Many people have looked into refinance mortgage rates this past year or so. Many of these same people have used the internet to search for rate quotes and various loan offers.
Use the internet as merely a reference point. Do not secure a mortgage loan online. Online mortgage rate quotes contain a markup along with rates from your local mortgage broker as well, which is the commission for the lender. It can lead to the borrower overpaying a lot of money over the term of the loan.
One thing that the internet is good for is that you can save a lot of time when researching refinance mortgage rates because all the information you need is right at your fingertips. In addition, there is no risk involved when comparing the different refinance mortgage rates offered by numerous lenders.
It is important to compare all aspects of the mortgage loan and not just the actual interest rate. Find out what fees are associated with the loan if possible.
In addition, when you have narrowed done a few of the best offers, request a Good Faith Estimate from each lender. The lender must provide this document when they receive your application. In many cases they will simply give you one is you ask.
The Good Faith Estimate is a list of all expenses associated with the mortgage and to whom they are being paid to. This should be very helpful in making that final decision on who to borrow from.
You should also look at the closing costs associated with the mortgage. Look at the lender fees and see how they compare to other lenders. You can always try to negotiate the fee down if it is higher than other lenders. If they refuse to lower it, then simply tell them you will shop elsewhere.
When discussing terms, make sure you don't take on anything that you do not want. This could be a prepayment penalty or the committal to refinance at a specific time. You can simply go to a different lender if you do not like the terms.