Mortgage refinancing can be confusing and intimidating to many people. Believe it or not though, it is much easier than many people expect it to be. Here is some easy to follow advice on how to get a proper mortgage refinance.

The first thing you should do is consider your options and goals. This will vary according to each homeowners financial position and plans. However, knowing why you want to refinance will eliminate a lot of guess work on both you and the mortgage lenders or banks part by making things clear. This way you can focus on specific refinancing options and ignore the ones which you would not want anyway. Do not refinance just because you got something in the mail or a phone call from a potential lender or bank. Know your reasons and goals when refinancing and never forget the long term.

Next, compare different mortgage lenders and banks against each other. Check what interest rates they can offer as well as different loan types, conditions, and terms. If you know what type of refinancing option you are looking for this is a much easier thing to do. You can easily compare closing costs, fees, and interest rates against different lenders and banks. Also, if you find an offer you like, be sure to get it in writing. Many times a written quote can be leveraged against a competing lender or bank and can help you obtain a better rate. It is not a sure thing, but it never hurts showing a potential lender you have done your homework and are aware of your options.

Finally be patient. While you should remain in contact with your mortgage lender or bank throughout the entire process, do not nag them. As a rule of thumb, if you have not heard from them in 1 business week, contact them. However, do not call them multiple times per day with questions. Refinancing is popular these days and applications are flooding their desks. Write down your questions so that when you are talking to them you are prepared, and they are too. This will be your best bet in making some headway in communicating with your mortgage lender or bank.

Refinancing a mortgage
is a great option for many people, especially right now. However, doing it the wrong way can cost you time, money, or your home. Make sure you do some research before refinancing and have a good idea of what to expect. This will help ensure you get the best refinance possible.

-M Petrone

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