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How to pick a lender?

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Regular Contributor

How to pick a lender?

I want to do a refinance... and am wondering how to pick a lender?

I believe that every application requires a Hard Credit Check - so it's not like I can go around filling out applications - and getting to know multiple lenders without my credit taking a hit. 

 

My options:

Prime Lending - did my initial loan - before it was sold to US Bank. botique style - friendly people - smart guys

AmeriFisrt - got a good referral. 

US Bank - current loan holder and servicer. 

 

Aside from Rate -- what do lenders do to differentiate from each other?

 

Looking for a 200K loan, I have pretty good credit profile, making good income, debt is under control, no red flags - other than 1 late payment 12 months ago. 

 

Any advice is appreciated - looking to apply and close within the next 30-60 days at the latest. 

 

My ultimate goal is to get the lowest monthly payment possible. 

525 score as of 9/2015 --- only way to go is up!
2 REPLIES 2
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Valued Contributor

Re: How to pick a lender?

Word of mouth, friends, co-workers, neighbors, a friend who is a Realtor. People who have had a good experience in the last several months.
Message 2 of 3
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Established Member

Re: How to pick a lender?

Contact to many refinance lender in your area and compares

 

  • Which lender offering you highest amount of refinance of existing mortgage
  • Lowest mortgage rate - ARM or Fixed Mortgage
  • Loan time period - 10, 15, 30 Years
  • Customer Satisfaction ratio

These things differentiate lenders from each other. Choose the best refinance mortgage lender which satisfied all your needs.

Message 3 of 3
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