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Is refinancing a loan right for you? Run the numbers and find out for sure. Talk to a financial advisor or visit one of the thousands of resources available on the internet today.

It can take from several days to several weeks to process a loan application. The length of time depends on the mortgage environment, the size of the lender, and many other factors. Be realistic. It may take several weeks for your loan to go through. If your loan is not particularly profitable, expect it to take even longer. Money talks. Make sure your broker knows you will be looking at other options too. This will help to keep thing moving. Make sure your rate lock is long enough to cover any delays that "might" occur (assume that there will be delays).

Fixed rate mortgage loans, in the current interest rate environment (2005) make the most sense, especially if you plan on living in your new home for several years. Rates are almost certain to rise in the near term. Even if they do not rise, an adjustable rate mortage's rate will rise. Most banks set the initial rate low in order to entice new borrowers. However, as soon as they get the chance, they will raise the rate. Right now, 30-year and 15-year fixed-rate loans are very low. It is also unlikely that rates will fall again to a level where refinancing is worth the fees and closing costs.

Become A Mortgage Loan Officer companies, reviews, and further research: