Refinancing Your Home With An Online Lender Referral

Refinancing Your Home With An Online Lender Referral

In search of a website that covers the regional markets for comparative mortgage quotes? Search for the keywords for your market and you are likely to come up with a list of Internet sites that offer some experience outside of your market but can help redirect your query to a local market specialist. These site are often paid a fee for their re-direction and manufacture of a lead. While it can be confusing to someone obtaining a home loan to deal with different offices, it is a part of the process of qualifying for the loan.
When you are purchasing a home, you deal with a real estate agent, who helps you walk through the process of selecting a property and making offers and counter offers. The real estate agent often works under a real estate broker, who manages an office of real estate agents. The paperwork for the title is often handled by a title and escrow office. The title agent insures that your home has no clouds on title and is owned by you, that no other person or entity has a superior claim. This allows you to have clear title.

When you purchase a property with a mortgage, the lender is putting a claim on your property. The loan must be paid off before there can be a clean transfer of title to the new buyer. An escrow agent handles the money that is being transfered between the buyer and seller and their respective banks. Otherwise its a big mess and nobody would be willing to trust the other parties. Escrow ensures the funds will placed where and when they should be. Often your close on the sale of a home will occur at the title and escrow office.

While these are sometimes the same place, however occasionally the escrow and title paperwork are handled by different offices. After the close of your home sale or purchase, the loan is often packaged with other loans and sold to an institutional investor like a bank or other financial institution. While this may seem confusing, it is normal for a loan to not be serviced by the original lender. While the qualification requirements seem stringent, they protect you and the lender from possible default. At least that is the idea.

Having an additional recommendation for refinancing your existing mortgage from a large market may mean more in the long run than just relying on your local loan officers. Loan officers can act as placeholders in the chain of events and actions that must be followed to ensure continuation of financial stability. Mortgages can be confusing, but knowing how the process of obtaining a loan works can help homeowners be responsible in their financial affairs.