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Saturday, March 10, 2012

Are You Considering A Mortgage Refinance?

By Carla Turkelton

If you are looking for a mortgage refinance, it never hurts to shop around for the best rate and deal. Shopping around could mean the difference between paying or saving thousands of dollars in closing costs, and interest fees'.

If you have time on your side, and you don't need to refinance your mortgage immediately, take some time to educate yourself about the mortgage industry.

By educating yourself about the mortgage industry, you are essentially putting yourself into the driver's seat.

When considering a mortgage refinance, there is so much mortgage jargon, terms, and definitions that will be thrown at you therefore, it is impossible for any one person to understand everything.

Becoming an expert in the mortgage industry is not really a necessity. All you need to have is somewhat of an understanding. While while you are shopping around for a mortgage refinance, your decision will then be all the more educated and this decision is based on which lender you want to work with.

By shopping around, and making it clear that you are shopping around to the lenders or brokers you are dealing with, the mortgage industry will be forced to come back at you with the best deal possible because this industry happens to be a very competitive one. In order to keep your business, they will offer you the best rate available to them since they are aware that they are competing with other mortgage companies, and they will not want anyone else to get your business.

Keep in mind when a loan officer or broker offers you a deal that sounds too good to be true, it just may be, so be careful. You don't want to get to the closing table only to find out you are not getting what you thought you were getting.

Remember to ask for everything they told you to be sent to you in writing, this way you won't have any surprises at the table before you commit to a lender.

This is why it is so important to educate yourself about the mortgage industry.

With just a fair amount of knowledge, you will have a general understanding of what you are being offered, and you will be able to determine whether or not the deal is reasonable.

Considered as a good suggestion you can follow is allowing up to four loan officers or brokers to assess your situation. The one you should consider is the one that will come back with the best and the most reasonable deal.

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