During the past couple years in which the mortgage market has been in turmoil, determining who are the best refinance lenders has become a real challenge. While current interest rates are still at historic lows, the fact remains that the lending guidelines have tightened up to a degree that is unprecedented. So much, in fact, that the average loan officer has trouble keeping up with the constant guideline changes and hoping to provide a high level of customer service. This challenge is resulting in the weaker loan officers leaving the industry and the pro's within the best refinance lenders now getting the lion's share of the market.
During your search for the best refinance lenders, its crucial to remember that the same primary hot buttons remain unchanged: First, keep in mind that the lenders with the lowest rates may not be the best deal overall. Even the best refinance lenders often forget to properly disclose the fact that their apparently low rate includes "discount points". This additional fee may be getting you what appears to be a great low rate, but you do not necessarily need to pay any additional fees to get a good rate. Always ask even the best refinance lenders to give you options and proceed carefully.
How to find the best refinance lenders?
Whenever you embark on a search for the best refinance lenders, you will find numerous lenders trying to attract you with their seemingly lucrative offers. However, you must know that not all of them can offer you the best loan. Some of the best refinance lenders' reputable brand comes from millions of dollars they spend on expensive advertising. Those TV ads and billboards may help you recognize their brand, but it works against you in regard to their ability to get you the lowest rate. All that overhead costs money, some of which is passed down to you, the customer. The key to remember is that the best refinance lenders are not always the ones with the most well known brand name. Do your initial research online to compare mortgage rates and terms so you have all the necessary information to form an education decision.
Here are some points to consider while searching for the best refinance lenders for your your home loan:
1) Start by leveraging the power of the internet. A simple search for the best refinance lenders on online will yield thousands of results, but the key is to start with the more reputable "portal sites. Try to not be diverted by flashy-looking promotional ad banners and buzz word offers but instead try and focus on the numbers: rates, APR, total fees, etc. These websites have gotten really good and organizing the best refinance lenders' rates and terms so check to see what the top 3-5 offers appear to be within the name loan type category.
2) Be weary of excessive fees. In most cases, the "lowest rate" offer often comes with some hidden costs, which can quickly add up since they are usually percentage-based figures tied to the loan amount. These extra costs, also known as " junk fees", can make your refinance a costly transaction and sometimes not even worth it anymore. These "junk fees" include but are not limited to: "processing fees, application fees, doc prep fees, courier fees for mortgage brokers, etc." A good rule of thumb to use when considering the total cost, even with the best refinance lenders, is "how long will it take for the proposed monthly savings to exceed the total cost of this transaction?". Example: Lets say you stand to save $52/month but the total fees are $3572. It would take you a whopping 68 months (over 5 years) to break even! Any break even point longer than 24 months is not a good deal.
3) Think you've found the best deal now? Be careful, you might also want to ask what documentation is going to be required. This is a major factory in getting any refinance transaction closed these days. Some bank's guidelines have got so ridiculous that it seems like the hurdles between you and the closing table can never be overcome. Most banks follow the same set of guidelines nowadays, all requiring the standard two years tax returns with W2's, last two pay stubs, and last two bank statements. However, I've heard of some real world situations recently that you probably wouldn't even believe. A good friend of mine was trying to get the third round of underwriting conditions satisfied when she was then told that she also needed to produce the original building permit for the apparent renovation work that was done to her kitchen from 9 years ago, when she had only owned that home for the last 5 years! This means that she was forced to take a full day off work and beg City Hall to dig up old building permit records just to satisfy the lender and get her refinance closed. Crazy, huh? But you'd be surprises how often even the "best refinance lenders" come up with these crazy underwriting conditions. The key is to always ask what documentation will be required up front.
Go with the "pros" - Go with the best refinance lenders
Finally, once you have narrowed the best refinance lenders down to your top two or three, and you've asked all the right questions, its time to compare their rates, terms, cost, and most of all: their reputation and credibility. If you "go with the pro" and grade the best refinance lenders on their credibility and experience first, you will have the best chance for a smooth and efficient transaction.
Author Joe Karns [http://www.workwithjoekarns.com/] is a seasoned mortgage professional dedicated to bringing his subscribers relevant and useful information. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation and expert advice on finding the Best Refinance Lenders: Compare Mortgage Rates
By: Joseph Karns
Monday, November 19, 2018
Sunday, September 30, 2018
Fast Refinance
Refinancing your mortgage from one lender/credit provider to another can be lengthy, costly and time-consuming. The new and efficient way to refinance your mortgage is to use "Fast Refinance."
What is Fast Refinance?
Fast Refinance is a unique refinance process whereby your new lender/credit provider uses a product called Title Insurance to:
>> Facilitate the refinancing of your loan in days, not weeks (faster same-day settlement)
>> Enable an "Unattended" refinance settlement (no settlement meeting or booking takes place)
>> Reduce settlement costs (all correspondence and funds sent electronically)
>> Streamline the mortgage loan process (requires minimal additional documentation)
What is Title Insurance?
Title Insurance provides protection to lenders/credit providers against known and unknown title defects on a security property. It offers additional risk cover to strengthen and enhance your legal interest in the mortgage and the security property.
Why Choose Fast Refinance?
You should refinancing your mortgage with the same extreme care you put into getting your original mortgage, and it is just as big a financial decision. So when you are thinking of refinancing, you should consider the following benefits of "Fast Refinance" and more importantly why wait for up to 6 weeks or more to take advantage of these benefits, such as:
No Fees - most lenders do not charge fees
Very quick Settlement - when all documents are received and certified you can have an approval in as little as one or two days
Savings - if refinancing at lower interest or extended term, it will save you money and even reduce your monthly repayment
Easy for you - as your new lender will contact your current lender and organise the new loan, you do not have to approach your old lender
Access to Funds - you may be able to access additional or surplus funds much quicker than when doing a standard refinance transaction
No Contact from your old Lender - process circumvents the old lenders "retention unit" from making contact to try to persuade you to stay with them
How Does Fast Refinance Work?
You will need to complete a new loan application with the new lender/credit provider and provide all requested documentation for your new loan, and the new lender/credit provider will:
>> Approve the loan application
>> Prepare all the Fast Refinance loan documents
>> Request you to sign and complete all the documents and state the "payout figure."
>> Deposit into your old loan account sufficient money to reduce the loan balance to Nil
>> Pay you direct any surplus funds from the new loan
How Can a Finance Broker Help With Fast Refinance?
A professionally qualified finance broker is very experienced with arranging refinancing of client loans and he/she will help you in answering the following questions:
>> Am I eligible and how can I qualify for a "Fast Refinance" loan?
>> Can you help me to compare my current product features against the new product features before I decide to refinance my home loan?
>> Can you help me obtain formal approval to Fast Refinance my existing home loan and at the same time obtain pre-approval for the purchase of a new investment property?
>> With a Fast Refinance loan can I access the equity from my existing owner occupied property to assist me in the purchase of a new investment property?
>> Will I be better off refinancing my existing home loan and consolidating my debts?
>> What documents do I have to provide when refinancing or consolidating my debts?
>> Can you help me to calculate the value of my home equity?
>> Can you help to calculate my present loan-to-value ratio?
So, don't forget to help of a finance broker. He/she will make you ready for fast refinance and ensure that you get cheaper rates and a better deal.
Singh Finance is a reputed Australian finance brokerage that employs the best finance brokers of the industry to help you with low rate home loan refinance [http://www.singhfinance.com.au/residential-finance/refinance-home-loans]. The firm will even find you a new low document home loans [http://www.singhfinance.com.au/residential-finance/low-doc-finance] to ensure affordable repayments. Call on 0424 190 908 or enquire online now.
By: Frank Zelasko
What is Fast Refinance?
Fast Refinance is a unique refinance process whereby your new lender/credit provider uses a product called Title Insurance to:
>> Facilitate the refinancing of your loan in days, not weeks (faster same-day settlement)
>> Enable an "Unattended" refinance settlement (no settlement meeting or booking takes place)
>> Reduce settlement costs (all correspondence and funds sent electronically)
>> Streamline the mortgage loan process (requires minimal additional documentation)
What is Title Insurance?
Title Insurance provides protection to lenders/credit providers against known and unknown title defects on a security property. It offers additional risk cover to strengthen and enhance your legal interest in the mortgage and the security property.
Why Choose Fast Refinance?
You should refinancing your mortgage with the same extreme care you put into getting your original mortgage, and it is just as big a financial decision. So when you are thinking of refinancing, you should consider the following benefits of "Fast Refinance" and more importantly why wait for up to 6 weeks or more to take advantage of these benefits, such as:
No Fees - most lenders do not charge fees
Very quick Settlement - when all documents are received and certified you can have an approval in as little as one or two days
Savings - if refinancing at lower interest or extended term, it will save you money and even reduce your monthly repayment
Easy for you - as your new lender will contact your current lender and organise the new loan, you do not have to approach your old lender
Access to Funds - you may be able to access additional or surplus funds much quicker than when doing a standard refinance transaction
No Contact from your old Lender - process circumvents the old lenders "retention unit" from making contact to try to persuade you to stay with them
How Does Fast Refinance Work?
You will need to complete a new loan application with the new lender/credit provider and provide all requested documentation for your new loan, and the new lender/credit provider will:
>> Approve the loan application
>> Prepare all the Fast Refinance loan documents
>> Request you to sign and complete all the documents and state the "payout figure."
>> Deposit into your old loan account sufficient money to reduce the loan balance to Nil
>> Pay you direct any surplus funds from the new loan
How Can a Finance Broker Help With Fast Refinance?
A professionally qualified finance broker is very experienced with arranging refinancing of client loans and he/she will help you in answering the following questions:
>> Am I eligible and how can I qualify for a "Fast Refinance" loan?
>> Can you help me to compare my current product features against the new product features before I decide to refinance my home loan?
>> Can you help me obtain formal approval to Fast Refinance my existing home loan and at the same time obtain pre-approval for the purchase of a new investment property?
>> With a Fast Refinance loan can I access the equity from my existing owner occupied property to assist me in the purchase of a new investment property?
>> Will I be better off refinancing my existing home loan and consolidating my debts?
>> What documents do I have to provide when refinancing or consolidating my debts?
>> Can you help me to calculate the value of my home equity?
>> Can you help to calculate my present loan-to-value ratio?
So, don't forget to help of a finance broker. He/she will make you ready for fast refinance and ensure that you get cheaper rates and a better deal.
Singh Finance is a reputed Australian finance brokerage that employs the best finance brokers of the industry to help you with low rate home loan refinance [http://www.singhfinance.com.au/residential-finance/refinance-home-loans]. The firm will even find you a new low document home loans [http://www.singhfinance.com.au/residential-finance/low-doc-finance] to ensure affordable repayments. Call on 0424 190 908 or enquire online now.
By: Frank Zelasko
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