If you are in the process of refinancing your mortgage, there are several things you need to focus on when choosing a new mortgage loan. Choosing a mortgage with the right options will help you avoid many of the mistakes homeowners make when refinancing their mortgages. Here is a quick list to get you on the right track when refinancing your home mortgage loan.
I. Interest Rate and Annual Percentage Rate
Interest rates are an important aspect of any loan. The interest rate along with the term length determines how much your monthly payments will be. The interest rate you qualify for is largely determined by your credit score. The better your credit score the better your interest rate will be. The Annual Percentage Rate is used to express the cost of borrowing for a loan offer. Lenders are required to display the Annual Percentage Rate prominently on any loan offer. This Annual Percentage Rate is a good starting point for evaluating loan offers; however, it will not give you the big picture of all costs associated with the loan.
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II. Mortgage Term Length
The term length you choose is the amount of time the lender grants you to repay the loan. Your payment amount is determined not only by the interest rate but how long your term is. Generally speaking, the longer the term length the lower your payment will be. The opposite is also true, the shorter your term length, the higher your payment is. There are advantages to choosing the right term length; you can learn more about this by registering for a free mortgage guidebook.
III. Lender Fees and Points
Lender fees are often referred to as "Origination Points." There are also closing costs you need to factor into your decision for each loan offer you consider. There is a way to quickly compare all of the fees associated with the loan offers and determine which offer is the best loan. To learn how to quickly recognize a good deal when you find one, register for a free mortgage guidebook.
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