What is home refinancing?
If you obtain a new first mortgage on your real estate, you have gone in for home refinancing. In other words, you are trading in an old first mortgage for a new first mortgage — much the same way you trade in your old car for a new one.
Best Refinance Sources
Before deciding on the best refinance source for you, do some comparison shopping. Collect quotes from as many sources of refinance as possible. If the lender has been assigned a good rating by the Better Business Bureau, then you will know you are safe with the lender. Some industry-specific publications come out with lists of such lenders periodically.
Approach some of the lenders or sources of refinance like mortgages, credit unions, banks, mortgage consultants, direct mortgage lenders, and mortgage bankers. If your repayment record with the present lender is good, you can obtain cheap and easy refinance. With the help of a reliable financial institution, you can get a fair picture of your present financial situation. You can find out the costs associated with the refinance by interacting with the financial institution.
If the interest rate is not going to get lower even after the negotiations, it is better for you to postpone your decision to seek refinance. Seeking refinance when the interest rate begins to fall is sensible.
Mortgage Refinance Online Sources
There are certain advantages if you seek mortgage refinance from mortgage refinance online sources or companies. You can do everything over the phone or online. You can even chat or use e-mail. The company will match you with the mortgage banker. For example, the "quickenloans" website has been assigned a good rating by the Better Business Bureau. The National Mortgage News has recognized it as the top online lender in the U.S.
The Top Ten Sources for Home Equity Loans
The following are the top ten sources for home equity loans:
- Wells Fargo Mortgage Rates
- Chase Mortgage
- Citibank Mortgage
- Countrywide Home Loans
- National City Mortgage
- GMAC Mortgage
- Downey Savings
- PenFed Credit Union
- Best Possible Mortgage
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