Mortgage and Refinancing Information Channel:
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Using a Mortgage Refinance Company Online
Online mortgage companies make refinancing convenient and competitive. By researching mortgage rates and lenders online, you can be assured that you have the best refinancing rates.
Before You Refinance
Before you refinance your current mortgage, do a little financial housekeeping. Check your credit report and make sure all your financial records are in order. This is also a good time to close a couple of unused credit card accounts.
Also, be sure that refinancing your mortgage will actually save you money. The rule of thumb is to make sure that the new refinanced mortgage will pay for itself within three years.
To figure the savings, take the amount you save in reduced payments over three years and subtract the cost of the new loan. This is just a rough estimate since the length of your loans will also make a difference.
Online mortgage companies allow you to quickly compare rates by asking you for some basic information. Based on the loan amount, your general credit ranking, and the estimated down payment, you will receive a generic quote. This will give you a rough idea of who is the most competitive lender.
Accurate quotes will only come when you provide the mortgage lender with detailed information. Mortgage rates depend on such factors as your current employment history, home's location, and your precise credit score.
You will also want to add in any points or fees that are part of the loan's cost. At this point in your refinancing process, you should still be comparing financing packages from at least three different lenders.
The hardest part of refinancing a mortgage is finding the right mortgage lender. Once you have found the best rates and fees, you can complete the application process from the convenience of your home.
Online mortgage applications require you to fill out your typical personal and financial information. Once you submit your information, you will receive the final paperwork in the mail within a couple of weeks. You will need to review the terms, sign on the appropriate lines, and have it notarized. The paperwork is then sent back to the mortgage lending company for final approval. The whole process can take less than six weeks.
To view our list of recommended sources for mortgage refinance loans online, visit this page: Recommended Mortgage Refinance Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
MORE RESOURCES updated Thu. August / 13 / 2020
Is Now the Time To Refinance Your Mortgage? The New York Times
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
FHFA Drops a Bomb; Your Refi Just Got Much More Expensive! Mortgage News Daily
6 Ways to Negotiate Home Closing Costs Credible News
Refi Rates Today, August 10, 2020 | Rates drop Bankrate.com
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
Mortgage Rates Today, August 11, 2020 | Rates climb Bankrate.com
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal
How to Refinance a Jumbo Loan Credible News
What Is A No-Closing-Cost Mortgage? Bankrate.com
5 Unexpected Sources of Retirement Income Dothan Eagle
How the right questions yield smart mortgage... Kent Reporter
How to Decide Whether Refinancing is Right for You? Communal News
Can you refinance your mortgage a second time (or more)? Yahoo Finance
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
Low interest rates fueling explosion of bank activity in Spokane The Spokesman-Review
Mortgage refinance: Everything you need to know Fox Business
Bots Help Meet Mortgage Demand Credit Union Times
How to get the best mortgage refinance rates Fox Business
How to refinance your mortgage Fox Business
Is now the best time to refinance your mortgage? Fox Business
10 things to know before refinancing your mortgage Fox Business
Columbia Pacific Provides $15.5M Refinancing Loan for Mobile Home Park in Lake Charles, Louisiana - REBusinessOnline
Columbia Pacific Provides $15.5M Refinancing Loan for Mobile Home Park in Lake Charles, Louisiana REBusinessOnline
What to Know in Washington: Trump, Pelosi Make Opposing Bets Bloomberg Government
Report: Fewer Homeowners Think Now Is a Good Time to Buy The Motley Fool
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
Sell Rocket Companies: It Is REKT Seeking Alpha
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida - South Florida Business Journal
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida South Florida Business Journal
How does mortgage refinancing work? Bankrate.com
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
The impact of the coronavirus on mortgage refinancings Brookings Institution
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times