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Mortgage Choice - How to find the best home loan

Kristy Sheppard from Mortgage choice discusses about the importance of finding a home loan most suitable to your financial situation as well as ...

Personal bank loan: Is a bank the best place to get a personal loan? | Mortgage Rates, Mortgage News and Strategy

Personal loan vs personal bank loan

So, unless you’re borrowing from a friend, relation or employer, a computer’s going to decide whether and how much you can borrow. And how much you’re going to pay in fees and interest, too. As importantly, regardless of who owns that computer, it’s going to mainly base its decision on your same, limited personal information.

All this means that the chances of your getting better terms from your bank than another lender are roughly the same as your getting better terms from another lender than your bank. True, some banks offer privileges to existing customers. But, in order to compete, many online lenders provide similar or different privileges.

None of this means you shouldn’t apply for a personal bank loan at your branch or online. By all means, do that. But you should also get quotes from other lenders so you can compare what’s on offer and pick the overall deal that suits you best. Obviously, that’s usually the one that sees you pay the least.

Considering Refinancing Your Home? Avoid These Mistakes

Applying Rate Locking Underwriting Closing

Before you decide whether or not you want to refinance, be sure to avoid the following pitfalls. 

Opening New Credit Accounts

When you refinance, you’re basically going to have to apply for a new mortgage. That means your lender will be looking at your financial statements, W-2 forms and credit score again.

If you open up new credit accounts, that could damage your score. But if you focus on your current credit accounts, it will both strengthen and solidify your ability to get a refinance application approved.

Not Locking In Your Mortgage Rates

Step two of the process above is rate locking, and it’s an easy step to overlook. Mortgage rate locking can easily change, and current rate locks only last from 30, 45 to 60 days .

You need to negotiate with your lender on the best possible rate in the market for you. That means doing your homework and acting quickly yet effectively.

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