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Mortgage Companies Serving up Some Variety

by Gil  Mackey
Mortgage Directory Columnist

Before you refinance, compare rates. It's up to you to make sure you get the best possible deal on your mortgage refinance. Check with several mortgage companies and compare mortgage rates if you're interested in saving money on your refinance.

Mortgage Rate Competition

Mortgage companies today have been forced into pretty stiff competition with each other and many will work hard to offer you the best deal they can--especially if they know you're shopping around and comparing mortgage rates. To give you an example of the range you could be dealing with, here are rates on a 30-year 5/1 hybrid adjustable-rate mortgage with 5% down from three separate lenders on the same day:
  • Connecticut lender: 5.875%
  • Georgia lender: 6.125%
  • Florida lender: 7.75%
On a 30-year fixed-rate mortgage with a 20% down payment there's still a range of rates:
  • Massachusetts lender: 7.25%
  • Maryland lender: 6.25%
  • Minnesota lender: 6.625%
While this comparison is made at a very wide geographic level, you could still see similar variety in mortgage rates in your market. This is why shopping around with several mortgage companies is so critical.


As with any other major purchase, such as buying a car or when you first bought your home, remember to negotiate. Mortgage companies may be willing to lower their rate or fees if you ask--but if you don't ask, you don't get!

Compare Your Refinance at All Levels

One last note: as you shop for your mortgage refinance, make sure you're making an accurate comparison. For example, one lender may offer a lower rate, but require that you pay points. Compare the type of mortgage refinance, term, closing costs, rates, and APR. Check with four or five mortgage companies and you should be able to get an accurate sampling of what's available to you. Source: HSH

About the Author
Gil Mackey has been a writer and artist for the past twenty years. In addition to freelance writing, he writes for his local paper, and lives with his two children in Nevada.

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