for Loans: Comparison Shopping
So you have decided to refinance and
have chosen the loan that’s right for your circumstances.
You’ve taken your ideas and thoughts to your tax professional
and financial advisor and gotten the green light. Congratulations!
Now you get to shop for your loan and lender. In other
words, the time has come for you to start comparison
shopping between home loan lenders to find the best
home mortgage refinancing options for you.
Remember the Simple Rules of Thumb
Well, if your decision to get home
mortgage refinancing and choosing the loan product weren’t
difficult enough, this will put the icing on the cake.
However, if you follow some simple rules of thumb in
choosing a lender, you can narrow your choices quickly
down to a manageable number.
Don't Get Bogged Down with Ads
The first thing you should do is throw
away the flyers, mailings, and emails you get from lenders
trying to sell you a loan. Don’t take telemarketer calls,
and if anyone comes to your door selling home improvements—with
a phone number to call a lender they work with—shut
Word of Mouth is Still King
Instead, ask your family and friends
who they use, and surf the internet for the big name
lenders, like E-loan (www.eloan.com) and LendingTree
(www.lendingtree.com). Don’t use fly-by-night looking
websites, even if they do promise no cost loans or better
rates—you will pay for it in the long run. This is especially
true if you have rebuilt your credit and are looking
to get out of a sub-prime loan—don’t let the sharks