| Refinancing your mortgage can be a major step | | | | to base your decision on the Annual Percentage |
| to improving your financial well-being, if done | | | | Rate or APR. To make an informed decision you |
| correctly. Many homeowners are intimidated by | | | | should request a copy of the Good Faith Estimate |
| mortgages because there are a number of | | | | from each lender. The Good Faith Estimate is a |
| mistakes that can cost you thousands of dollars. | | | | standardized form that outlines all of the |
| Here are several tips to help you find the best | | | | expenses associated with the loan and who the |
| mortgage for your financial situation and avoid | | | | costs are paid to. Mortgage lenders are required |
| costly refinancing mistakes. | | | | by law in the United States to provide this |
| There are dozens of options available to | | | | document to you upon receipt of your application; |
| homeowners refinancing their mortgage loans. | | | | however, most will give it to you simply if you |
| These mortgage options include FHA loans, VA | | | | ask. |
| loans, traditional fixed rate loans, interest only and | | | | Do Your Homework First |
| option adjustable rate mortgages. Different types | | | | Doing your homework means researching |
| of mortgages are not right for every financial | | | | mortgage lenders and their offers; however, it |
| situation. It is up to you to research mortgage | | | | also means gather together your documentation |
| loans and choose the right mortgage for your | | | | prior to applying. Before you apply for a new |
| financial situation. | | | | mortgage you should gather up your financial |
| Shop for the Best Mortgage Online | | | | paperwork including pay stubs, bank statements, |
| Shopping for the best mortgage from a variety | | | | and tax returns. You will also need to review your |
| of quotes will help you find the most competitive | | | | credit reports for errors, find your existing |
| offer for your loan. When you compare offers it | | | | mortgage contract and a recent mortgage |
| is important to compare all aspects of the loans | | | | statement. Having your documents ready before |
| you consider, not just the interest rate. Many | | | | hand will make the entire mortgage process go |
| homeowners that make the mistake of only | | | | smoothly. |
| comparing interest rates overpay for their lender | | | | You can learn more about refinancing your |
| fees and closing costs. | | | | mortgage by registering for a free mortgage |
| When you compare loan offers it is not enough | | | | guidebook. |