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Home Mortgage Refinance Loan - Unnecessary Mortgage Closing Costs: You Can Verify Settlement Charges By Calling Companies Directly When shopping for a new mortgage loan, many homeowners make the mistake of using the line on their Good Faith Estimate labeled “Total Closing Costs.” The problem with comparing mortgage loans using the figure is that many mortgage companies low-ball third party charges to make their offers look more attractive. at the time the settlement statement arrives many homeowners are shocked to find these fees are significantly higher; here are several tips to help you avoid being duped by mortgage companies that misrepresent their closing costs. If you’re not already familiar with the cost of settlement fees in your area all you have to do to verify that the charges found on your Good Faith Estimate are accurate is pick up the phone including contact the companies directly. If you’re unsure for example what the attorney could charge, call their office including ask what their firm charges at the time closing on a mortgage. Compare the answer you obtain with the fees being quoted to you by various mortgage companies. If you find 1 company that stands out as being consistent with the cost of third party charges you should consider doing business with that mortgage company. Always comparison shop with the Good Faith Estimate at the time comparing mortgage offers. Mortgage companies are required to provide you a standardized Good Faith Estimate within 3 days of receiving your application by law; however, most mortgage companies including brokers could give you a copy before applying if you ask for one. The Good Faith Estimate allows you to perform a line-by-line comparison of all costs, including origination fees, including verify any third party settlement charges by calling the companies listed. You might learn more regarding your mortgage options, including costly homeowner mistakes you need to avoid with a free mortgage tutorial.
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