Using a Mortgage Refinance Company Online -

Home
>
Mortgage Refinance
>
Using a Mortgage Refinance Company Online

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.

Comparing Rates

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

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.

Applying Online

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.

In The News:

ABC News
US MBA's Mortgage Applications Index Fell 1.5% (Update1)
Bloomberg - Aug 20, 2008
... as fewer homeowners sought to refinance their loans The Mortgage Bankers Association's index of applications to buy a home or refinance a loan dropped ...
US mortgage applications hit 8-year low Times Online
Mortgage application volume hits multiyear low The Associated Press
Mortgage volume fell 1.5% last week: MBA MarketWatch
USA Today - Bizjournals.comall 242 news articles

Housing And Economic Recovery Act
Mondaq News Alerts (subscription), UK - 14 hours ago
The Act also expands the target population served by the FHA and creates the "Hope for Homeowners" voluntary FHA-insured mortgage refinance program. ...

Mortgage penalty unlikely to vanish
Fall River Herald News, USA - 3 hours ago
I have a prepayment penalty on my mortgage loan for three years. I’d like to refinance sooner. Is there a way a lender can waive the penalty? ...

COMMENTARY: FHA is riding to the rescue, taxpayers beware
Reuters - 9 hours ago
(Ann Schnare is an economist specializing in housing and mortgage finance. She was former senior vice president for corporate relations at Freddie Mac and ...

Mortgage Rates for Best Borrowers Rise as Bonds Slump (Update2)
Bloomberg - 7 hours ago
21 (Bloomberg) -- A decline in mortgage bond prices is raising interest rates on US home loans, even for borrowers least prone to default. ...

How to assume the mortgage of a troubled homeowner
MarketWatch - 5 hours ago
I am (and was for a while) looking to refinance my four-unit owner-occupied property in Santa Monica, Calif., but I am having a hard time finding a good ...

Washington Post
Fannie, Freddie: Plunge then rebound
CNNMoney.com - 7 hours ago
The Wall Street Journal Thursday said that the firms needed to refinance $225 billion in mostly short-term debt by the end on September. ...
Business Highlights Forbes
Freddie and Fannie Bail-Out Imminent Sovereign Society
Freddie And Fannie Bailout Fears Mount Investor's Business Daily (subscription)
Forbes - CNNMoney.comall 2,070 news articles

Housing market keeping couples together
Chicago Sun-Times, United States - 10 hours ago
If one wants to keep the home, it's difficult to refinance the mortgage so the departing spouse can be cut loose from the debt. And evaporated home equity ...

Boston Globe
THE ASSOCIATED PRESS
Newsday, NY - Aug 20, 2008
They can't refinance because housing prices in those markets have nose-dived, and lenders are now demanding full documentation of income and assets. ...
FDIC to offer better terms on thousands of IndyMac mortgages MarketWatch
FDIC Details Rescue Plan for Homeowners With IndyMac Mortgages ABA Journal
all 289 news articles

Some Fear Commercial Property Loans Will Be Next Stage in Downturn
New York Times, United States - 2 minutes ago
The Riverton Apartments, a 12-building complex in Harlem, said that it might default on a $225 million mortgage payment. But bankers believe the headwinds ...

mortgage refinance - Google News