Using a Mortgage Refinance Company Online

Home
>
Mortgage Refinance
>
Using a Mortgage Refinance Company Online

Using a Mortgage Refinance Company Online

Online mortgage companies make refinancing convenient and competitive. By researching mortgage rates and lenders online, you can be assured that you have the best refinancing rates.

Before You Refinance

Before you refinance your current mortgage, do a little financial housekeeping. Check your credit report and make sure all your financial records are in order. This is also a good time to close a couple of unused credit card accounts.

Also, be sure that refinancing your mortgage will actually save you money. The rule of thumb is to make sure that the new refinanced mortgage will pay for itself within three years.

To figure the savings, take the amount you save in reduced payments over three years and subtract the cost of the new loan. This is just a rough estimate since the length of your loans will also make a difference.

Comparing Rates

Online mortgage companies allow you to quickly compare rates by asking you for some basic information. Based on the loan amount, your general credit ranking, and the estimated down payment, you will receive a generic quote. This will give you a rough idea of who is the most competitive lender.

Accurate Quotes

Accurate quotes will only come when you provide the mortgage lender with detailed information. Mortgage rates depend on such factors as your current employment history, home's location, and your precise credit score.

You will also want to add in any points or fees that are part of the loan's cost. At this point in your refinancing process, you should still be comparing financing packages from at least three different lenders.

Applying Online

The hardest part of refinancing a mortgage is finding the right mortgage lender. Once you have found the best rates and fees, you can complete the application process from the convenience of your home.

Online mortgage applications require you to fill out your typical personal and financial information. Once you submit your information, you will receive the final paperwork in the mail within a couple of weeks. You will need to review the terms, sign on the appropriate lines, and have it notarized. The paperwork is then sent back to the mortgage lending company for final approval. The whole process can take less than six weeks.

To view our list of recommended sources for mortgage refinance loans online, visit this page: Recommended Mortgage Refinance Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

In The News:

King of How To News
No Drop in Refinancing Expected
NASDAQ
Overall mortgage lending is expected to increase slightly this year, the Mortgage Bankers Association (MBA) is predicting, thanks to declining rates that are supporting continued demand for refinancing. The MBA today upped its mortgage lending estimate ...
Mortgage Refinance in Today's Real Estate MarketKing of How To News
Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ...World Property Channel
Today's Mortgage Rates: Bank of America, Wells Fargo and PNC Bank Refinance ...Eastern Morning Herald
The Republic -Community Voice -MortgageLoan.com
all 60 news articles »

eCreditDaily.com
Time to Refinance While Mortgage Rates are So Low
FreeRateUpdate.com
After taking a look at these details, many borrowers are going to find that it is time to refinance while mortgage rates are so low even if they refinanced several years ago. For those with adjustable mortgage rates, it is the perfect time to switch to ...
Mortgage applications up on refi demand: MBAReuters
MBA Weekly Survey: Refinance Applications Increase Because of Record Low ...LoanSafe
The Truth About Mortgage Refinancing Revealed by Kansas and Missouri Mortgage ...SBWire (press release)
The Hill (blog) -eCreditDaily.com -Eastern Morning Herald
all 106 news articles »

e-wisdom.com
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance
MarketWatch (press release)
WASHINGTON, DC, May 24, 2012 (MARKETWIRE via COMTEX) -- A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been ...
Mortgage Rates: Low Mortgage Rates Remain in Place as Consumer Sentiment SoarsFreeRateUpdate.com
Freddie Mac: 30-year mortgage rate down a tick at 3.78%Los Angeles Times
Refinancing homeowners overwhelmingly choose fixed loanse-wisdom.com
International Business Times -KETK -BusinessWeek
all 315 news articles »

The Mortgage Reports (blog)
The Truth About Mortgage Refinancing Revealed by Georgia Mortgage Expert
SBWire (press release)
Atlanta, Georgia based Mortgage Broker Brad Hartman reveals mortgage refinancing secrets, offers free reports, a home buying guide and free mortgage calculators on his website, brad-hartman.com. The site is designed to give Georgia residents all the ...
Real estate industry pushes Senate on refi billMarketWatch
Push intensifies to pass home-loan refinancing billThe Hill (blog)
Q & A : Why Won't My Bank Do HARP Mortgages With PMI Or LPMI?The Mortgage Reports (blog)
FreeRateUpdate.com -Cleveland Jewish News -Seeking Alpha
all 13 news articles »

Mortgage rules prove too strict for some retirees
Washington Post
Jim Eberle of McLean found this out the hard way when he applied to refinance his mortgage. After spending much of his career working for banking industry trade associations in Washington, Eberle, 68, decided to take advantage of this spring's ...

and more »

Mortgage Origination Forecast Increased by Nearly $200 Billion by TSA
LoanSafe
MBA now expects that mortgage originations will reach $1.28 trillion in 2012, up from $1.26 trillion in 2011. Refinance originations are now expected to total $870 billion in 2012, an almost identical amount to 2011. MBA is slightly lowering its ...
MBA Raises 2012 Origination Forecast Due to RefinancesAmerican Banker (subscription)
2012 Originations Now Expected to Exceed 2011Mortgage Daily

all 2 news articles »

Obama's Disclosure Shows Mortgage Refinance Not High on Agenda
San Francisco Chronicle
Rates for a 30-year fixed mortgage averaged 4.46 percent last year, according to Bankrate.com data, hitting a low at the end of the year of 3.92 percent. In 2011, 4.3 million homeowners refinanced, according to data from the US Department of Housing ...

and more »

Politico
Obama to tout success of mortgage refinancing
Washington Post
In addition, he cited a program Obama announced in October 2011 designed to remove barriers to refinancing to homeowners with federally backed mortgages. Now, it is up to Congress, Donovan said, to expand such programs to homeowners with loans that are ...
Obama touts mortgage refinancing to help economic recoveryThe Hill (blog)
Obama Visits Reno, Urges Congress To Expand Mortgage Refinancing ProgramCarson Now
In Nevada, Obama touts his housing crisis effortsLos Angeles Times
Politico -CNN (blog)
all 599 news articles »

Chicago Tribune
Costco members can now shop for mortgages online
Chicago Tribune
Mortgages? Well, not exactly. The company is receiving a fair amount of publicity for the rollout on its website of a home purchase and refinancing mortgage product for members. But technically it's not Costco's program. It's an online mortgage ...

e-wisdom.com
Mortgage refinancing applications jump; rates fall: MBA
Chicago Tribune
NEW YORK (Reuters) - Applications for US home mortgages surged last week, driven by increased demand for refinancing as interest rates hit fresh lows, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted ...
Mortgage refinancing surgesBizjournals.com
The Truth About Mortgage Refinancing Revealed by Pennsylvania Mortgage ExpertSBWire (press release)
Mortgage applications increase on jump in refinancingThe Hill (blog)
LoanSafe -LoanRateUpdate (press release)
all 120 news articles »

Google News