- 2 min read
Five tips on Mortgage Refinance Loans and how to get the best loan in the shortest time.
In this mortgage video, Bills.com President Ethan Ewing, provides five tips on mortgage refinance. These tips will help you have the information you need before approaching lenders and help you get the best rates possible.
"Hi my name is Ethan Ewing and I’m the president of Bills.com and today I wanted to give you five tips to help you shop for a mortgage refinance. First thing, know your credit score; you can get a credit score on Bills.com very important you know what your credit score is before you talk to lenders. If there are some easy things to fix on your credit score make sure to do those. You can improve your score relatively easily with some easy wins. Next thing, know the value of your home. Zillow.com people, everybody knows Zillow, there are a couple other real estate sites out there that can give you a value, they are not going to be perfect, it won’t be as good as an appraisal, but it will be pretty good and give you an idea of whether you have equity in your home. Third one, know what your current mortgage balance is, your current mortgage payment, and your current mortgage rate. Very important you won’t be able to know if you can save money, unless you know what you’re currently paying unless you know what your current rate is. Fourth one, know mortgage terms. You have to know these terms; I just mentioned the word equity, what is equity? Well, equity is the difference between what you owe and what your home is worth. You need to have some equity in this market to get a mortgage refinance. Fifth one; find a lender that you can trust. We highly recommend at Bills.com to make sure to get quotes from at least three lenders and make sure to compare apples to apples, don’t just compare a 3/1 arm to 30 year fixed. Also when your comparing lenders, keep in mind price and rate is a big deal. But, make sure you get a lender you can trust that you know is going to get you across the finish line. Closing mortgage loans these days is a very difficult thing there is a lot of back log with lenders, make sure you find someone you trust and really like to work with that can get you across the finish line. That’s it hope that helps. We’ll see you next time."