EchoBay Expert: I'm be looking for the best service and lowest rates when I'm refinancing my mortgage next month. Are there any mortgage refinancing companies that are better than the rest?
Loyal Reader: The best mortgage refinancing company for you depends largely on the type of borrower you are. For all borrowers, an easy place to shop for the best service and lowest rates from mortgage refinancing companies is online.
You can search out hundreds of lenders and get rate and fee comparisons easily. Online companies tend to offer instant approval and lower fees than traditional lenders as their overhead is lower. Banks can also be a great resource if you have excellent credit.
Their rates tend to be a little higher than other lenders but some people are willing to pay more for the face-to-face interaction. Another option is a credit union, which typically offer great rates to their members. If you are a member, be sure to check with them for their rates and fees.
No matter what avenue you choose, be sure that you are dealing directly with the lender. Some appear to be the lender when they are, actually, just a middleman that is farming out your application to other lenders. In this case, you will probably pay more for your loan as the middleman has to get his cut.