Definitive Guide to Select a Lender for Home Refinance

1. Definitive Guide to Select a Lender for Home Refinance As you choice a lender for a home refinance, it will be significant to find a trustworthy company that will provide you with high-quality service and competitive rates. Artesian Title Is A Concierge Title Service Aiding Realtors And Lenders Across The State Of Florida. In their decades of experience, our team has learned that clients expect top-tier customer service. As the concierge title company, Artesian Title is dedicated providing our clients with the communication, reliability, and convenience to grow their businesses. We’ve managed over 20,000 Florida closings, allowed our clients to close anytime, anywhere, and most importantly, we’ve listened. For ‘Piece of Mind Closings,’ trust Artesian Title. Location: 6735 Conroy Windermere Rd, Suite 315, Orlando Florida 32835 Operation Hours: Monday to Sunday - 9am to 6pm Main Number: 407-876-3004 Email Address: info@artesiantitle.com Visit us at https://artesiantitle.com/

2. Key Points The key items to consider when selecting a mortgage lender are costs and service. Understanding the terms of your loan (the amount of the monthly payment, the number of years until it's paid off, the interest rate, fees, whether or not a penalty is accessed if you pay off the loan early) will provide insight into the various costs. Conversations with your prospective lender or mortgage broker and a review of the good faith estimate the lender provides will enable you to make a reasonable comparison. The good faith estimate is a legally mandated document designed to protect borrowers by requiring lenders to provide standardized disclosure of the costs associated with a loan. This written estimate details the fees you will be required to pay at closing, including the cost for all points, processing, legal fees, filing and closing fees. While the law does not dictate the price that each lender charges for the various services they offer, the good faith estimate does provide a useful tool for comparison shopping. One loan provider may charge more for legal fees and less for filing fees. Another may have lower overall fees but charge a higher interest rate. A careful review of good faith estimates from the lenders you are considering will help you find the best deal. Source: https://www.investopedia.com/articles/personal-finance/020215/how-pick-right-lender-when- refinancing-mortgage.asp How to compare mortgage brokers when refinancing Not all mortgage brokers are as qualified or reliable as others, so this requires you to compare the services offered by a few brokers before picking one. To start, look for ASIC registrations and Mortgage & Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA) membership. The former is a prerequisite for mortgage brokers to operate in Australia, and ASIC enforces a strict level of education and experience amongst the nation’s mortgage brokers. MFAA or FBAA memberships show that the

3. broker in question follows high standards in regard to legal requirements and that they offer thorough transparency in everything they do. The number and quality of lenders on the panel of one mortgage broker is not the same as another’s, so you will need to look into this. When you have narrowed your choice down to a few mortgage brokers, you can use feedback and online reviews from previous customers to make a decision. A good mortgage broker should use technology to find the best deals for you, which normally requires the use of suitable software. Make sure your broker takes the time to explain all the details of your new loan, from interest rates and costs to fees and features. Expect high levels of customer service even if you’re not paying your broker—because someone is. Refinancing requires you to look for a home loan all over again, so if you want to save some time you should think about using the services of a mortgage broker. A good mortgage broker brings expertise to the table and can also help you save money. Source: https://www.finder.com.au/mortgage-broker-home-loan-refinancing Should I Use a Mortgage Broker to Refinance? Options Underwriting guidelines, profit targets and cash-flow levels vary from bank to bank. All of these factors have an influence on mortgage rates, so interest rates can vary dramatically from one institution to the next. In order to purchase or refinance a home, you must provide a lender with your tax returns, bank statements and other personal information. The application process is often lengthy and it is even more time-consuming if you shop around for rates. If you work with a broker, you simply provide all your information to that individual. The broker then does the legwork and scours the nation for the best rates. You may end up finding the best deal at a bank that you never would have come across without the help of a broker. Expertise Mortgage contracts are complex. Some banks offer reduced interest rates but offset that by increasing the closing costs. Other banks offer teaser rates that regularly reset during the course of the loan. Early payoff penalties and processing fees can add to the total cost. The average consumer may find it difficult to compare contracts that include so many different stipulations and

4. options. As a lending professional, a broker has the expertise to compare these offerings and locate the best deal. Source: https://finance.zacks.com/should-use-mortgage-broker-refinance-9441.html Converting Between Adjustable-Rate and Fixed-Rate Mortgages While ARMs often start out offering lower rates than fixed-rate mortgages, periodic adjustments can result in rate increases that are higher than the rate available through a fixed-rate mortgage. When this occurs, converting to a fixed-rate mortgage results in a lower interest rate and eliminates concern over future interest-rate hikes. Conversely, converting from a fixed-rate loan to an ARM can be a sound financial strategy in a falling-interest-rate environment. If rates continue to fall, the periodic rate adjustments on an ARM result in decreasing rates and smaller monthly mortgage payments, eliminating the need to refinance every time rates drop. With mortgage interest rates rising, on the other hand, as they have begun to do, this would be an unwise strategy. Converting to an ARM, which often has a lower monthly payment than a fixed-term mortgage, may be a good idea for homeowners who don't plan to stay in their home for more than a few years. If interest rates are falling, these homeowners can reduce their loan's interest rate and monthly payment, but they won't have to worry about interest rates rising in the future because they won't be there that long. Source: https://issuu.com/artesiantitle/docs/_when__and_when_not__to_refinance_y