This is the trick your lender does not want you to know. The fact is: There is no single cheapest lender. Each lender determines its rates and discounts on unique aspects. Some see your credit as the most important factor -- while others see your home value and its location as a primary factor in calculating your rate. Each lender gives unique rates to every person.
According to a report from KXLY news station, refinancing and saving $200 per month is not a difficult amount to save.
In fact, as of May 31 2012, 30 year fixed mortgage rates have dropped about 0.9% over last year. This drop, in just one year, could translate to $1,200 in yearly savings, assuming a $200,000 loan.
Many lenders have different factors to base their rates on. For example, any lender may give you a better mortgage rate depending on the following:
The fact is: lenders give different rates depending on your situation. It's very unlikely for one lender to always give the best rate to everyone.
Now, how do you know exactly which lender will give you the best rate and discounts you need?
There's a way to find them. It's by comparing all of their rates instantly.
That’s why our lender comparison has become so popular. You simply take 20 seconds to tell the website about your home's balance and some history and then you'll get free rates from multiple lenders that are licensed in your state. This way, you can pick the plan and rate that best fits you. In this case, those $200 or so savings are actually possible. Enter your zipcode, home value, loan amount, and approximate credit rating above, to try it.
Recent report showed one homeowner lower his mortgage rate by nearly 2%. This translated to lowering his payments by $200 / month. These types of savings are now considered somewhat "normal," stated by one lender.