The mortgage industry is extremely competitive today. If you are in the market for a mortgage it has never been easier to qualify for the financing you need. Competition is fantastic for homeowners; however, there are a number of mistakes that can cost you money. Here is what you need to know about finding the right mortgage in today’s ultra competitive marketplace.

Mortgage interest rates are still at historically low levels. Real estate in the United States is beginning to cool and many mortgage lenders are tightening their belts as the demand for mortgages drops. Competition was fierce when demand was higher; now that the demand is tapering off many mortgage lenders are having to make concessions on the loans they write. What does this mean for you, the homeowner looking to refinance their current mortgage? You may not be able to bargain for much when it comes to your interest rate; however, everything else on the loan contract is fair game. This means closing costs, penalties, and lender fees are all subject to negotiation.

Shop For Your Best Offer

To find the best mortgage offer available you will need to shop from a variety of mortgage lenders and brokers. Do not let these lenders run your credit when you are shopping; wait until you have found the perfect mortgage before giving up your Social Security number. When you shop for a mortgage compare all aspects of the loan. Lender fees, closing costs, and prepayment penalties should all be scrutinized carefully. Account for every dollar on the loan contract and use the Annual Percentage Rate to compare one offer to the next. If one particular mortgage offer has fees that seem significantly higher than the others, discard that lender from your search.

Negotiate

You will never know how far a lender is willing to go to get your business unless you ask. If a loan offer has good terms and a low interest rate but carries a prepayment penalty, ask the lender to remove it. Your bargaining chip is your business; with thousands of lenders competing for your mortgage loan, lenders need you more than you need any one mortgage lender. To learn more about finding the right mortgage register for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour is a mortgage professional and the owner of RefiAdvisor.com, a mortgage resource site offering a free gift for homeowners: "Mortgage Refinancing - What You Need to Know." This guidebook helps homeowners avoid common mortgage mistakes and predatory lending practices.

Claim your free guidebook today at: http://www.refiadvisor.com

Minneapolis Mortgage Refinance