How to Choose a Mortgage Lender for Refinancing

If you're refinancing your home and are looking for a mortgage lender, you'll have a number of choices. Of course, the most critical factor is finding a lender who will provide you with the best terms and rates.
As you begin the process, you can ask your family or friends who have recently refinanced for recommendations. You can also do your own research to find the best rates and terms.

There are many variables when it comes to refinancing your home's mortgages, so it's important to make the best informed decisions.

Here are some tips to make the mortgage refinancing process easier.

Ask Your Family and Friends for Advice

Your most valuable resources will be family and friends who have just refinanced their homes. They will tell you the pros and cons of their lenders, and their information will enable you to objectively evaluate each lender.

Make a list of the pros and cons of each lender, and you will be able to quickly determine which lender is right for your needs.

Do Your Own Research

It's important to also comparison shop the lenders to see which one will offer you the best mortgage refinancing terms and rates.

You can request quotes from each lender, which will help you make your ultimate decision. Put all of the information into a spreadsheet so you can quickly see the differences between the quotes.

Break down each quote to determine your monthly savings as well as total savings. These statistics will help you determine which lenders best meet your refinancing needs.

Consider All Factors

Even though interest rates and loan terms are very important, you shouldn't forget to make sure the lender you select is responsive to your needs, is ethical, answers all your questions truthfully, and returns your calls in a timely manner.

Trust your instincts when you're evaluating each lender. If you don't have a good feeling about a lender, don't do business with him.

If you do have a good feeling about a lender, keep him on your final list, and continue to evaluate his services.

Although refinancing your mortgage can seem confusing, if you follow these tips, you will make the process a lot easier, and you'll be sure to find the right loan.



About the Author

Get more of Joan Yankowitz's free mortgage advice at Mortgage Advice Today.