Tips To Get the Lowest Refinance Mortgage Rates Online

Jan. 8, 2010 - PRLog -- What will the loan cost in closing cost? Will the cost of the loan be worth financing the home? These are questions to be asking at this time. The use of a mortgage refinance calculator will give the basic information needed to decide.

There are many plans to look into, including lower points and higher interest rates or higher points and lower interest rates. After researching all the closing cost, divide the amount over the years of the loan and see how much was actually saved. Using a calculator to see how many years it will take to break even will also let anyone know if refinancing is the right move.

How to Get the Lowest Mortgage Refinance Rates

  1. When trying to figure out how to get the lowest mortgage refinance rates, first consider the FICO score or credit score from the credit report. To get the lowest rates, the FICO score must be 700 or better. If the FICO score is 680-699, plan on paying a slightly higher interest rate and one additional point to the lender.

 2. It is important to know how much equity is in the home. If the principal balance is $80,000 and the home is valued at $100.000, the equity in the home is 20%. In normal refinancing, 10% equity is needed to refinance a home.

  3. Investment property must have larger equity and sometimes as much as 50%. The rates are higher also. It is recommended to have a property appraisal done first and then for an extra .25% on the interest rate, the rate can be locked in.

  4. If there is less than 10% equity in the home, contact the lender holding the original loan and ask them about refinancing the loan. Sometimes the lender will want to keep the loan at their bank and will negotiate new terms on the loan.

  5. The Obama plan "HOPE" is available to help homeowners in distress to lower their payments to 31% of their present income. According to Suzie Orman, only 3% of the people applying for the modification were approved though.

  6. Do not make any major purchases before the refinance or for several months prior. The banks will look at all assets and it is better not to have any recent purchases.

Compare Refinance Mortgage Rates

When shopping for the lowest mortgage refinances rates there are many places to shop. It is easier to go to one place that has it all and look at the rates in the comfort of home. The number one place to shop on-line for the lowest mortgage refinance rates is http://www.usloanz.com . They have comparisons in all states and all the pertinent information such as:

   * Lender - Bank or Financial Corporation holding the loan.
   * Interest Rates - The rate at which your loan will be amortized.
   * Points - What percent the lender will charge for approving the loan.
   * Costs - Closing cost are always charged on news loans. This may include escrow, title and points.
   * Estimated Payments - What your monthly payment will be including insurance and taxes.

Qualify Now for Lowest Mortgage Refinance Rates at: http://www.usloanz.com/mortgage-refinance-quote.php

Another website where homeowners can compare refinance mortgage rates is http://www.usloanz.com . They have some of the same features with news items and mortgage calculators. They provides best refinance mortgage rates in industry.

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Usloanz.com provides mortgage refinance, loan modifications and home mortgage refinance at best rates. If your bad credit stopping you from refinancing your mortgage, do not worry. We provide you best online mortgage refinancing rates.