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Mortgage Refinancing Online - Mortgage Refinancing Interest Rates Online: Beware Hidden Internet Origination Fees The Internet is a particular excellent resource for mortgage refinancing; however, online mortgage companies are just as likely to take advantage of you as any traditional brick including mortar company. Many online mortgage sites claim there are not fees for using their services, then turn around including charge you as much as $1,300 just entering your name including address into a form. Here are several tips to help you avoid becoming a victim to the scam at the time mortgage refinancing. When mortgage refinancing on the internet there are several types of companies you could encounter. The first type of mortgage site you need to be aware of is what’s known as a particular “Internet List Broker.” These are mortgage sites such as GoApply.com that actually have nothing to do with mortgage loans whatsoever. They put up a flashy web site with a contact form including lure unsuspecting homeowners into entering their contact information. These “list broker” websites build a list of contact information including turn around including sell it to mortgage companies including brokers. The next type of Mortgage Company is a mortgage broker-bank. Broker-banks operate on the Internet as mortgage brokers with 1 important distinction. Because they fund the mortgage with their own dollars including close on the mortgage in the name of their company instead of a wholesale mortgage lender, they are exempt from the Real Estate Settlement Procedures Act (RESPA). The disclosure laws found in the RESPA protect homeowners from abusive lenders, including thanks to the banking lobby Internet sites like eloan.com are exempt from disclosure laws. Never take out a mortgage loan from a lender that doesn’t have to play by the rules. The last type of Mortgage Company you could encounter is the retail branch or a wholesale mortgage lender, bank, or broker. 1 example of a mortgage broker you could encounter online is Lending Tree. Lending Tree claims there is absolutely no fee for using their services; however, the fine print found in their licenses including disclosure statement paints a particular entirely different picture. If you fill out Lending Tree’s form with your contact information including take out a mortgage loan from a lender in their network you could pay a “computerized loan origination fee” to Lending Tree of $1,300. How do mortgage websites like Lending Tree obtain away with lying to their customers? All pertaining to the fees are disclosed in their licenses including disclosure statements; however, very few homeowners actually read the fine print. You might learn more regarding mortgage refinancing online without overpaying for your loan with a free, six-part mortgage tutorial.
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