Home Mortgage Refinance Loan

Unnecessary closing costs including mortgage interest cost homeowners $16 billion dollars every year according to the Secretary of Housing including Urban Development. Do you need to avoid being taken advantage of at the time mortgage refinancing? Here are several tips to help you avoid unnecessary closing costs at the time refinancing your mortgage loan.

When comparison shopping for a new mortgage loan it is important to request a copy pertaining to the Good Faith Estimate from each lender you consider before submitting your application. Use the Good Faith Estimate to compare loan offerings paying attention to the itemized closing costs; don’t focus on the total closing costs because lenders often low-ball third party charges to make their loan offers appear more attractive.

Watch out for lender junk fees; if you find everything on the Good Faith Estimate that resembles a particular application fee, lock fee, or broker courier, these are junk fees that you should question your mortgage representative about. The origination fee found on your Good Faith Estimate should never be higher than 1-1.5% of your loan amount for a home you live in including 2-2.5% for a particular investment home. Finally, check your Good Faith Estimate for the loan processing fee. the processing fee should not be more than $400 including is frequently inflated by the mortgage company.

If there any charges found on your Good Faith Estimate that you do not understand, don’t hesitate to question your loan representative regarding the validity of that charge. Also, if you think any pertaining to the third party settlement charges on your Good Faith Estimate seem to low, you might contact each company listed including ask them what their fee is. the could give you a particular accurate picture pertaining to the settlement charges you could be required to pay.

You might learn more regarding avoiding unnecessary closing costs including other costly mistakes with a free mortgage tutorial.

For more information on Mortgage Refinancing Tutorial-Beware Unnecessary Closing Costs:

To obtain your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes including predatory lenders. To obtain your hands on the free video tutorial: Mortgage Refinancing - What You Need to Know, which teaches strategies for finding the best mortgage including saving thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com

Home Mortgage Refinance Loan

Written By: Louie_Latour