Many homeowners are interested in getting a mortgage refinance as fast as possible. However, in the rush to lower your interest rate, or monthly payments, many homeowners overlook some important things about their mortgage refinance deal. Here are some pitfalls which are easily avoidable and will make your refinancing even better, and more beneficial.

1)Avoid High Closing Costs
A lot of times, homeowners do not realize until it is tool ate that they are paying too much in closing costs and fees. Different mortgage lenders and banks charge different rates for closing on a mortgage refinance. Depending on the lender or bank, the costs will vary greatly. Before you agree to any refinance deal, ask for the closing costs and fees to be written down on paper. This way you can ensure you do not get hit with unexpected fees and costs.

2)Get Your Quoted Interest Rates and Refinance Package in Writing
Many lenders and banks are quick to make promises which will not actually apply when the time comes for you to refinance. To prevent this, ask for a written quote. Make sure this quote includes all closing costs, interest rates, and other fees. Typically, this quote will only be valid for a few business days after it is written. When searching for a mortgage refinance, if you find a lender you like, ask for a written quote. This will help make sure you get the best deal possible.

3)Always Shop Around for the Best Deal
There are a lot of mortgage lenders and banks who are willing to work with you to get a refinancing. These banks and lenders will have a lot of different loan options for you to choose from. If you plan ahead, it will give you plenty of time to evaluate these different loan types. Also, be searching different lenders and loan options, you are ensuring you get the best deal possible. Do not just agree to refinance with a random lender or bank. Make sure you take some time, and properly evaluate the options they give you.

Do not fall victim to these common mistakes when refinancing a mortgage. Homeowners everywhere are looking into refinancing to save money, or their home from being lost. Take action before things get worse, and start preparing for your refinance early.

-M Petrone

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