Mortgage Refinance Rates

We all know that there are a lot of mortgage companies out there. But how do you know which company to choose? Some companies have flashy advertisements about low interest rates, but are they really the best company to choose? A mortgage is a very large investment, so the company that you choose has to be the best company out there for you. As a mortgage expert, I can give you a few tips when choosing a mortgage company.

1. Watch out for interest rates. Some companies have higher interest rates than others. Choose the company with the best interest rate for you (usually the lowest, but not always). Be careful of special promotions that have hidden fees. Don’t get sucked in by an extremely low interest rate. Be sure you know everything involved with that interest rate. Be sure to check things out and understand the terms of the interest. If you do this, you will have a much better chance of getting a nice interest rate that you and your family are comfortable with.

2. Be sure to know all of the fees. Some mortgage companies have hidden fees, or they tack on additional costs. Don’t get stuck paying extremely large fees. Once again, companies will try to hide behind low interest rates, but then they will stick you with several large fees. Don’t fall for it!

3. Be mindful of the application and appraisal fees. You want to get the lowest fee possible with the highest quality service. Some mortgage companies charge insane amounts for applications and appraisals. Charging a lot does not necessarily mean that they are worthwhile companies. The lowest price is always the best way to go!

4. Finally, and most important of all, is the service. Some companies are not committed to their customers. A Mortgage company that gives you terrible service, but extremely low rates is not the best company out there. Watch out for companies with quite a few different contacts. One on one customer service is the best. You want a mortgage company that cares and is willing to get to know you and your needs. How a mortgage company presents itself to its customers, and how it handles them is a reflection of the kind of company it is. A company that has lousy service, rude representatives, and little customer interaction is not the company for you.

Choosing a mortgage company may seem like a daunting task. Just remember to keep costs in mind. The most expensive is not always the best, nor is the cheapest always the best. Keep in mind service. Service is the most accurate representation of a company. If you follow these simple tasks I am positive that you will choose the best mortgage company for you and your family. Learn more our best advice on mortgage refinance rates, home equity rates, 2nd Mortgage Rate, Mortgage Rates Comparison, Mortgage Rates 30 year fixed, Home Loan Mortgage Rate, Mortgage Rate Quote, A Personal Mortgage Experience, 5 Criteria To Get Your Home Loan Mortgage approved. by Bart Fadington

Many of us don’t believe that a few dollars can make a big difference. In a lot of cases that is true. But when it comes to mortgages or any other type of loan, a few extra dollars can save you Big Bucks.

The chart below gives examples of three different loan terms and what paying between $75 to $100 more a month would do to the mortgage. It is based on a $100,000.00 loan at 7% interest.

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YearsInt Rate Payment Interest Total of Payments Savings

307% $665.30 $139,508.00 $239,508.00 N/A Round Payment to $750.00 $93,994.86 $193,994.86 $45,513.14. This loan would be paid off in 259 months instead of 360.

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207% $775.30 $86,072.00 $186,072.00 N/A Round Payment to $850.00 $69,409.58$169,409.58 $16,662.42. This loan would be paid off in 199 months instead of 240.
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157% $898.93 $61,789.40 $161,789.40 N/A Round Payment to $1000.00 $50,517.67 $150,517.65 $11,271.73. This loan would be paid off in 151 months instead of 180.
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By adding $84.70 to your 30 year loan you can save $45,513.14 and pay the loan off in 21 1/2 years.

By adding $74.70 to your 20 year loan you can save $16,662.42 and pay the loan off in 16 1/2 years.

By adding $101.07 to your 15 year loan you can save $11,271.73 and pay the loan off in 12 1/2 years.

You can also see by the chart that obtaining a shorter loan term when you buy your house can save a lot of money.

There are a couple of things that you need to check. First is that your loan agreement doesn’t allow the loan company to charge penalties for early payment. Secondly, if you itemize your federal income taxes and deduct mortgage interest, paying less interest will mean a lower deduction. I believe it is safe to say that the interest savings will far outweigh the tax savings.

Even if you don’t have $75 to $100 a month to add to your mortgage payment, even $25 would save a lot.

If you would like to have your own Loan Calculator, just visit www.pine-grove.com to download their Loan*Calculator! Plus. This is a free version and has everything the average family can use. It is also the Loan Calculator I have used for several months. Highly Recommended. Don’t forget to learn more our best collection here about mortgage refinance rates, home equity rates, 2nd Mortgage Rate, Mortgage Rates Comparison, Mortgage Rates 30 year fixed, Home Loan Mortgage Rate, Mortgage Rate Quote, A Personal Mortgage Experience, 5 Criteria To Get Your Home Loan Mortgage approved, 97% Of American Homeowners Overpay Their Lender In Mortgage, Deadly Mistakes When Applying for a Mortgage, Composite Credit Report Score Simplifies Mortgage Issues, Refinancing Your Home Mortgage Loan With Bad Credit,and Best Mortgage Rates. by Terry Rigg –> He is the author of Living Within Your Means – The Easy Way. He has 25 years of experience counseling individuals and families concerning their personal finances.