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Mortgage and Home Equity Loans

From mortgage loans to home equity loans, Columbia Bank has all of the pieces necessary to help you live the American Dream of home ownership. Our simple online application makes it easier than ever to apply online for the mortgage or home equity loan you need to finance your dream home.

Refinancing home mortgage

Refinancing home mortgage

Refinancing home mortgage

Home Mortgage Loans

Refinancing home mortgage

Looking for a fixed-rate or adjustable-rate mortgage? Maybe a construction/permanent mortgage loan to build your dream house. No matter what your individual requirements are for purchases or refinances, you can count on Columbia Bank for home financing that s right for you.

  • Various fixed-rate and adjustable-rate terms available
  • Interest Rate Lock-In for up to 75 days for purchases or refinances
  • Pre-approval Certificate Program to assist you in shopping for your dream home
  • Owner-occupied 1-4 family dwellings or FNMA/FHLMC approved condominiums located in the State of New Jersey
  • Fixed rate Bi-Weekly payment options for certain terms result in less interest paid over the life of the loan. This option is currently not available online. Please contact a customer service representative at 1-800-522-4167 for details.
  • Save thousands of dollars in closing costs with our $475 Low Fee Home Purchase Program
  • Learn more about our $0 Refinance Program
  • Learn more about our Affordable Home Mortgage Program
  • Apply Online or Check the Status of Your Application!

Refinancing

With an easy online application and no expensive fees, Columbia Bank s refinance program will save you money every step of the way. Our program eliminates the most expensive refinancing fees such as the appraisal fee, title fee, and many more allowing you to refinance your single-family home for much less. Contact a Columbia Bank representative or apply online for our incredible refinancing program today.

Refinancing home mortgage

Home Equity Loans Refinancing home mortgage

Put that hard-earned equity you ve built up in your home to work for the things you want now. Available as a variable-rate line of credit or an installment loan at a fixed rate, home equity loans from Columbia Bank can help you fund home improvements, major purchases, and more. Home Equity Advance is our variable-rate line of credit account that allows you to write yourself a loan during the draw period when unexpected expenses come up. Our Home Equity Consumer Loan will provide you with the exact amount of money you need now.

  • A tool for refinancing your current home loans and/or to access the equity in your home
  • No complicated closing costs
  • Home Equity Advance line of credit available to draw from your equity when you need it
  • Apply Online or Check the Status of Your Application!

Columbia Bank has never been involved with subprime lending. We pride ourselves in offering an array of products to deliver sound loans under flexible programs to qualified individuals.

Columbia Bank is registered with the National Mortgage Licensing System and Registry as required by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Safe Act).


Mortgage Refinancing Options, Citizens Bank, refinancing mortgage rates.#Refinancing #mortgage #rates


Mortgage Refinancing

Explore options for refinancing your loan.

If you re looking to lower your interest rate or shorten your loan term, refinancing your home loan may help you get into a better financial position for your changing life circumstances.

Another way to lower your interest rate.

If you’re refinancing and have a Citizens checking account you could save even more.

Fixed-Rate Mortgage Details

When you refinance into a fixed-rate mortgage, your interest and principal payments won’t change for the life of the loan. Fixed-rate mortgages offer more stability in monthly payments than an ARM. To estimate your rate, use our Custom Rate Quote tool.

*Rates listed above are for conforming refinance loans, are effective as of

#ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Rates include a 0.125 percentage point reduction which requires a Citizens Bank consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

Adjustable-Rate Mortgage (ARM)

When refinancing your home, our adjustable-rate mortgage (ARM) is ideal if you plan to stay in your home for a shorter period of time or have a higher tolerance for rate variability. ARMs generally offer initial interest rates that are lower than most fixed-rate mortgages. The initial interest rate on an ARM starts out fixed for a set number of years, then becomes variable. After that, the rate or payment will go up or down each year as the market index changes. To estimate your refinance rate. Use our Custom Rate Quote tool.

*Rates listed above are for conforming refinance loans, are effective as of

#ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Adjustable rate mortgages (ARMs) have interest rates that are subject to increase after loan closing. Rates include a 0.125 percentage point reduction which requires a Citizens Bank consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

Jumbo Mortgage

A jumbo mortgage is required if you need to borrow an amount that exceeds the conforming loan limits. The current limit for a single-family home in the U.S. is $424,100 in most places. To estimate your rate, use our Custom Rate Quote tool.

*Rates listed above are for portfolio jumbo refinance loans, are effective as of

#ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Adjustable rate mortgages (ARMs) have interest rates that are subject to increase after loan closing. Rates include a 0.125 percentage point reduction which requires a Citizens Bank consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

10-Year First Lien Position Home Equity Loan

You may qualify for an even lower home equity rate with a First Lien Position Home Equity Loan. This product is for borrowers with no other mortgages or liens on the property, or who intend to pay off an existing first mortgage with a new home equity loan. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_OTHER#

  • Typically no closing costs
  • Close in about 30 to 45 days
  • Interest may be tax deductible; consult your tax advisor
  • Minimum loan amount of $50,000
  • Save 0.25 percentage points off your home equity interest rate with a Citizens Bank checking account **
  • Maximum loan-to-value (LTV) of 80%

Rates listed above include all discounts and are effective as of #ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and are subject to change at any time. For important additional information including how to obtain these rates, see full disclosures below**.

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Citizens Bank is a brand name of Citizens Bank, N.A. (NMLS ID# 433960) and Citizens Bank of Pennsylvania (NMLS ID# 522615).

Citizens Bank corporate headquarters: One Citizens Plaza, Providence, RI 02903 Refinancing mortgage ratesRefinancing mortgage rates

Mortgages are offered and originated by Citizens Bank, N.A. All loans are subject to approval.

** First Lien Position : The following rates are our best rates for a 10-year term. As of #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_date# , #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_OTHER# APR is available for qualifying properties in CT, DE, MA, MI, NH, NJ, OH, PA, RI and VT ( #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_NY# APR in NY) with a loan-to-value (LTV) of 80% or less for loans of $50,000 or more with auto-deduction from Citizens Bank consumer checking account and a 10-year term. An equity loan of $50,000 with a 10-year term at #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_NY# APR results in 120 monthly payments of #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_REPAYMENT# . Payment examples do not include escrow for property related taxes and insurance that must be paid separately. Single family residence, condo, 2- to 4-unit multi-family homes, and primary/secondary vacation homes held in first lien position only. First lien position home equity loans are only available to customers who do not have an existing mortgage or equity loan on the property or are planning to pay off an existing mortgage or equity loan with this new loan. First lien position home equity loans are only available for a 10-year term. All Annual Percentage Rates (APRs) assume payment by auto-deduction from Citizens Bank consumer checking account. Rate and terms may change at any time. Offer subject to change without notice. Not available for homes currently for sale. Homes previously listed for sale must be off the market for at least ninety days prior to application. Property cannot be an investment property, co-op, mobile home or manufactured housing (mobile homes – including those on own land, on permanent foundation, and including single and double wide). Property insurance required. Flood insurance may be required. All accounts and services subject to individual approval. Consult your tax advisor regarding deductibility of interest.


Mortgage Refinancing Costs: Home Appraisal, Inspection, Loan Origination – Points, mortgage refinancing calculator.#Mortgage #refinancing #calculator


The Cost of Refinancing a Mortgage

The cost to refinance a mortgage can vary according to the interest rate, credit score, lender and loan amount. Homeowners who can make lenders compete for their business are more likely to obtain a better mortgage refinance deal.

The closing costs of a home refinance generally include credit fees, appraisal fees, points (which is an optional expense to lower the interest rate over the life of the loan), insurance and taxes, escrow and title fees, and lender fees. If there is enough equity in the property at the time of refinancing, the owner may choose to finance their closing costs and fees by adding them to their current mortgage balance they may also choose to cash out some of their saved equity. If the buyer prefers to lower the loan balance, cash may also be used to cover expenses at closing.

Homeowners with a no-cost mortgage can avoid additional fees to their current mortgage balance, or having to pay closing costs in cash, by simply taking a higher interest rate. All one-time closing costs on a mortgage (excluding insurance, interest, and taxes) can be covered by the mortgage originator, which utilizes their rebate from the lending institution who funds the mortgage.

Here is a rate table highlighting current refi rates in your area.

Escrow and Title Fees

The escrow and title fees will include both the lender and the owner policy of title insurance, as well as the escrow fee itself. The title insurance will protect not only the owner, but also the lender by insuring a clear title, and also that the people with a legal right to convey title to the property are the people who will actually do so. In some cases, the policy also protects against an occurrence of forgery or fraud.

Most homeowners who refinance have already paid for a policy of title insurance during the initial property purchase, and do not want to pay for it a second time. Also keep in mind that lenders as well as owners are insured. The new mortgage created during the refinancing process brings about the need for a new policy. Many title companies can offer a substantial reduction in both the escrow fees and title policies to borrowers needing to refinance.

Escrow fees are service fees that are charged by the title company for assuming the role of an independent third party, insuring that those involved in the transaction perform as agreed, as well as facilitating the transaction itself.

Other title costs include the miscellaneous drawing, express mail, and courier fees, as well as the recording fee, the county recorder office’s fee to record the deed of trust, mortgage document notarization fees, and the notary’s fee.

Mortgage refinancing calculator

Lending Fees

Flat fees charged by the lender to fund and process a mortgage are known by a variety of names, and in general, can be categorized all together and commonly referred to as garbage fees.” These fees include processing, underwriting, document preparation, as well as administrative and funding fees. Tax service fees, wire, and flood certifications are all additional lending fees. Nearly all lenders charge these fees, and homeowners can expect to pay between $650-$850 to cover them all.

Points

In general, points fall into two categories: discount fees, and origination fees. Discount fees are actually prepaid interest that a homeowner elects to pay up front, and is used to buy down the mortgage interest rate. Origination fees are also used to buy the rate down, but are mainly used to compensate a mortgage originator during the transaction, and avoid them having to accept a higher interest rate where the lending institution funding the mortgage compensates the mortgage originator. One point is the equivalent of 1% of the entire mortgage amount.

Appraisal Fees

Fees that the appraiser charges to inspect a property will depend on whether the property will be an investment property, what type of property it is, and if it will be owner-occupied (meaning the homeowner plans to live there). Typically, the fee for a standard, owner occupied single family condominium, townhouse, or tract home, is between $300-$400. Investment properties normally require a completed operating income statement and a rental survey to be completed along with the appraisal, and may add an additional $200-$300 to the appraisal fees.

Credit Fees

The fees to review a homeowner’s credit report obtained from any of the three credit bureaus can range from $25 to $65 per married couple or per person. If any of the reports are inaccurate, costs to correct such errors could generate higher fees from the credit bureaus, but having an accurate credit report will help homeowners get a better interest rate.

Insurance Fees

A homeowner’s insurance policy should be current at the close of the new mortgage. The standard coverage required by the lender is simply replacement cost coverage. Many lenders require a homeowner’s policy to be effective for a period no less than four months after the new mortgage’s first payment date. Owner’s may also want to check with their insurance carriers, to insure that an incremental vs. annual payment, will be acceptable. Otherwise, they may have to pay up front for another 12 months.

For properties located in geological hazard zones, the lender will ask that homeowners have policies to cover such hazards, along with flood insurance. FEMA establishes each geological hazard zone, therefore, appraisers can easily determine whether the property is located in one of these zones by simply referring to FEMA’s most current geological hazard map.

Taxes

Most counties request the payment of property taxes on an annual or semiannual basis, and the lender will require that all outstanding or delinquent property taxes be paid at the mortgage closing. Borrowers who are refinancing during the time the property taxes are due but not yet delinquent may be required, prior to closing, to pay the installment in escrow. During this time frame, the property taxes are considered a valid lien on the mortgage property.

For homeowners, it is important to remember that if they fall within the aforementioned time frame, they should not attempt to pay their property taxes outside of escrow. Doing so can delay the county in listing the property tax payment as received. The homeowner is then left to pay their taxes twice in escrow, because their title company was unable to verify the first payment was received and recorded by the county. The extra payment would be refunded to the homeowner, but such a hassle is easily avoidable.

Run The Numbers

Mortgage refinancing calculatorOur home refinance calculator shows how much you can save locking in lower rates. Mortgage refinancing calculator


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Mortgage Calculator

Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it’s important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

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Top 10 mortgage tips for 2016

Thinking about buying a house? These tips will help you find the best mortgage for you.

Helpful Calculators & Tools

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About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

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Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.


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Mortgage refinancing rates

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Mortgage Calculators: Amortization Tables, Accelerated Payments, Biweekly Payments, mortgage refinancing calculator.#Mortgage #refinancing #calculator


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Mortgage refinancing calculator

Mortgage refinancing calculator

Mortgage refinancing calculator

Mortgage refinancing calculator

Lets you determine monthly mortgage payments and see complete amortization tables.

Mortgage refinancing calculatorHow Advantageous Are Extra Payments?

By making additional monthly payments you will be able to repay your loan much more quickly. Find out how your monthly, yearly, or one-time pre-payments influence the loan term and the interest paid over the life of loan. Make additional 1/12 of monthly payments (a popular ‘do-it-yourself’ biweekly) or an additional monthly payment once a year.

Mortgage refinancing calculatorSimple Option ARM Calculator

Computes minimum, interest-only and fully amortizing 30-, 15- and 40-year payments.

Mortgage refinancing calculatorAdvanced Option ARM Calculator with Minimum Payment Change Cap

Allows you to create a complete option ARM loan amortization table (with standard and neg-am recasts, automatically estimated possible future index changes, various fixed payment periods, interest rate rounding to the nearest 1/8 of one percentage, and more). See what happens if you always select the minimum payment option.

< Please see: Using Pay Option ARM Calculator

Mortgage refinancing calculatorWhich ARM Index Is Better?

Mortgage refinancing calculatorMortgage Pre-Qualifier

Mortgage Pre-Qualifier will determine the income required to qualify for the particular loan using the specified qualifying ratios.

Mortgage refinancing calculatorHow Much Can You Borrow?

The calculator lets you see how various changes to your income, liabilities, and mortgage terms affect the loan amount you can borrow.

Mortgage refinancing calculatorBlended Rate Calculator

Calculates a first and second mortgage blended rate.

Mortgage refinancing calculator‘True bi-weekly’ payment calculator

Prints yearly amortization tables. With bi-weekly payments, you pay half of the monthly mortgage payment every 2 weeks, rather than the full balance once a month. This is comparable to 13 monthly payments a year, which can result in faster payoff and lower overall interest costs.

Mortgage refinancing calculatorAnother ‘true bi-weekly’ payment calculator

Builds complete bi-weekly amortization tables.

Mortgage refinancing calculatorTrue bi-weekly vs standard bi-weekly

Shows how much you will save if you calculate interest for two-week intervals and apply the bi-weekly payments less the interest to reduce principal every two weeks, instead of having your money withdrawn from your bank account every two weeks by your lender and making a full mortgage payment once a month plus one additional payment once a year out of a special account, managed by the lender. Complete amortization tables are available.

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12 ways to get the lowest mortgage refinance rates, mortgage refinancing rates.#Mortgage #refinancing #rates


12 ways to get the lowest mortgage refinance rates

If you’re considering refinancing your mortgage, you are likely eager to find the lowest mortgage refinance rates.

But before you start shopping around for the lowest rates, experts say you should establish your objectives and prepare your finances to improve your chances of qualifying for the lowest interest rate.

First, figure out the best loan product to meet your financial goals, and then you can start looking for the most competitive mortgage rates, says Michael Jablonski, executive vice president and retail production manager for BB T Mortgage in Wilson, North Carolina.

Here are 12 steps that will help lock in the lowest refinance rate possible:

No.1: Raise your credit score

“Typically, a credit score of 740 or higher puts borrowers in the best tier for a conventional loan program,” says Michael Smith, first vice president business development manager for mortgage lending for California Bank and Trust in San Diego.

Most lenders require a minimum credit score of 620 to 640, but you’ll pay a higher mortgage rate for conventional loans unless your score is 740 or above. However, some portfolio lenders set their own guidelines.

No. 2: Lower your debt

Paying bills on time and paying down your credit card balance can reduce your debt-to-income ratio, or DTI, which improves your chances of qualifying for a low mortgage rate, says Jablonski.

A good rule of thumb is to make sure your debt-to-income ratio is no more than 36 percent, and even lower is better.

“Don’t buy a new car, make other major purchases or fill out multiple credit applications before you refinance, because all of those actions can hurt your credit profile,” says Smith.

Even if you have a high credit score, you may be denied a refinance altogether or subjected to higher interest rates if your DTI ratio is too high, says Jablonski.

No. 3: Increase your home equity

Remember that your credit scores and the loan-to-value ratio of your property could have a much bigger impact on your refinance rate than a slight shift in average mortgage rates, says Malcolm Hollensteiner, director of retail lending sales for TD Bank in Vienna, Virginia.

“Both a lower-than-average credit score and a high loan-to-value can lead to a more expensive interest rate,” he says.

If you are underwater on your mortgage, a Home Affordable Refinance Program (HARP) loan may be your best option.

No. 4: Organize your financial documentation

You should get your credit reports from all three bureaus to make sure there are no mistakes that need correcting before you apply for a refinance, says Smith.

A refinance application typically requires two years of tax returns with W2s, two recent pay stubs, and your two most recent bank and investment statements.

“Gathering these materials ahead of time can expedite the loan process and prevent you from paying extra for an extension of your rate lock,” says Smith.

No. 5: Save cash for closing costs

Closing costs average about 2 percent of the loan amount.

“You can pay cash for the closing costs or, if you have enough equity, you can roll these costs into your new loan,” says Hollensteiner. “Another option that some lenders offer is to pay a higher interest rate for a lender credit to cover those costs.”

Shop smart for your refinance

Once your preparations are complete, you can begin to shop around for the refinance that works best for you.

No. 6: Start online

Deborah Ames Naylor, executive vice president of Pentagon Federal Credit Union in Alexandria, Virginia, recommends starting online with a refinance calculator that estimates your monthly payments at various loan terms.

“A shorter term loan will have a lower interest rate than a 30-year fixed-rate loan, but the payment will be higher because you’re paying it off faster,” says Naylor. “It’s important to decide what payment you’re comfortable making before you see a lender, because that payment could be much less than the payment you qualify for.”

No. 7: Decide on a loan term

Barry Habib, founder and CEO of MBS Highway in New York City, says the loan term you choose needs to be made in the context of your other financial obligations and plans.

“If you have $30,000 in credit card debt and no savings for college, you may want to go for a 30-year loan to keep the payments as low as possible,” says Habib. “Someone else may want a shorter term to build equity faster while another borrower might want a longer loan so they can keep their tax deduction as long as possible.”

No. 8: Talk to multiple lenders

Once you ve decided on your loan term ,it s time to research loan products available from a credit union, a regional or community bank, a direct lender and a national bank to find out what special programs they offer, says Naylor.

“Many lenders offer ‘portfolio loans,’ ones they keep in-house instead of selling on the secondary market,” she says. “They can be more flexible with those loans and offer special promotions.”

Instead of choosing a lender solely based on current mortgage rates, Russ Anderson, senior vice president and a centralized sales executive with Bank of America in Los Angeles, says you need to find a lender you can trust. “People get too wrapped up in the rate rather than finding someone who will communicate with them,” he says. “You need to find someone you trust, who will be engaged in your family’s financial situation.”

No. 9: Review all your loan options

Lenders can discuss various loan products when you interview them.

“There’s a broad product mix of conventional financing, government-backed programs like FHA loans and special refinancing programs through the Making Home Affordable program,” says Anderson. “A good lender can present the pros and cons of each of these programs in the context of your individual finances.”

No. 10: Decide how you will finance your refinance

You ll also need to decide how to pay for your refinance. Closing costs and lender fees can be paid at closing, wrapped into your loan balance or you can opt for a “no-cost” refinance.

“A no-cost refinance means that your lender will pay the fees and you’ll pay a slightly higher interest rate of one-eighth to one-fourth percent,” says Habib.

HSH.com’s Tri-Refi refinance calculator can help you decide the best way to finance your refinance. Here’s how:

HSH.com s Refinance Calculator

No. 11: Compare mortgage rates and fees

Advertised mortgage rates are sometimes based on paying points, so you need to make sure you compare loans with zero points or the same number of points.

“It’s important to shop for the same loan on the same day to get a true comparison of mortgage rates, because mortgage rates change every day,” says Smith. “You need to explain to each loan officer all the criteria for your refinance, not just ask ‘what’s today’s rate on a $200,000 loan?’ You should also ask about loan processing times.”

Shopping by APR can be confusing, since different lender fees and policies can affect the outcome. It is possible for two loans to have identical rates and fees and different APRs. Conversely, two loans could have the same APR but different interest rates. Because of this, it is usually better for you to focus instead on the two most important components of APR: interest rate and fees.

The most important component of your refinance will generally be the interest rate, so you’ll of course want to pay attention to that. Fees and closing costs matter, but whether you want or need to pay them will depend upon your situation. There are times when paying costs to obtain the lowest mortgage refinance rates can make sense and times when it does not.

No. 12: Know when to lock-in your rate

Once you ve finalized your loan decision you should consult your lender about when to lock-in your rate.

“Processing times for different lenders can range from 30 to 45 days to more than 90 days,” says Smith. “Typically, lenders will do a 30- or 45-day rate lock, so you should be consulting with your lender to determine the appropriate day to lock your loan. If you have to extend the lock or re-lock your loan, that will likely cost you more money.”

While shopping around for a refinance may take a little longer than refinancing with your current lender, the rewards can last as long as your loan.


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    Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

    To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

    1 At the end of 84 months the interest rate and monthly payment for the 7/1 ARM adjusts. At adjustment the new mortgage rate will be the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the London market (LIBOR) as published in The Wall Street Journal, plus a margin of 2.25% subject to annual and lifetime adjustment caps.

    2 At the end of 60 months the interest rate and monthly payment for the 5/1 ARM adjusts. At adjustment the new mortgage rate will be the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the London market (LIBOR) as published in The Wall Street Journal, plus a margin of 2.25% subject to annual and lifetime adjustment caps.

    3 SoFi’s interest-only loan is a 30-year, 5/1 ARM loan. During the first 10 interest-only years, the minimum monthly payment required is the interest on the loan. Paying the minimum payment during the interest-only period will not reduce the principal loan balance. At the end of the 10 interest-only years, the minimum payment required will increase, even if the interest rate does not change, to include both interest and principal payments.

    4 Rates shown are based on top tier and 80% loan-to-value (LTV).

    5 APR calculations exclude any third party fees and per diem interest.

    Lowest rates are based on the top tier for well qualified borrowers with discount points for 30-Year Fixed, discount points for 15-Year Fixed, discount points for 7/1 ARM and discount points for 5/1 ARM Interest Only. Not all applicants will qualify for the top tier. The lowest rates are based on 80% LTV (75% LTV for 5/1 ARM Interest Only) for a purchase transaction of an owner occupied single family residence. Rates are subject to change and may not be available at the time of lock or loan commitment. APR for adjustable rate mortgages are subject to increase after fixed rate period and does not include 3rd party costs or prepaid interest.


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    Our goal at All Financial Services, LLC is to educate our clients about the mortgage products available today whether you are looking to BUY or are looking to Refinance your current Mortgage. We are also a leading provider of Reverse Mortgages in the states of Maryland, Pennsylvania, District of Columbia, and New Jersey, Florida, and California. Our staff has over 61 years of combined experience in the mortgage and financial industry. Our experience knowledge allows us to assist our clients to select a mortgage program best suited for them. All Financial Services, LLC has been in business since 1999 and we look forward to working with you and your family to service your mortgage and financial needs.

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