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How to Comparison Shop Interest Rates When Refinancing Your Mortgage

By Louie Latour

If you are in the process of refinancing your mortgage comparison shopping can save you thousands of dollars if you go about it the right way. Most homeowners don’t realize that mortgage refinancing is very similar to buying a used car; if you find out the blue book value of the car before going to the dealer, you’ll be in a much better place to negotiate. The same is true with mortgage rates. When you find out the current interest rate you can negotiate for a wholesale mortgage rate. Here are several tips to help you negotiate for a wholesale interest rate when refinancing.

The problem with comparison shopping mortgage rates online is that most of the big sites you find online that aggregate mortgage rate data are simply not trustworthy. This data is frequently manipulated by advertising and these sites have recently been targeted by a number of “bait-and-switch� lawsuits. If the big data aggregators cannot be trusted, where can you get reliable data on current mortgage rates?

Fannie Mae and Freddie Mac are two quasi-government organizations that regulate the mortgage industry in the United States. You can get an idea of where wholesale mortgage rates are by checking the weekly yield published on these websites. The weekly yield can be found under news releases and is published weekly. It is important to note that the data published on these sites is a week old.

Fannie Mae will give you a good idea of what wholesale mortgage rates are doing; however, to find out where retail mortgage rates are, you need to visit a site like HSH.com. The data published on this site comes directly from a survey of over two thousand lenders and is not influenced by advertisers. Once you know where wholesale rates have been and what retail mortgage rates are doing, you’ll have enough information to recognize “teaser� and “bait-and-switch� loan offers. You can learn more about refinancing your mortgage with an actual wholesale interest rate with a free mortgage toolkit.

To get your FREE Mortgage Refinancing Video Toolkit, visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this "Mortgage Refinancing Toolkit," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.

Get your free mortgage refinancing tutorial today at: http://www.refiadvisor.com

Interest Only Refinancing

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