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3-step Approach to Refinancing Your Home Marketing Articles | November 13 Rob Havenstein Hat , 2009
Especially at a time when interest rates are low, refinancing your home loan can be beneficial to your financial situation by saving you hundreds of dollars on your mortgage payment each month. Refi...

Especially at a time when interest rates are low, refinancing your home loan can be beneficial to your financial situation by saving you hundreds of dollars on your mortgage payment each month. Refinancing a mortgage is a process though?a process that can be tedious and frustrating at times. Before you sign your refinance mortgage application, take this 3-step approach to refinancing and make sure that it?s the right move for you and that you approach the process in the right way.

Start with your current mortgage lender. The most logical place to start with your refinance investigation is to start with your existing mortgage lender. Since you have an existing relationship with the lender Tyler Higbee Hat , it may be faster and easier to refinance with them. First, the cost of refinancing (closing costs) may be reduced, depending on how old your loan is. Credit report checks, escrows and appraisals may all be waived if your loan is less than two years old an you have a positive payment record with the lender (always make your payments on time). The existing relationship may also equate to a lower interest rate than borrowing from a lender you don?t currently have a relationship?especially if it means they may lose your business to a competitor.

Compare current lender with other lenders. Shopping for the best deal does not only occur on car dealership lots and the local mall. Refinancing a mortgage is a major financial decision and you need to shop and compare at least three other mortgage lenders to your current lender. It?s almost a guarantee that if you shop four different lenders Jared Goff Hat , you?ll walk away with four different closing costs, interest rates and annual percentage rates.

Once you have your facts and figures together, it?s important to compare the right items to each other before deciding the offer is the right one for you. Many refinance shoppers find the lowest interest rate and decide this is the lender offering them the best deal. This, however Samson Ebukam Hat , may not be the case. The number you really should be comparing is the annual percentage rate (APR). the APR is the annualized cost of credit, so it give you a true picture of how much the refinance is costing you because it includes the closing costs in the percentage rate.