Are you trying to get a refinance mortgage in South Bend, Indiana, or anywhere else in the United States? There are many good reasons to get a refinance mortgage and there are certain things you need to remember when shopping around. Here are my top 7 tips to remember when shopping for a refinance mortgage.
Tip #1 – Play each company against the other
You should get quotes from about 3-5 different places. I would recommend at least one broker and one bank along with other mortgage companies. This will give you a good balance of options.
After you get the quotes together take the lowest one and fax it to all the other companies that have higher quotes. You will be surprised with the results. Some of the companies will end up falling out of the race, but others will find a way to win your business.
Tip #2 – Make sure you check all the fees in the quotes
Other than the Broker fee from mortgage brokers, most of the fees should be the same. Question the companies that charge larger fees than others and fees that other companies are not charging. This will get you some answers and might save you some money on the fees.
Tip #3 – Make sure you understand everything that is getting paid off with your refinance
You need to get a list from all the lenders of what they plan to pay off. Check this over a couple of times in order to make sure it is what you want. If the lender has not listened to you don’t get defensive, but do ask why they have decided something should be paid off that you did not decide on. They may have a good reason why, but you won’t know if you don’t ask.
Tip #4 – Meet your loan officer in person
This is very important. If your loan officer won’t meet you in person, then you need to avoid doing business with this person. I can remember many times that I would drive to a customer’s house just so they would feel more comfortable on the phone with me. It is easier to trust someone that you have met in person and you need this trust with your loan officer.
Tip #5 – Avoid doing business with family or friends
Family and friends are wonderful, but not for mixing business and money. You are not always going to get the best deal from your family or friends and they may not even know it. It is just too much of a risk to be worth it
Tip #6 – Ask your loan officer what their commission is
A good loan officer will be more than willing to let you know what they are making off the loan. This is like their tip in a way. If you are getting incredible customer service you are not going to be bothered if your loan officer is making a nice commission off your loan. After all they work very hard for you, and deserve to make a living from you and their other customers.
Tip #7 – Final tip is show appreciation once the loan is closed
Write your loan officer a thank you note or send them a nice basket of fruits, bagels, or assorted chocolates. This is what really drives a loan officer to want to help people. There is no better feeling than getting a small gift of appreciation or a letter of thanks from a customer that was happy with their loan.
There you have it, the seven things that you need to consider and remember when you are shopping for a refinance mortgage. Now you need to go get your mortgage and the best way to start is with an online quotes that will give you multiple companies to compare.
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