About the Mortgage Business

When you are ready to shop for a How To Refinance you have two types of mortgage stores to shop - Direct Lenders and Mortgage Brokers.

Brokers have several or hundreds of Lenders from which to choose. Direct Lenders like Wells Fargo Bank and Mortgage have the money to lend and make the final decisions. They also have a small amount of in-house loans which they provide. Brokers can shop many Lenders and their programs. The more options you have the better chance you'll get the lowest rates and lowest loan fees. Many times there are no loan fees.

Once our company receives your application we will shop for the best mortgage broker for you who will in turn shop for the best Lender.  And since Lender's rates vary drastically, you will have the most options and will in turn receive the lowest rate.  Most mortgage shoppers here find this is the lowest rate they could find with the best terms.  And typically loan costs are also lower than what they would have gotten elsewhere.

How To Refinance Programs

For every individual situation there is a beneficial program that will complement them. Depending on the reasons for refinance and future financial plans, these will determine the program that you will choose. The best thing to do is to go over your mortgage options with a loan officer.

On average, people move or refinance their mortgages every 5 to 7 years. If you expect to remain in your home longer than 10 years, a Fixed-Rate Mortgage could make more sense because your rate and payment won't change after the fixed-rate period. If you expect to move or refinance sooner, a Fixed/Adjustable Mortgage may be more economical choice. You have a lower starting rate fixed for the first few years. Fixed-rate mortgages have the highest rates because the lender assumes all the risk rates may go up. If you need smaller payments to get into a home, Fixed/Adjustable and 1-Year ARMs will always have lower starting rates and payments than fixed. Predicting where mortgage rates will move is impossible to do with any certainty. Market rates are generally determined based on the inflation expectations of bond-market investors. However, we can tell you if current rates are relatively high or low based on recent history. Generally anything under 7% is low. If you'll be in a house longer than 10 years, you might prefer a Fixed-Rate Mortgage. On the other hand, if rates are 9% or above, a Fixed/Adjustable with a shorter fixed period or an ARM may be better. Rates that high generally don't stay high for long. Your rate will adjust downward when rates fall without the cost of refinancing.

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