When going to refinance or get a mortgage loan quote, the internet can be a useful tool to shop around for the best interest rate.  The reason the internet is a good place to start applying, is because most mortgage applications online do not typically pull your credit with the first application.  Most of the time, the application will ask you to describe your credit.  Once you have received an initial offer, then, the mortgage loan consultant who contacts you will ask you if they can pull your credit. 

The point is, there is really no risk in applying to many different mortgage companies or lenders online.  This can help you compare refinance quotes from multiple lenders. 

There are quite a few mortgage service companies out there that will submit your pre-approval application to hundreds of lenders and then forward you the 4 best mortgage loan refinance quotes.  If you do this pre-approval process with about 3-4 companies, in less than 24 hours, you could have mortgage refinance quotes from about 12-16 lenders.  Imagine how comfortable you would feel knowing what all of your refinance options are.  If you had over 10 mortgage loan offers, you would not make the mistake of settling for a refinance loan that is not the best you can get. 

When refinancing, you absolutely want to make sure of a few things before you settle on an offer:

1.  Make sure absolutely that you are getting the lowest mortgage rate possible for your credit score and other qualifications.  With mortgage rates slowly on the rise, you want to make sure that you are not getting a mortgage loan any higher than you need.  If you go direct through the lender and not using a broker middleman, sometimes that can help you get a lower interest rate.

2.  Find out what your closing costs are going to be.  You may be going back and forth with different lenders to get the lowest interest rate and then get dinged at the closing table with huge closing costs.  Ask each lender that makes you an offer to give you an estimate on what the closing costs are going to be.

3.  Make sure the terms of the financing are what you want.  If you want to have a variable interest rate, then get one.  If you are more comfortable with a 5 year fixed rate, then make sure that you don't get talked into settling for something less.  You can't refinance as often as you want, so you want to make sure you do it right, because once your done, you are locked in.

Take advantage of all of the mortgage opportunities online and apply to many different mortgage companies that will give you multiple offers, to make sure you can compare the lenders and get all of the best terms and rates you can get for your qualifications.

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