Today if your looking to refinance your home loan or buy a new home and your looking at financing you may be surprised to see that rates are very low.  In fact the average 30 year fixed is going for 4.875% with good credit and a 15 year fixed mortgage is going for around 4.25% with a good credit standing.

However did you know that where you get your loan from can have a huge difference in the amount you will pay in refinance closing cost?  In this article I’m going to give you the refinance tips to find the best place to get a loan from.

Banks

The first place most people check out is their local bank.  A lot of times banks will claim that they have the lowest rate around for a closing cost.  However, I’ve found from dealing with my local bank that they may leave things out to show that you have a lower rate.

To know how much your actually paying in closing cost just ask ask for a copy of their fees and refinance cost.  Usually this is shown to you when you go to fill out the mortgage application form 1003.

Mortgage Brokers

Next you have mortgage brokers.  Mortgage brokers works with hundereds of different lenders.  Unlike like your local bank they only work with one lender, themselves.

What’s so great about a mortgage broker is that they can scan all of the other lenders available and see who has the best rates, terms, and closing cost.  By doing this they can give you a wider prospective on what out there.  One final thing I should mention though as a former mortgage broker is that they can charge about the same amount as the banks closing cost.

Credit Unions

Finally, you have credit unions.  Credit unions are a cooperative financial institution that’s owned by members who bank their.  A lot times these businesses are seen as more of a thrift business, giving people better rates on their saving and loans.

Of all of the options available credit unions will usually be unbeatable.  However I wouldn’t take my word for it, take some time and check out these different options and see who really does have the best rates and closing cost for you.

Related posts:

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  3. The Perfect Mortgage–Shopping At A Bank or Brokerage
  4. 4 Tips for Finding the Best Refinancing Lender
  5. Refinancing Your Bad Credit Mortgage
  6. Finding the Best Portland Mortgage Company
  7. Obtaining A Mortgage Despite Bad Credit
  8. How to Get a Low Refinance Mortgage
  9. Find Columbus Mortgage Rates
  10. Mortgage Loans Are Not Impossible To Find
  11. Getting the Best Fixed Rate Mortgage
  12. 7 Common Refinancing Mistakes to Avoid
  13. Don’t Fear Fixed Rate Mortgages
  14. What will I have to Pay in Closing Costs?
  15. Your Bad Credit Mortgage Options