Dond1959 |
10-04-2020 03:11 PM |
First step is to go online and see what the current rate is for your specific circumstances. Go to Aimloan.com or Lenderfi.com. Both allow you to put in your specific information and will give you various products available including closing costs. You do not have to give personal information to receive rates and closing costs at these two sites. It takes about 5 minutes to get your rates. Other online sites you have to give email and phone number and you are bombarded with calls over the next two weeks.
If you don’t want to go online (which tends to be the cheapest) you can go through a local mortgage broker, local banks, or local credit union. You can also check out the rates and costs from large mortgage companies such as Wells Fargo, BofA, Chase, etc. Many of the bigger companies do have rates online but sometimes costs are hard to find. This is a major financial transaction for you and saving even 25 basis point on a loan rate can save you thousands of dollars over the life of the loan. So shop around and play one company against the other to get the best deal including lower closing costs. One final warning, if anyone says they need to pull your credit to give you a quote, run away. That is not necessary, they are just trying to tie you to them. Excessive hard pulls on your credit can impact your credit score.
I refinanced with Aimloan.com 6 months ago, a very easy process that took less than 30 days. Treat this as a project that can save you lots of money over 5 to 10 years and do your research. Many factors will go into your personalized rate, so it really doesn’t matter what rate or costs someone received, your rate and cost will be different (maybe higher, maybe lower). Best of luck.
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