What To Look For In A Mortgage Lender When Refinancing
What should homeowners be looking for in home loans lenders when refinancing? Here are some traits that you must check to find the best mortgage lenders:
Traits of the Best Home Loans Lenders
Few give much thought to this, but it is critical for nailing the best mortgage deals. When looking for a refinance loan seek out home loans lenders that are eager to loan on your type of property, to someone with your credit and financial profile, and for the purpose you need. For example; some home loans lenders really dislike condos and may charge 3 points more on condo loans than mortgages on single family homes. Other lenders may not levy any penalty for this and could give a much better refinancing loan deal.
Look beyond advertised interest rates. Which mortgage lenders are the most transparent about the true APR and borrowing costs, versus those which might just want to lure you in? In fact, it might be better to favor those that will tell you the real deal even at the cost of losing your business rather than telling you what you want to hear, but may not deliver on at the closing table.
A Reputation for Closing Deals
While this can be a hard statistic to dig up, online reviews can provide good insight into this. There can be a huge difference between home loans lenders that just pile in the mortgage application documents and rarely fund any, and those that are aggressively getting deals and loans funded.
While closing on schedule may not be as critical when taking out a refinance loan compared to a purchase mortgage it is still good to be able to make plans that stick.
Service & Attention to Detail
Service and attention to details early on say a lot about what to expect from the rest of the process. Your business should be appreciated. Are customer service reps friendly? Do they respond quickly? Is the paperwork accurate?
A Good Loan Officer
While the loan experience on refinancing has been greatly streamlined by technology the individual loan officer you deal with can still make all the difference in getting your loan application approved, closed, and on the best terms. Are they experienced, do they care, will they work hard for you?