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If you watch a lot of television, then you have probably seen a number of adds  with mortgage companies touting a home refinance with no closing costs. The real question is what type of mortgage rates do you get with these types of  home loans. Trying to find low mortgage rates can be challenging unless you approach is smart and shop around with legitimate companies. You may find that trying to find low rates plus zero closing fees is a bit unrealistic, unless you have a million dollar loan. Another question you should ask is does it even make sense to take a zero cost closing loan if you have to settle for a higher interest rate? Well a good lender would help you with the math and the good news is that almost every lender can find a way to do a zero cost refinance mortgage if you are a normal borrower. The important thing is to make sure that if you refinance you really are saving money if you choose a zero cost loan.

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If you have a jumbo loan and think you may need to refinance then there is some good news the market for jombo loans is improving.  There are hundreds of  thousands of  mortgage lenders to choose from but finding a good deal on a jumbo loan has certailnly been a challenge but there is some certainty returning to the credit industry. If you are going to explore a mortgage make sure you write down your goals The next step is to interview a few mortgage lenders to find out if they offer programs that meet your goals and if you qualify. Shopping for a mortgage for a second home or investment property may change the loan terms that a lender is able to offer you, so make sure you disclose the property type and loan purpose up front so you avoid any last minute surprises. Not all lenders will use the same criteria for underwriting your mortgage. All lenders will look at your credit history, the property loan to value, your debt to income ratios, assets, etc. However, not all lenders will give equal weight as to how they qualify you for underwriting. This is why it is very critical to obtain more than one mortgage
quote. The larger your loan size, the more flexibility most lenders will offer you. This is a real simple explanation. the larger your loan is, the more money it makes for a lender and they generally will try to work with you to either offer a better deal or be more flexible with you situation. The most important  lesson I learned is that if you want to get the best deal on a new mortgage, then you definitively need to compare mortgage rates from more than one lender. I ended up choosing a lender that offered a competitive rate and reasonable closing costs, the
entire process took less than one month.

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