break-even analysis on your transaction costs may not be that important to your decision.

Not giving your mortgage company the mortgage refinance documents on time.When your lending institution requests that you provide them with additional documentation (i.e., income and expense statements, verification of employment, etc.) don't procrastinate. Send them along right away. The last thing you want is to be the reason that a costly delay occurs.

Not getting an estimate of your mortgage refinance closing costs in writing.Once your mortgage broker or lending institution approves your application, the law says they are required to give you a written statement of what your fees will be for the mortgage refinance. This statement is called a "good faith estimate" (GFE). Bring it with you to the closing when it is time to sign all the final documents. If the fees are significantly higher at closing than what is shown on the GFE, then you should insist that they be brought in line with the GFE.

In conclusion

By the time you begin to think about a mortgage refinance, you have a lot at stake in making sure it goes smoothly. Use this checklist to avoid some of the more common mistakes people make when trying to get a mortgage refinance on their home.

For more info on mortgage finance mistakes [http://www.focusonrefinance.com/32/five-mortgage-refinance-mistakes-to-avoid/], visit Ara Rubyan's Focus on Refinance [http://www.focusonrefinance.com] blog.

Ara Rubyan is like you: a consumer who has tried to educate himself on the full range of mortgage refinance options available today.

Now, he's put all his research (so far) in one convenient location and he's sharing it with you, no strings attached. Visit his website. You'll find:

Lots of articles on various mortgage refinance topics;

Videos;

Latest news on mortgage refinance resources;

Your questions, answers and suggestions.

Go on over to Focus on Refinance and have a look.

Article Source: [http://EzineArticles.com