Refinancing your mortgage loan does not require getting a loan with your existing lender. You can refinance with a new mortgage company or bank. But before choosing a lender and signing your refinance documents, make sure that you get the best deal on the mortgage loan.
Refinancing Basics
Borrowers who wish to amend or improve an existing home loan have the option of refinancing. Refinancing can fulfill many goals. For example, if you are paying a high rate on the mortgage loan, refinancing helps bring down the rate and lower the monthly note. If you have an interest-only or adjustable rate mortgage, refinancing the home loan can convert your mortgage to a fixed rate. You can also borrow cash with a cash-out refinance, and make modifications to the length of the loan term.
Existing Mortgage Lender
Discuss plans to refinance your mortgage loan with your present mortgage provider. The bank will most likely want to retain your business, and keeping loyal customers often calls for offering favorable finance packages on mortgage loans. Refinancing a mortgage loan involves certain fees such as closing costs. As a current customer you're possibly eligible for discounts on your closing costs. For example, the lender may remove or decrease the loan origination or processing fee, waive the application fee and offer a cheaper interest rate on the home loan.
Shopping Around
Acquiring a seemingly favorable refinancing package from your present lender doesn't suggest not shopping around. Asking other mortgage providers for refinance quotes helps secure the best interest rate on the new mortgage loan. Lenders provide quotes without charge, and having quotes in-hand lets you compare mortgage rates, closing costs and new monthly payments. While existing lenders typically offer ideal rates to keep customers, your lender may not present the lowest refinance quote.
Considerations
The mortgage rate quoted by lenders will depend on your credit score at the time of applying. Order your credit history from Annual Credit Report in preparation for applying for a mortgage refinance. Delinquencies and high balances on credit cards lower your score; and if approved for a refinancing, you may not receive the best deal on an interest rate. Bankrate.com suggests a score 740 or higher for choice mortgage rates.
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