It is an extremely favorable time to refinance a mortgage, with rates at a historically low point. Comparing offers provided by various lenders can save you significant money. The fees and interest rates vary with every mortgage lender, so seeing more of them can lead you to avoid making the mistakes in rushing into the first one you come across. People should go for the right type of loan that matches their situation. Three basic loans are there available to choose from, the choice being made according to financial status and tolerance towards risk: fixed interest rate mortgages are generally most favored as they have payment amounts that can be set once and for all until the loan is paid off; adjustable rate mortgages (ARM) are set at the beginning under low interest rates for later to be increased at higher levels; and hybrid mortgages, which sets a fixed rate at the beginning and later is exchanged with an adjustable rate. When shopping for lenders to offer mortgage refinancing, look for those who have a wide range of services or who are willing to tailor their loan according to your needs. Check on the quality of the customer service that the lending company can offer – this will indicate how willing the company is to cooperate with you. You can inquire for the guarantees of the interest rates that you receive and ask for a proof of the original guarantee belonging to the wholesale lender. Before applying you should check on the Good Faith Estimate and the original written guarantee; in case you get these then you will be on your way to get the best mortgage for you. Also, check to see if there any complaints against the mortgage company by contacting your local Better Business Bureau and the State’s Attorney General. | Read More