For those of you who are refinancing for the first time or for the third time, be sure to shop around so you can find the best interest rate. Generally, homeowners will refinance with the original lender and this is done out of convenience with no thought that there might be a better rate somewhere else.
This way of thinking could cost you money if you don’t want to do the work required to search for a better interest rate. A few phone calls should at least be made to check other lenders. Quotes from a couple lenders will better show you how the companies are different from each other.
There are smaller lenders who might have the best offer but if they are not well established, then use caution. Ask around to friends and family member to find out if anyone has used them before. When calling around for deals, let them know you are shopping around for the best deal. A little competition can create a deal that you just can’t turn down. Although a history with one lender may just keep you with him if you like how they do business.
