Refinancing a new home or purchasing a new one is a big important decision to make. Most likely a home is the most expensive thing you will ever own. For these reasons it is very important to do thorough research and investigate any potential mortgage lender. Check their history, track record with customer service, financial status. You may see low rates of offers to refinance your home all over the place but it is often better to do business with a lender who uses reputable banks and has a good rating in their business standings. See how many clients a lender has and their track record with them. See how long they have been in refinancing. Usually the longer a company has existed the more stability there is. After all you will be trusting and relying in potential lenders to help you make the biggest purchase of your life. Most of the time when people do start considering mortgage lenders they choose just by the lowest advertised rate that they see in their advertisements. However, it is not the best financial decision to choose a lender based purely on rates. Often other mortgage lenders may have slightly higher rates but offer more flexible terms, conditions, or loan types which can be even more profitable for you than a purely low mortgage rate. Usually if a deal seems to good to be true it is. Make sure to re read any documents and loan papers before you sign anything. Often, especially with smaller mortgage lenders, there are huge closing costs or other fees added on at the last minute. A lot of lenders websites have a mortgage calculator like the one on my site. This will give you a rough idea of how much money you stand to save by refinancing a home mortgage. Mortgage refinancing can save you thousands of dollars if it is done correctly. However, if a greedy mortgage lender gets a hold of an uninformed homeowner looking to refinance it could quickly turn into a very costly mistake. Do plenty of research and never be afraid to walk away from a lender, there are literally hundreds of lenders that you can work with.

-M Petrone

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