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Home Mortgage Refinance Loan - Mortgage Refinancing - When Comparing Loan Offers Compare the Same Rate, Term, & Loan Types Comparison shopping for the best mortgage might save you thousands of dollars including help you avoid the majority of mistakes homeowners make at the time mortgage refinancing. at the time comparison shopping for a new mortgage loan it is important to make a particular apples-to-apples comparison at the time evaluating loan offers. Here are several tips to help you avoid costly mistakes at the time comparison shopping for a new mortgage loan. When comparison shopping for the best mortgage offer, it is important to only compare similar mortgages. For example, a thirty year, fixed interest rate loan from Yellow Bank might be compared to a thirty year, fixed interest rate from Green Bank; however, neither loan might be compared with a fifteen year mortgage from Blue Bank. If you already know the type of mortgage you need, stick to that type of loan including terms at the time requesting rate quotes. Don’t let your loan representative change the mortgage type or terms; loan representatives frequently recommend mortgage offers that bring them the largest commissions, not what is best for the individual homeowner. Always comparison shop using the Good Faith Estimate for identical types of mortgage offers. Comparison shopping using the Annual Percentage Rate does not provide you enough information to make a particular informed decision. Mortgage companies are required to provide you a copy pertaining to the Good Faith Estimate within 3 days of receiving your application; however, most mortgage companies could provide you a copy pertaining to the Good Faith Estimate before submitting your application if you request one. You might learn more regarding your mortgage refinancing options, including costly mistakes to avoid with a free, six-part video tutorial.
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