You should give at least as much thought and care to choosing a refinancing lender as you did to choosing your first mortgage lender.
You’ll be with that lender for a long time still, and you want to know that you’re enjoying the best rates and terms that you can.
Here are a few tips for choosing the right lender for your home loan refinancing.
Consider Your Current Lender
If you have a good relationship with your current lender then it might be worthwhile to ask them whether they offer refinancing options.
Refinancing through your current lender can be faster and easier. It can also be less stressful, as you already know what to expect in terms of communication, service, and integrity.
Your existing relationship and your loyalty may even result in better rates or lower closing costs than you could get elsewhere.
See also: How to Refinance Your Mortgage, Step by Step
Compare Rates and Costs
Refinancing comes with new closing costs, and you’ll want to keep those as low as possible. In addition, lowering your interest rate is one of the primary purposes of a refinance, so you’ll want the lowest rate you can get.
While the rates and costs on offer shouldn’t be your only consideration, making them into one of your strongest considerations is a good move.
See also: The Ultimate Guide to Mortgage Interest Rates: What You Need to Know
Consider Customer Service
You deserve to get expert guidance when you work with a lender. You deserve to have your questions answered promptly and accurately. You deserve to work with a lender who is both willing and able to take your calls.
Does the lender answer your calls or are you shunted to an automated menu and 45 minutes of hold music? Do you feel the lender respects you and has your best interests at heart? Do you feel like it’s easy to talk to the lender?
If the lender doesn’t check all these boxes then you should move on and keep searching.
See also: What to Look for in a Mortgage Lending Company in Florida
Evaluate the Lender’s Reputation
Read the lender’s reviews to see what real people have had to say about working with them.
Compare the reviews to the length of time they’ve been in business and their overall level of experience. You’ll get a good sense of whether the lender is a good choice for you or not.
See also: Reviews
Evaluate Options
Different lenders offer different options. For example, Alex Doce offers the ability to refinance from a 30-year mortgage to a 10-year mortgage. That option isn’t widely or commonly available.
Take a hard look at the choices on offer with each lender and determine whether any of those options make sense for you.
See also: Mastering Mortgage loan Refinancing: Your Comprehensive Guide
Get Help Today
Alex Doce has 35+ years of experience, outstanding reviews, and a track record of excellent customer service. He also offers excellent rates and costs.
Consider refinancing today! Schedule your one-on-one consultation now.