FREE Rate Quotes

Are you interested in refinancing but don't know where to start?

The best thing to do is to get quotes from multiple lenders and let them compete for your business. Whether you have a single-family dwelling, a condomimium, a multi-family dwelling, or even a mobile home, we recommend you look at a few online lender's first. They typically show the current rates right on their main page.

We recommend you visit at least a dozen online lenders and examine their rate quotes on their main page. Take good notes when you do this. Make sure you note their restrictions, such as "700+ FICO, No Stated Loans, etc."

Once you have compiled a fairly accurate list of currently offered rates, it's time to actually submit for a quote. You can go direct to an online bank, an online direct lender, or you can submit your information to what is called an "online middleman". The middleman will submit your information to at least four lenders who will proceed to compete for your business. There's nothing wrong with submitting your information to a middle-man mortgage site, but just be prepared for high pressure phone sales within 48 hours of submission!

When you finally talk with a loan officer, take good notes, and make sure you ask the following questions:

1. Do I have a prepayment penalty? If so, how long is it?

2. How much are the administration fees? Are they negotiable?

3. How many points are you charging for this loan? If you aren't charging points, how much is the origination fee?

4. Are you making any money on the back end? Are you giving me the best possible rate?

5. Are you an experienced loan officer? How many loans have you closed this year?

6. I would like to speak with at least two of your previous customers before I commit to signing loan documents through your company. May I have two references that have recently closed a refinance loan through you?

Outside of customizing a question-list based on your loan needs, those are the most important questions you should be asking your loan officer. Do not be afraid to ask these questions! Any competent, honest loan-officer will not hesitate to provide references of his previous customers.

Good luck!

"A fool and her money are soon parted. "

How many quotes do you have for your refinance?