Get a Number of
Quotes on Home Mortgage Refinancing
Then call several loan companies and
ask them to give you quotes and comparisons on the loan
products you are interested in. If you feel like you’ve
been given the runaround and are going to be fleeced,
you’re probably right—eliminate that company from your
list and replace it. When you have several quotes and
comparisons, find the ones that match your needs best
and speak with them again. See who works well with you
and who doesn’t, and always speak as if you are a well-informed
borrower.
Make Your Decisions Promptly -- Interest
Rates Can Vary Greatly
You should then decide quickly. Rates
change daily, and if you make a decision too late you
will likely lose the rate you based your decisions on.
Make sure before you decide that the lender has given
you all costs you will pay at the closing, what your
exact rate will be, information on fees and points,
and that you understand how payments will change for
loans other than the traditional fixed rate mortgages.
Don’t be caught off guard later because you didn’t ask
questions today.
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