If you seek a mortgage loan, it means, of course, that you choose not to (or cannot) pay for real estate entirely out of your own pocket. If you already have a mortgage but want different terms, you are looking to refinance. In either case, you have come to the right place to select a lender. After you read our proposed selection criteria, we hope you agree with our best recommendations for online-oriented mortgage companies: LendingTree, which matches applicants with various lenders; Quicken Loans, which lives up to its strong financial brand name, and; Bank of America, with its extensive national presence. In addition to our comparison matrix and reviews of lenders, we also publish articles about mortgage and refinance.
Before you shop for property, it is more important to shop home mortgage lenders for a loan. By becoming pre-qualified, you will know exactly how much house the lender is willing to approve. Furthermore, you will be able to include your pre-qualification letter when you tender an offer, which will help make the seller take you seriously. Whether you are a buyer or you want to refinance a mortgage, the following criteria are useful ways to make comparisons and narrow your choices.
The online mortgage lenders often include educational material such as self-help guides and mortgage calculators. Most of them post current mortgage rate information for the various types of mortgages that they offer. All of the lenders in our review support online enrollment. Cost, of course, is the most important feature. You won’t truly understand what a mortgage or refinance is going to cost until the bank processes your application to take into account your credit history, income, loan terms and the number of discount points you are willing to pay up front.
Mortgages are a Rubik's Cube with multiple input and output combinations involved to solve the problem for you. There are fixed-rate mortgages with various terms, usually 15 or 30 years. They cost more than adjustable-rate mortgages and in order to take advantage of falling interest rates, eventually you must refinance, which costs money and time to gather and submit paperwork. On the other hand, with a fixed rate mortgage, you know exactly what your payments are going to be and they never increase. Adjustable rate mortgages make themselves attractive with low teaser rates that can then rise to a predetermined cap. In exchange for uncertainty, however, there is the possibility that the rate could adjust downward. In the final analysis, your monthly payments depend on your credit history, your down payment and whether you are willing to pay extra up front to arrive at a lower interest rate than the advertised rate. Although more mortgage choices increase the complexity of your decision, choices are your friend and we recommend that you give preference to those lenders with the most choices.
Help and Support
Obtaining or refinancing a mortgage involves complicated sequences and coordination. So the process will be less stressful if you choose a lender that populates its website with useful educational information. Even more important, however, is to know the lender will respond when you have questions via email, telephone or live chat.
Our mortgage and refinance review presents the information you need to compare mortgage and refinance services. You are more likely to get what you want if you spend the time to know the various types of mortgage and refinancing options and learn the vocabulary. Read the fine print, ask questions until you understand the answers and don’t let anybody rush you into signing anything.