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How To Find The Best Lender When Refinancing Your Mortgage

Mar 6, 2008
If you are in the process of refinancing your mortgage you might wonder which lender is best for your situation. Does it make a difference if you refinance with a bank, mortgage broker, or Internet lender? The truth is that it does matter and choosing the wrong mortgage lender will cost you thousands of dollars unnecessarily every year you keep the loan. Here are tips to help you find the right lender when refinancing your mortgage.

Ask The Right Questions When Refinancing

If you're focused only on choosing the right lender or the best mortgage rate when refinancing you're overlooking the most important aspect of taking out a new loan. Isn't shopping for a new home loan just like shopping for a kitchen appliance? All you need to do is compare closing costs and mortgage rates right? This is true if you're shopping for a washing machine; however, shopping for a mortgage is based on estimates that are always changing.

If choosing the best lender is the wrong focus for your attention, what questions should you be asking. If you're choosing to focus your attention on mortgage rates when choosing a lender you're on the right track; however, the question you should be asking is not which lender but who will arrange your next home loan. Finding the right person to arrange your mortgage is the most important aspect of refinancing. The person you choose needs to meet certain requirements in order to offer you the loan you need. In this case a wholesale mortgage rate with only a one percent fee.

Who Should You Choose To Originate Your Mortgage?

First of all, should you pick an Internet mortgage site or a bank to refinance your home? Absolutely not! You should never refinance with a bank or credit union due to loopholes in the Real Estate Settlement Procedures Act that protects homeowners from abusive lending practices. The problem with those Internet mortgage sites you see on television is that you'll be dealing with an inexperienced salesperson that does not have the authority to broker the deal you want.

You're Looking For The Right Mortgage Broker

If you want the best mortgage loan you'll need to enlist the help of a mortgage broker; but not just any broker. You need to find a self-employed mortgage broker that owns their own business and does not employ a sales staff. The reason for this is that as the business owner your broke will have the authority to negotiate their commission and will not be splitting it with a salesperson. Why is this important? Because you'll be refinancing your home with a wholesale mortgage rate and only paying a one percent origination fee. Sounds impossible? It's not only possible but it's much easier than you think for anyone that does their homework before shopping for a home loan.
About the Author
RefiAdvisor specializes in showing homeowners how to get the best mortgage rate when refinancing. Before you refinance your home, make sure you check Louie Latour's excellent free video guide to getting the best refinancing mortgage rate here.
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