What is My Mortgage Rate?

My Mortgage Rate is an online marketplace where you can search for local mortgage lenders in your area, look over their current interest rate offers, study their reviews, and get in touch with said lender or bank to get an official quote or start on the refinance/purchase process.

What is the process of getting in touch with lenders?

Once you have selected a lender that you like from our comparison list, you can accept to get in touch with the lender. From there, you will fill out your contact information, and that information will get sent to the mortgage company for them to contact you. You will quickly get a call or message from that lender to answer any questions you have or to begin the refinance process.

What is a mortgage interest rate?

Simply put, it is the price you pay to borrow money. So when you get a mortgage, you agree to pay back the amount you borrowed, plus a certain of the loan amount in interest. Interest rates are always changing based on the current market situation, so it is smart to often check back on our site to see what lenders are currently offering in your area.

What is the best way to find the lowest interest rate?

The easiest way to find the lowest possible interest rate for your mortgage is to search through our list of lenders and their current offers on our comparison page. You will first go to our website home page, select which option best helps you (refinance, cashout, or purchase), and from there you can see what lenders are offering the lowest rate. You can get in touch with multiple different lenders to get multiple quotes to find the best suited option for you.

How do I get approved for a new mortgage?

When applying for a new mortgage, there are parameters that a mortgage company will have to cover to get you approved for a loan. They will often want to review your ID, income documents, credit reports, proof of residency, etc. When you select a mortgage company from our comparison page, they will give you a list of documents to get to them, and will take care of the rest.

What are the benefits of refinancing my mortgage?

A refinance is simply a restructuring of your loan. If you can restructure your loan to benefit your financial situation, typically it is a good option. If there are lower interest rates than you currently have, your payment will lower once completing a refinance. Another benefit could be to restructure your loan. If you have a 30 year loan term and you can drop it to a 20 or a 15 year loan term, this will allow you to pay off your home faster, and pay far less interest than you would pay in a 30 year loan. Lastly, if you are needing home repairs or to consolidate some debt with your equity, this will help lower your total monthly obligations, and free up more cash each month.

What’s the difference between a HELOC and a Cash Out Refinance, and which will suit me better?

A Home Equity Line of Credit, or HELOC, is a form of credit that you can draw from that is secured by your home. These will show as a second mortgage on your credit report, but allows you to access the money when you need it. These typically have very little costs to start, but often do have higher interest rates than a traditional cash out refinance.

A cash out refinance is a regular refinance, where you rewrite the parameters of your mortgage, with a new interest rate and loan term, but where, depending on your appraised value, you can elect to raise the loan amount, giving you cash in hand. This type of cash out refinance allows you to avoid getting a second mortgage on your credit, and typically has lower interest rates than HELOCs do. Each have their own pros and cons, but never hurts to get a quote on each to see what best suits you.