District of Columbia mortgage loans is committed to helping you find the right mortgage product for your needs in Washington. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
This mortgage rate quote form will take approximately 60 seconds to complete. Here's how our service works:
1. Complete our short form below
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Our fast Mortgage application will help you find the perfect lender. It takes only one minute
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
With so many homeowners refinancing lately, there are hundreds
of refinancing questions being asked. One of the most common is
"Should I refinance with my current lender?" The answer is both
yes and no.
Your current lender should be the last lender that you obtain a
quote from, but you should definitely contact them when you are
thinking of refinancing. Get together quotes from other lenders,
and then approach your current lender and ask them to meet, or
even better, beat those quotes.
You can also ask them to waive certain settlement costs and
other fees involved since you are already an established
customer and your lender may have customer retention programs,
but you will need leverage before you do this. That leverage
should come in the form of quotes from your lender’s
competitors.
In fact, your lender may opt to just decrease the interest rate
you are currently paying, thereby allowing you to avoid
settlement costs altogether.
However, there are drawbacks to using your current lender. Your
lender already has your business, once you pay the lock-in fee,
they have your money too. Since they already have your mortgage,
they have no incentive to close the deal in a timely manner.
There are also times when lenders will not quote you the best
rate they have, but will quote you a rate that is lower than
your current rate.
For instance, if you’re at an eight-percent interest rate
currently, your lender may offer you 6.5 percent because it’s
significantly lower than your current rate. Normally, that would
be great, but if rates are at 5.5 percent, your lender isn’t
doing you any favors. That is why it is so important to be
prepared with quotes from other lenders. It lets you know what
rates are available to you, and lets your lender know that
you’re not going into the situation blind.
A wise decision is to treat your current lender as you would any
other lender (see examples at: http://debt-solution.biz ). If
they do not come in with the lowest rate or best service, take
your business elsewhere. While it is nice to do business with a
familiar face, you are not obligated to refinance with them, and
if you can save money by going elsewhere, you should do so.
About the author:
Written by Craig Romero/Mortgage Analyst
Discover how to quickly build a minimum of $40,000 worth of home
equity and pay your mortgage off in 10 years or less without
making biweekly mortgage payments. Visit:
http://debt-solution.biz