Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of extra mortgage expense. Time is something we cannot get back, so you should entrust this important financial decision to those that know how to avoid the pitfalls other mortgage companies do not.

By learning the "6 Biggest Mistakes Refinance Shoppers Make", Grandview Lending can help you eliminate the chances of making a critical error and save you thousands of dollars on your mortgage.

1: Don't shop by just interest rate alone.

The lowest rates don’t always mean the best mortgage loan. For example, you can get a low rate on an adjustable mortgage that becomes a significantly higher rate later on. You also may find that the lender is charging various fees that other lenders don’t charge. Additionally, you may be asked to pay discount points. You need to compare the overall package and not just the rate.

2: Not shopping around.

There are many sources of mortgage loans. It’s a mistake to go to the one that is most convenient or was recommended by a friend without checking the rates and terms offered elsewhere.

3: Understand Your Reasons for Refinancing.

Some people refinance simply to reduce their interest rate. You should be aware that simply reducing your interest rate is not always to your advantage. Make sure that the gains from your rate reduction more than cover the related fees. Other legitimate reasons to refinance that may not be related to interest rates. Some are debt consolidation, home improvements, or a major purchase. Some of these choices may offer other financial or personal advantages.

4: Be aware of your new interest rate.

You should ensure that you save enough to justify the process of refinancing.

5: Should I consider an adjustable rate?

Adjustable rate mortgages (ARM) can be helpful in assisting people into the housing market by minimizing the monthly payments. However, you should be cautious if you’re considering an ARM since they’re made for people with specific needs. Those types of individuals can typically anticipate certain variables in their future finances that fall in line at precisely calculated times.

6: Not All Mortgage Brokers are the same.

You want your refinance to be accomplished with little hassle and in the shortest time period possible. Ask your Mortgage Broker about their services and performance guarantees. At Grandview Lending, our goal is to partner with you – assisting you, your family, your friends and others in making the best possible decisions affecting your financial and personal future. Be sure to ask your Mortgage Broker about all their available loan products, terms and rates. A small difference can save or cost you thousands of dollars. At Grandview Lending, we’ll take the time to personally work with you to find the best mortgage program, and more importantly, we’ll discuss why it’s the most suitable program, for what you’re trying to achieve both short and long term. We look forward to assisting you with one of our popular mortgage refinance programs today. Visit our Contact Page to choose a location near you.