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Refinance Mortgage Loan
Considering a Refinance Mortgage loan? You'll find the best options here. Simply complete the short, simple form above and your get quotes from up to 4 Top lenders all competing for you loan. We've taken the work out of searching and calling several different lenders for your best deal. Our lender network is vast and includes many national well known lenders as well as smaller lenders all with competitive interest rates. In fact, you may be surprised to find your best deal from a smaller, regional lender verses the large national banks. When you complete the loan application above, your application will be routed to a lender qualified to perform financing in your area.
Know your 1 year, 3 year, 5 year and beyond financial and housing plans
A refinance mortgage loan may have several requirements required to meet your needs. You may be looking for a no-cost mortgage or a mortgage with origination points that allow you to buy the interest rate down. When considering mortgage options, it's a good idea to know what your one, three and five year plans are from the day you get your new loan. If you are planning on selling your home in one year, it may not make sense to buy the rate down. Buying down the interest rate may require that you own your home more than one year to reap the benefits of the extra cost associated with closing the loan.
Prepayment Penalty considerations
Another consideration is whether or not your refinance mortgage has a prepayment penalty or not. Again, if you are selling in one year, you probably don't want a 3 year prepayment penalty that is in effect if you sell or refinance. There are such things as soft and hard prepayment penalties that differ depending on whether you are selling or refinancing at the time your loan is paid off.
A refinance mortgage may allow cash out to pay off debt or make a purchase. If you are searching for debt consolidation, you may find that a refinance mortgage will save you significantly be reducing your other monthly bills.
You'll find several loan choices available when you obtain your mortgage quotations. Whether you are searching for an adjustable rate refinance mortgage or a fixed rate refinance mortgage loan, you'll find it through the lenders in the network. Make sure you have an idea what your plans are and what you need, when you talk with the loan officers. They will give you guidance but it's a good idea about your general requirements.
You may find that you want a 30 year or 15 year fixed rate loan after all. Sometimes the savings don't outweigh the risks associated with choosing an adjustable rate mortgage. You'll be able to determine this when you talk with the loan officer.
Credit Score Factors A credit score can be defined as a number that evaluates the possibility of a person to pay back a loan within a given period of time. When an individual is interested in borrowing money, the lender informs the credit bureau. The bureau comes up with a credit report which is aimed […]
Refinancing Terms If you are in the market looking for refinancing options on your home mortgage, it is important to familiarize yourself with the terms commonly used. Poring over boring mortgage textbooks is not required. Here’s a look at the basic refinancing lingo to get you started. APR: Different lenders calculate the APR or the […]
Mortgage Refinance and Taxes When you own your home, you get large income tax deduction for mortgage interest. However, when you refinance your mortgage loan into a lower interest rate, you’ll pay less interest but more income tax. HAD vs. HED HAD stands for Home Acquisition Debt and HED stands for Home Equity Debt. HAD […]
Second Mortgage to offset PMI Many homeowners find it difficult to find the funds for a 20 percent down payment on their homes. Without the down payment, it becomes mandatory for home buyers to go in for PMI (Private Mortgage Insurance). The PMI has to stay in effect until such time that the value of […]
Self-employed people and refinancing While in all other ways, America encourages entrepreneurs, borrowing is one area that most self-employed people face difficulties. Be it a conventional loan or a mortgage on the home, bankers have a problem offering money to the self-employed. This is because the self-employed often show less income than their counterparts in […]