Mortgage - Refinance - Mortgage Refinancing Rates – Mortgage Company - Home Mortgage - Information

What if we said, "Mortgage rates are dropping, we have the lowest mortgage rate available." or....What if we said, "We shop your mortgage portfolio with four companies so you don't have to."

Would you actually believe us?

Well we don't say any of those statements. What we do say is;

We are truly different from all of those other Internet Companies...

1.) We are a real mortgage company, with real people that will work with you on a "one on one" basis -

We are not a "lead" company "selling" your business to the four highest bidder companies.

2.) We represent hundreds of companies and we will "shop" all of them to get you the lowest rate on the best mortgage program for you.

3.) We will review with you your goals, objectives, needs, fears, frustrations etc. before we do anything. Unless we really know you, we cannot begin to help you.

4.) We will treat you with the same concern, courtesy and trustworthiness that we would want to be treated with...we truly live by the "Golden Rule".

5.) When you call, unless we are sick, or on the phone with someone else at the time, a real person, who will be the person who will be working personally with you from now on, will answer the phone, and they will always be the one that will answer the phone in the future.

No more "press one for english, two for spanish from a machine" Real people with a real interest in you assigned to you for "life".

6.) We are hoping for a "lifetime" relationship with you. We hope to become "Your Mortgage Friend For Life" ©

If this is the type of relationship that you are seeking, simply call 1-866-506-1038 to talk immediately with us.

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AZ: AZ license BK #0908860 - CA: CA - Licensed by the Dept of Corporations under the California Finance Lenders Law - GA: Georgia Residential Mortgage Licensee - IL: Illinois Residential Mortgage Licensee - KS: "Kansas Licensed Mortgage Company" - NH: Licensed by the New Hampshire Banking Department - NJ: Licensed by the N.J. Department of Banking & Insurance - OH: Ohio License # MB803412.000 - PA: Licensed by the Pennsylvania Dept. of Banking - TX: Apex Lending is licensed under the laws of the state of Texas and by state law is subject to regulatory oversight by the Texas Department of Savings and Mortgage Lending. Any consumer wishing to file a complaint should complete, sign, and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be downloaded and printed from the department’s web site located at http://www.sml.state.tx.us/ or obtained from the department upon request by mail at the address above, by telephone at its toll-free consumer hotline at 1-877-276-5550, by fax at (512) 475-1360, or by e-mail at smlinfo@sml.state.tx.us. The department maintains the mortgage broker recovery fund to make payments of certain types of judgments against a mortgage broker or loan officer. Not all claims are compensable and a court must order the payment of a claim from the recovery fund before the department may pay a claim. For more information about the recovery fund, please consult Subchapter Fof the Mortgage Broker License Act on the department’s web site referenced above. - VA: Licensed by Virgina State Corporation Commission, license # MLB-1475

We at Apex Lending Inc. believe that education is one of the most powerful tools that anyone can possibly have when making a decision about anything in life. As a result, we wish to share the following information with you about obtaining a mortgage or a mortgage refinancing of your existing mortgage.

Whether you ever work with Apex Lending Inc. in the future or not (we certainly hope that you will!), we hope that this article will be of benefit to you.

Sincerely,

Mortgage Tips and Advice to Lower Your Overall Costs and Expenses on Your Mortgage or Mortgage Refinancing Program

Selecting the Correct Mortgage Calculator to Assist Evaluation of the Best Mortgage or Mortgage Refinancing Deal for Your Particular Needs

By Phillip Gilliam

Unquestionably the single biggest expense that most of us will ever have to pay during our lifetime is our mortgage. What is even more interesting is that many people do not understand the basis of the structure of a mortgage or mortgage refinancing and as a result, quite often they commit themselves to 15, 20, 30 years for a payment that with a little research and effort can quite often reduced considerably. Our mortgage calculator section will also help you with actual particulars of your current situation.

It is funny really that most of us very carefully check our tab at an expensive restaurant but we sign up for 15, 20, 30 years of paying too much on our mortgage of for our mortgage refinancing with no more effort than, “please sign here”. We pull out a calculator to check the price of the meal, but we do not seek out a mortgage calculator to determine the price of our mortgage, or the feasibility of applying for mortgage refinancing of our current mortgage.

Because of this we are going to try and educate you on several terms and principles with which you should be aware. This simple bit of information, as well as some of the other mortgage and mortgage refinancing articles we have on our website can make all of the difference in the world in you paying thousands and thousands of dollars less over the lifetime of your mortgage refinancing or new mortgage. Later in this article we cover some of the many mortgage calculators that we have in our mortgage calculator section of our website.

First let us learn 4 basic terms:

Mortgage rate
Mortgage term
Mortgage closing
Mortgage cost

The mortgage rate is related to the interest rate that you will be paying on your mortgage or mortgage refinancing. Rates can vary all over the board based on how much you are putting down on your home, your credit history and credit score, how much money you earn at your job, the cost of the home that you are purchasing, etc. Go to our mortgage calculator section of this website to determine your actual rate.

Generally, the more you put down on the home the lower your mortgage or mortgage refinancing rate will be. The same is true in variations with all of the other issues that affect the rate on your mortgage refinancing of your existing home or your mortgage on a new home. Our mortgage calculator section will help with the best term for your needs as well.

The mortgage term is how long that you agree to pay on your mortgage or mortgage refinancing. As I indicated earlier, terms go from 10 to 30 years. As I mentioned on the mortgage rate, the mortgage term directly affects your mortgage rate. The longer that you plan to pay on your mortgage or mortgage refinancing, the higher the rate. Thus choosing a shorter term if you can afford the higher monthly payments for your new mortgage or mortgage refinancing of your home will reduce your rate.

By simply selecting the best mortgage calculator for your situation from our mortgage calculator section of this website will allow you to “fine tune” your exact situation and determine which mortgage or mortgage refinancing deal is best for you.

The mortgage closing is the point in time that you have correctly submitted all of the necessary forms, and other bank requirements and that the bank has approved you and as a result, the both of you (or your representatives) get together to execute the actual mortgage or mortgage refinancing documents. The quicker you get everything to your mortgage broker or loan originator, the faster you will get your mortgage or mortgage refinancing done, so make notes when you first apply as to what is needed and get on it as soon as possible.

The mortgage cost involves all of the initial expenses associated with closing on your mortgage or mortgage refinancing of your home. The costs include administrative fees, appraisals, attorney fees, as well as a myriad of other one time expenses due at the closing. You will be receiving a document called a TIL (Truth In Lending) document and a GFE (Good Faith Estimate) before your closing on your new home mortgage or mortgage refinancing deal. If you feel that any of the figures are incorrect, go to our mortgage calculator section and open the mortgage calculator that would apply to the mortgage cost that concerns you most and check the GFE figures.

Most companies are very careful when creating their GFE but it never hurts to check figures with the appropriate mortgage calculator if nothing else to provide you with peace of mind.

Obviously, when you are buying a new home and you are financing the purchase with a mortgage you want the best possible deal that you can obtain. This is also true with your mortgage refinancing of your existing home. Anytime that your existing mortgage company says that they have a lower rate or that they want to help you with mortgage refinancing, if be sure and shop around to see if they are offering the best deal.

A mortgage broker or an independent loan originator is great for this because most of the time they represent multiple mortgage companies from which to shop mortgage rate, mortgage terms etc which will be best for your particular need.

Remember, by law a mortgage broker or independent loan originator is required to be working in your best interest to find you the best term, rates, monthly payments etc. A single mortgage company, with limited products, represented by an employee of their company may not have the very best mortgage or mortgage refinancing deal for you, so shop around.

Also, so that you may be better informed, you should go to our mortgage calculator section of our website and simply fill in the blanks of the individual mortgage calculator with which you are using and determine what your actual financial circumstances are in relationship to whether you should be getting a new mortgage or doing any mortgage refinancing.

We have a mortgage calculator that allows you to consider whether you should rent or own due to your current circumstances. We also have a mortgage calculator to review your mortgage loan prequalification’s’ to see if you can pre-qualify for the mortgage or mortgage refinancing that you require. There is a mortgage calculator to help you determine how much home that you can afford with your present circumstances.

Like I said, check out our mortgage calculator section of our website to see which mortgage calculator (or calculators) is right for you. Everyone mortgage calculator is free so use them to your hearts content.

Some people when they first start looking for a mortgage or for a mortgage refinancing program are immediately drawing to people pushing super low rates. Most times these rates are lower because they are an Adjustable Rate Mortgage (ARM). An ARM whether your are seeking a mortgage refinancing package or a new mortgage is a mortgage that is calculated by the interest rate for that particular month.

This may be perfect for a person who is a first time home buyer or someone who plans to live in their home for a short time but want the advantages of home ownership, but if you do choose to go with an ARM you should check the rates periodically to see if you should switch to a fixed rate mortgage. Over the course of your mortgage or mortgage refinancing term this could save you a considerable amount of money.

While I am on the subject of lower interest rate, with mortgage interest rates floating all over the board, many people think that it is the perfect time to do a mortgage refinancing deal to replace their existing mortgage. Don’t be so quick to jump. Be sure and go to our free mortgage calculator section and use the mortgage calculator entitled “mortgage refinance breakeven”. While lower mortgage rates may sound good, sometimes the mortgage closing cost associated with your mortgage refinancing may make a new mortgage prohibitive. That’s what the free mortgage calculators are for.

In some of my other article on this site or listed on the web (see our site map for other mortgage or mortgage refinancing articles) I cover some really great products that allow you to make bi-weekly mortgage payments as well as other really powerful mortgage software programs that allow you to use your payments on your mortgage as a financial devise to pay off your mortgage early.

You can also pay off your mortgage or your mortgage refinancing loan earlier by simply paying a little extra principle each month or applying your yearly bonus as a lump sum at the end of the year. As always, I caution you to carefully read the documents that you signed at your mortgage refinancing closing as well as your actual mortgage document itself to see exactly how you should submit these extra funds. Your mortgage company may require that you differentiate between the principle, interest and additional payments being made on your check or website mortgage payment.

Let’s suppose that you have just inherited a large sum of money or just won the lottery and you want to pay off your mortgage early. Whatever you do, pull out your closing papers and your actual mortgage and check for any pre-payment cost associated with prepaying your mortgage.

If you initially could only qualify for what is know as a high-risk, high-interest mortgage loan because of credit history, you can almost count on the fact that your mortgage will have a pre-penalty payment clause that can be quite substantial.

This might be another reason before you apply for a mortgage to check out our mortgage calculator that helps you determine whether to rent or to own. Renting for awhile before taking out a mortgage may give you the time to repair your credit sufficiently to not have to purchase a high-risk, high-interest mortgage but can, after your credit repair, qualify for a more reasonably price mortgage with no prepayment penalty clauses.

Another way to help keep your cost down for at least several years of your new mortgage or your mortgage refinancing deal would be for you to do an interest only mortgage. This will make the initial payment considerably lower because the principle that you are not paying during your initial period of “interest only” will be distributed throughout the rest of your mortgage.

Be sure and know that you will be able to pay the new mortgage payment when you finish your interest only period. Circumstances change and not being prepared for this significant increase in your monthly budget can be shocking. I for one have experienced this situation.

Years ago I obtained a great interest only mortgage refinancing deal that was great initially, but when I got to the end of the 5 year term I had incurred schooling expenses for my daughter that was considerably greater than for which I had budgeted. You have a tendency to “forget” about that increasing mortgage rate after a few years (even though my mind was “niggled” from time to time…or maybe that was my wife reminding me!) and was I ever shocked when I received my announcement that my “great” interest only mortgage refinancing deal from five years before was increasing over a $1,000 per month to pay the new payment on my mortgage and my daughter’s school tuition had just increased over a $1,000 per month as well!

What do I say, but live and learn. I just hope that before you take out your new mortgage or do some sort of mortgage refinancing that you remember my sad story and at least rethink doing an interest only mortgage.

If you are one of those people that need to do a new mortgage right away, or your current mortgage is forcing you to consider mortgage refinancing, you should, in my opinion, definitely work with a mortgage company or a mortgage broker that has a “quiver” of many mortgage companies from which to shop your new mortgage or mortgage refinancing deal.

Also, I am not talking about one of the online “mortgage companies” which are actually lead generators that sell your information to the highest bidder.

These “mortgage companies” supposedly have your best interest at heart and are going to “shop the best rate for you” or “put multiple mortgage companies” to work for you. In reality, they collect your information and “shop the best rate” for which they can sell your lead. Shame, shame supposed “mortgage company”.

There are many good mortgage companies from which to choose. Just be sure that they or one of their mortgage brokers or loan originators’ are the actual ones that will write your new mortgage or help you with your mortgage refinancing and that they offer a free mortgage calculator selection to assist you in your choice of the best mortgage or mortgage refinancing deal for you.

Phillip Gilliam

phil@home-mortgage-refinancing-mortgage-company.com