Mortgage Refinance FAQ

How do I know if it makes sense for me to refinance?

First you must determine your financial related goals and your plans relating to your housing situation.
Whether you are trying to improve your monthly cash flow, reduce your mortgage term, or take out cash by
utilizing the equity in your home, it is important to have an idea of what you are looking to get out of
refinancing your mortgage. After you identify your goal you should talk to a mortgage professional for
their suggestions.

What is the best way to shop for a mortgage?

It is a good idea to contact at least three to five lenders for input on mortgage programs and interest rates.
You can do all of your shopping online or by phone however utilizing a service that deals with multiple
lenders such as MyEasyMortgageRefinance.com is the most convenient avenue to take. These websites
will get you multiple bids from top lenders and you only have to fill out one online application. When
making mortgage quote comparisons, you must be sure you are comparing mortgages of similar terms such
as length of the loan, i.e. a 30 yr vs. a 5 yr, prepayment penalties, rate lock duration requirements, and fixed
rate loan vs. an adjustable rate mortgage.

What things should I consider when deciding to refinance?

There are several important things to consider when deciding whether or not you should be refinancing
your mortgage. These are the top 3 things that you should evaluate:

1. How long do you plan on living in your current property?

* If you plan on only staying in your current property for the short term (5 years or so) then there are
programs that will make refinancing a financially attractive decision. However, if you plan on staying in
your current property for the duration of the loan period then there has been no better time in history to
refinance.

2. What kind of credit history do you have?

* If you have a high credit rating you may want to ask a mortgage professional about home loan programs
discounted for individuals with good credit. Maybe you have improved your credit rating since you
purchased the home and are now eligible for these discounts. If on the other hand you have less than
perfect credit is important that you be honest with your mortgage professional and fully review your credit
report for any mistakes. The market for less than perfect mortgage loans also known as sub-prime loans has
grown significantly in recent years and created more competitive interest rates.

3. What are your current financial priorities?

* If your main goal is to have a steady cash flow then there are several options available when refinancing
that will reduce your monthly payment and put money in your pocket. Also when you refinance you have
the option to take cash out of the equity you put in your home. This has become a major reason people are
choosing to refinance today as cash flow is a significant priority for many Americans. However if you have
recently received extra funds or anticipate receiving extra funds like stock options, inheritance, or sale of an
asset then you might want to consider refinancing your mortgage so you can pay it down quicker. If you
have the available funds this will save you thousands of dollars in interest over the life of your mortgage.

How long are interest rates expected to stay this low?

Interest rates are at an all time low as the Fed is trying to boost lending and free up the credit markets.
While these rates are predicted to stay rather flat for the near future most experts believe this is the best
time to refinance your mortgage as the interest rate is surely to rise within the next year or so.

Does MyEasyMortgageRefinance.com charge an application fee like other websites?

Our service is completely free for the consumer as we do not charge application fees like many other similar
websites you might find. Simply fill out our secure and simple online application and we will give you up to
four different quotes from top quality lenders. Some may be small local lenders and others might be large
national chains but we will guarantee that we will find you the best option through our large affiliation of
mortgage lenders.