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Mortgage Refinancing

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Which Mortgage is Best?

Stay away from paying points when you plan on being a short-timer in a home. An Adjustable Rate Mortgage (ARM) can be a better choice in a short-term situation. Borrow using 30-year mortgages and pay them down aggressively by making additional principal payments then hamstring household budget with a 15-year note. ARMs are attractive when short-term interest rates are trending lower. Seventy-five percent of home buyers opt for a fixed-rate mortgage. They don't like the uncertainty surrounding changing mortgage payments due to changing interest rates. You can choose a hybrid mortgage by selecting a 3/1 ARM or a 5/1 ARM where the interest rate remains fixed for three years or five years before it starts to float.

A house is probably one of the single largest purchases you'll make in your lifetime. That's why you need to shop wisely, both for the home…and the mortgage. Depending on your personal needs, you may select a mortgage with a fixed or variable rate. The mortgage product type you select will most likely affect your interest rate and payment schedule, in addition to your loan term. Apply for the best mortgage and have lenders competing for your loan.

Lower Your Payments by Refinancing
Lower Your Payments by Refinancing

Here’s a quick way to tell if it’s worthwhile to consider refinancing. Get a rate quote for a “no-cost, no-point” mortgage. If it is lower than the rate you are paying now, that’s a good sign that you would save money by refinancing even if you decide to pay the closing costs. That’s because the interest rate for a no-cost loan is raised to cover closing costs. That gives you a kind of apples-to-apples comparison. No-cost refinancing is a good option for folks who don’t plan to stay in their home for more than four to five years. If you stay longer, you will ultimately spend less by paying the closing costs and taking the lower interest rate. Refinance your home loan to lower monthly payments, to pay-off loan sooner or to cash out. You can also refinance your home to consolidate debt regardless of credit history.

As a general rule of thumb, refinancing may be worthwhile if your current mortgage rate is at least two points higher than the prevailing market rate. There are other considerations, too, such as how long you plan to stay in the house. Most sources say that it takes at least three years to fully realize the savings from a lower interest rate, given the costs of refinancing. Apply for the best refinance and have lenders competing for your loan.

Tap into Your Equity

The equity in your home (what it’s worth minus what you owe) can be a good source of low-interest funds for major purchases. Consider refinancing (a good first choice), a home equity loan (a feasible second choice), or a home equity line of credit (the most flexible, but the one with the highest interest rates) to generate cash if you need to finance home improvements or have other major expense for which you would be taking on debt. If you are carrying a lot of high-interest debt, you can use your equity to reduce the interest you are paying. The interest will be tax-deductible, too. Just don’t go overboard. Mortgages are “good” debt, but they are still debt. Don’t abuse your equity. Remember, the collateral for these loans is your home. The home equity loan or line of credit can be used for debt consolidation, home improvement, major purchases and education.

If you are a homeowner, you may qualify for a home equity loan or line of credit. A home equity loan or line of credit allows you to borrow money against the equity you've built in your house for a variety of things-debt consolidation, home improvements, cars, tuition and more. In addition, a home equity loan or line of credit is a smart alternative to many other financing methods because your interest may be tax deductible. (Consult your tax advisor concerning interest deductibility.) Apply for the best home equity loan or line of credit and have lenders competing for your loan.

LendingTree and Best Lenders

Take Control of the Lending Process
The most important thing to consider when applying for a loan is the knowledge of lending process. We've made it easy to find all the basics and tools you need to successfully close a loan.

Two of the best finance companies, LendingTree and Best Lenders, have teamed up to provide you with the easiest way to get a home, auto, personal and credit card loan online. Take advantage of the lowest historical rates. Get approved for a loan and be a cash buyer. Apply today and save!

At LendingTree over 180 lenders compete for your loan. Seven of the top 10 banks, ranked by total assets, and 6 of the top 10 mortgage originators and lenders participate on the LendingTree exchange. LendingTree has processed more than 8 million loan requests and facilitated over $32 billion in closed loans. It is the No. 1 brand in the online loan market with 67% national awareness.

Best Lenders is a consumer finance marketplace that owns and operates a portfolio of Internet-based personal finance channels. We are the leading information provider on more than 1000 financial products including mortgages, mortgage refinance, home equity loans, auto loans, personal loans, credit cards and online banking. We provide the tools and information that can help consumers make the best financial decisions. We regularly survey financial institutions in order to provide the most current objective on loan products, and offer it to consumers.

To Apply for the Best Loan Call Toll Free @ 1-888-526-7172

Best Lenders

AmericanExpress
AmericanHomeLoans
Bank One
Best Rate Funding
Capital One
Chase Bank
CitiBank
CoastHomeLoans
Conseco Finance
Countrywide
DeepGreen Bank
Eagle National Bank
E-Loan
E-Trade
FederalTrustBank
Firstar Bank
First Bank
FirstPremierBank
Flagstar Bank
First USA
Flagstar Bank
Fleet Financial
FullSpectrumLending
HorizonNationalBank
HuntingtonNationalBank
IndyMac
Irwin Union Bank
MBNA America
Mellon Bank
MidAmericaBank
MidFirst Bank
Millennium Bank
MortgageSelect
NationalCityBank
NevadaStateBank
NewCenturyFinancial
NorthAmericanBank
PNC Bank
Premier Equity
Provident Bank
Resource Bank
Sandhills Bank
Sovereign Bank
SterlingNationalBank
Sun Trust Bank
SynergyFederalBank
Travelers Bank
UnionPlantersBank
UnitedSavingsBank
U.S.Bank
Virtual Bank
Wachovia Bank
WashingtonMutual
WellsFargo Bank
Zions Bank

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