Refinance Mortgage Loan: How to Qualify for the Lowest Mortgage Interest Rate

Refinancing your mortgage doesn’t have to be a difficult process. Qualifying for the best mortgage interest rate means comparison shopping from a variety of mortgage lenders and brokers to find the most competitive loan offer. When you comparison shop for the best mortgage it is important to compare all aspects of the loans; here are several tips to help you qualify for the most competitive mortgage loan.When refinancing a mortgage loan many homeowners make the mistake of only comparing interest rates. Interest rates are important as they have a direct impact on your monthly payment amount; however, there are other factors you need to consider including lender fees and closing costs. Researching lender offers will help you qualify for the best mortgage.The Internet is an excellent tool for locating mortgage offers. You can quickly screen mortgage offers from dozens of online mortgage lenders. The best way to compare mortgage offers is to request a copy of the “Good Faith Estimate” for each loan you are considering. Mortgage lenders are required to provide this document upon receipt of your application; however, most will give it to you if you ask. The Good Faith Estimate is an itemized list of all fees associated with a mortgage along with who they are paid to.When considering loan offers pay close attention to lender fees and any penalties associated with the mortgage. Mortgage lenders often include prepayment penalties in their loan contracts. If you accept a mortgage with a prepayment penalty and sell your home or refinance before the penalty expires, you may have to pay a hefty fee. If you are a homeowner with good credit there is no reason to accept a mortgage with any form of prepayment penalty. You can learn more about your refinancing options including common mortgage mistakes to avoid by registering for a free mortgage guidebook.

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