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Tips for Comparing Offers from Multiple Lenders

A direct mortgage lender, AmeriSave offers several mortgage products and has approved billions of dollars in home loans. AmeriSave works with hundreds of investors to raise capital for its loans.

When considering mortgage products, individuals should communicate with multiple lenders to ensure that they find the best deal for their particular circumstances. When reviewing offers, customers must ensure that they compare rates for the same type of mortgage and verify that the rates reflect the current markets. Both mortgage rates and closing costs can change rapidly and significantly, making it imperative that customers compare only offers made on the same day.

The most important points of comparison include the total of all points and the lender fees associated with the mortgage, which, in sum, give the total cost of the mortgage. These amounts are listed as section 800 and 813 on Good Faith Estimate forms. The lender with the lowest total has the best deal for the individual.

Individuals who are considering a refinance should also consider costs associated with title insurance, attorneys, and appraisals. Many of the larger lenders, such as AmeriSave, have partnerships with other organizations for cheaper rates.

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AmeriSave: An Introduction to Mortgage Refinancing

In addition to providing several top-quality home loan products for new homebuyers, leading retail mortgage lender AmeriSave frequently helps clients who wish to refinance their mortgages. For many people, mortgage refinance can significantly lower monthly payments and allow them to manage their finances more effectively. Ideal for individuals and families who wish to stay in their home for an extended time, mortgage refinancing can also help homeowners receive cash from their homes for educational expenses, home improvements, and other large expenditures.

Individuals often refinance their mortgages to consolidate their debt under one loan, which makes it much easier to manage. A mortgage can also consolidate debts such as credit card and auto loans, which typically feature high interest rates, under one low monthly rate. In addition to moving from a fixed-rate mortgage to an adjustable-rate mortgage, mortgage refinancing allows homeowners to repay their loans faster and eliminate private mortgage insurance.