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Tuesday, June 26, 2007

Mortgage Lenders Online: How to Find the Best Mortgage Lender

Qualifying for a mortgage can be a very stressful time for many homebuyers. Finding a good mortgage lender for your financial situation means researching mortgage lenders and their offers. Many homeowners make the mistake of not comparing all aspects of the mortgage loan when shopping for a lender; here are several tips to help you find the best mortgage lender for your financial situation.

The type of lender you need for your mortgage depends on a number of factors including the state of your credit and the loan-to-value ratio of your home. If you have a poor credit rating or a high loan-to-value ratio you may be required to seek your mortgage from a specialty mortgage lender. The amount of points you are required to pay also depends on your credit score and financial circumstance.

When you shop for a mortgage it is important to compare all aspects of the loans you are considering. Many homeowners make the mistake of only comparing interest rates when shopping for a lender. If you neglect to compare all aspects of the loans you consider it is easy to overpay on everything from lender fees, discount points, and closing costs. You can learn more about your mortgage options, including common mistakes to avoid by registering for a free mortgage guidebook.

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Home Mortgage Refinance Loan: The 2007 Conforming Loan Limit & Jumbo Mortgage Loans

The “Conforming Loan Limit” is the maximum amount traditional mortgage lenders will loan for your home mortgage refinance loan. If you need to borrow more than this amount you will need to refinance using a “Jumbo Mortgage Loan.” Here is what you need to know about the 2007 conforming loan limit and how it affects your home mortgage refinance loan.

The conforming loan limit for traditional mortgages in the United States is set by the Office of Federal Housing Enterprise Oversight and the 2007 conforming loan limit is $417,000. What does this mean for your home mortgage refinance loan? If you need to borrow more than $417,000, traditional mortgage lenders will probably not approve your loan.

“Jumbo Mortgages” are home mortgage refinance loans for homeowners that need to borrow more than the conforming loan limit. Mortgage brokers can be a useful resource for finding Jumbo Mortgages if you watch them like a hawk. Your Mortgage Broker will overcharge you if you let them; mortgage brokers routinely mark up home mortgage refinance loan interest rates to make additional profit from your loan.

Because you can expect to pay a higher home mortgage refinance loan interest rate with a Jumbo Mortgage it is important to comparison shop from a variety of mortgage lenders and compare all parts of the loan offers you consider. Many homeowners mistakenly assume the home mortgage refinance loan with the lowest interest rate is the best deal. These homeowners frequently overpay for their closing costs and lender fees.

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