Refinance Lender- Get up to 5 quotes from top companies

Refinance lenders are swamped with applications from home owners who want to take advantage of the low interest rates, but stricter lending norms have made it harder for them to be approved for refinancing. The lowest refinance rates are only being offered to applicants with high credit scores.

Many people who took subprime loans are facing foreclosure. They may have to pay high fees when they apply for mortgage refinancing, with no guarantee of being approved.

The latest government aid program aims to help home owners whose property has declined in value, to refinance. It is not meant for those who have stopped paying their home mortgage dues on purpose, or those who have the capacity to help themselves.

In the present day, most refinance loans are insured by the Federal Housing Administration (FHA), or are being sold to Fannie Mae or Freddie Mac, so most refinance mortgage loans are subject to the requirements of these agencies.

Lenders will ask you to provide documentation to prove your income and employment history. If the current value of your home is less than what you owe on your mortgage, you may not be able to refinance.   

If you have less than 20 percent equity in your home, you may be asked to buy Private Mortgage Insurance (PMI) to cover the lender against the higher risk of default. The premium you will have to pay for the PMI will make refinancing less attractive.

You will probably have to pay a prepayment penalty along with closing costs and fees when you refinance. If you are planning to move out of your home within a few years, you may not have enough time to recover these costs through lower monthly payments.
 
Talk to the loan officer at your bank to find out about the home loan refinance deals being offered to existing customers. Obtain quotes in writing from several lenders for refinance and take time to check their credentials and reputation. Use an online mortgage refinance loan calculator to assess your options. Don’t sign up for a refinancing loan without reading the fine print.

Home mortgage refinance rates and fees may be negotiable, so ask the home refinance lenders if they will provide better offers than those given to you by others. Mortgage refinance lenders are known to provide loans with different rates and fees to applicants with the same qualifications, on the same day.

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