"The residential mortgage industry is a very competitive market. As a commercial banker I know that a residential loan is viewed a commodity in the marketplace. The only variables are price and service, but at the end of the day a mortgage is just a mortgage.

Over the years I have worked with many residential brokers that have offered various levels of service. Their level of professionalism directly reflects on my name. When my clients are looking for a fast, easy solution to purchase or refinance a home, I send them to 800775LOAN.com. It is the nontraditional approach to the mortgage lending market that makes them the simplest solution. My borrowers fill out an online application, at their leisure, and then the request is followed up with a phone call from a knowledgeable professional for any other issues. It is really that easy.

The service has been outstanding and my clients thank me. I would tend to think that this level of service comes at a cost, but the rates are extremely competitive and they have been able to find financing for the toughest borrowers. There proprietary model not only streamlines the application process, but it solves many of the inefficiencies in the marketplace. There business will be the wave of the future in residential lending and it makes my job easier, knowing that I can make one phone call to fill any of my client's residential mortgage needs."

- Ryan F
VP of Fortune 500 Business Bank

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Mistakes for mortgage refinancing

Common Mistakes When Refinancing Your Mortgage

Common Refinancing Mistakes

The process of getting a refinance loan is similar to getting a mortgage loan for the first time. Refinancing typically involves the payment of closing costs. Therefore, you should be aware of the pros and cons of the process and its various aspects. This will help you avoid problems in refinancing.

However, there are some common mistakes that mortgage seekers often commit while opting for a refinance loan. Knowing some of these can help you choose a suitable loan program and manage it well.

An awareness of these mistakes will help you carry out the deal in a better way, and overcome problems in your mortgage. This will prevent you from paying hidden costs associated with the transaction and help you to pay off the first loan with another loan so that you can benefit from low interest rates and better terms and conditions.

Refinancing with your present lender without shopping around

There is a general conception that it is easier to deal with your present lender. But your existing lender may not offer better rates and terms compared to others. Therefore, it is better that you shop around for the loan programs with affordable terms and conditions so that you don't end up paying higher fees and interests. Even if you have made your payments in time, your present lender will verify your income, assets, credit status and liabilities provided you refinance with the same lender.

Not calculating the break-even period

You should know about the total cost involved in refinancing. This helps to calculate your savings and then find out the time period over which you can make up for the costs. This time period is the break-even period and it can be found by dividing the total cost by the monthly savings.

Not obtained a Good Faith Estimate of closing costs

You should obtain a Good Faith Estimate of the closing costs associated with the refinance loan. Otherwise, you cannot detect whether any hidden fees are included in the transaction cost. An analysis of the various costs involved in refinancing prevents you from paying higher fees and helps you to select a cost effective loan program. You should check out that your lender provides a Good Faith Estimate within 3 business days of receiving your loan application.

Conducting an appraisal when your home value is too low

If you are doubtful about the value of your home, it is better not to approach a third party for its appraisal. Rather you can ask your present lender to conduct the appraisal, provided you approach him for a refinance loan.

Signing loan documents without proper review

There are cases when borrowers sign loan documents without thorough checking. These documents are standard ones and are easily available for review. Since you may not be able to read all of them at the time of closing, therefore it is better that you review them in advance and then sign them.

Not providing relevant documents to your lender in time

You can prevent unnecessary delays in closing if you submit relevant documents to your lender in time. This may prevent you from paying high interest rates, provided you lock in at low interest rates before closing.

Not obtained a rate lock in writing

It is better if you can get the rate lock in writing from your lender. This written statement includes your interest rate, length of rate lock and other details of the loan program.

Taking cash from your credit line before refinancing the first mortgage

There are borrowers who utilize the cash from a refinance loan for purposes other than home improvement. Lenders generally consider such cases as cash out refinancing and this may require stringent qualifying criteria. In some cases, lenders may also break off the mortgage deal.

Applying for a second mortgage before refinancing the first mortgage

There are cases when borrowers take a second mortgage before refinancing the first loan. In such cases, lenders consider the total amount of the two mortgages while approving the refinance loan. But if you wish to refinance your first loan, just check out if it is possible to refinance while you take a second mortgage.

Refinancing Mortgage Calculators

Basic Mortgage Calculator
Basic Mortgage Calculator
January 2, 2012

Use this calculator to determine your monthly payment and amortization schedule.

Mortgage Loan Calculator (PITI)
Mortgage Loan Calculator (PITI)

Use this calculator to determine your monthly mortgage principal, interest, taxes and insurance payment (PITI) and amortization schedule.

ARM vs. Fixed Rate Mortgage Calculator
ARM vs. Fixed Rate Mortgage Calculator

Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.

Fixed Rate vs. Interest Only Mortgage Calculator
Fixed Rate vs. Interest Only Mortgage Calculator

Use this calculator to compare a fixed-rate mortgage to an interest only mortgage.

Mortgage Comparison Calculator: 15 years vs. 30 years
Mortgage Comparison Calculator: 15 vs. 30 years

Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.

Mortgage Payoff Calculator
Mortgage Payoff Calculator

Save thousands of dollars in interest by increasing your monthly mortgage payment.

Mortgage Points Calculator
Mortgage Points Calculator

Should you buy points? Use this calculator to find out.

Mortgage Refinance Breakeven Calculator
Mortgage Refinance Breakeven Calculator

Should you refinance your mortgage? Use this calculator to determine when you will breakeven!

Refinance Interest Savings Calculator
Refinance Interest Savings Calculator

Use this calculator to see how much interest you can save by refinancing your mortgage!

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