Mortgage Refinancing - Comparison Shopping Will Save You Thousands on Your Next Mortgage Loan
Mortgage refinancing with your existing lender will probably not save you money; however, your current lender is a good place to start shopping. When you compare mortgage refinancing offers, using the Annual Percentage Rates (APR) is a good starting point; however, to make an informed decision as to which mortgage refinancing offer is best you need more information than the APR provides. To make a line-by-line comparison as to which mortgage offer is the better deal you need to use the Good Faith Estimate from each lender.
Mortgage refinancing lenders are required to provide you a copy of the Good Faith Estimate within three days of receiving your application. This doesn't help you when you're comparison shopping; however, most mortgage lenders will provide this document if you ask for it. Ask all of the mortgage refinancing lenders for a copy of the Good Faith Estimate; if a lender refuses to provide the document and is uncooperative; scratch that lender off your list.
Once you have the Good Faith Estimate pay close attention to the loan origination and processing fees. Reasonable origination fees run 1-1.5% of the loan amount and anything more than $400 for a processing fee is excessive. Look for anything on the mortgage refinancing Good Faith Estimate that resembles a rate lock fee, application fee, submission fee, courier fee, or broker administration fee. These are junk fees you should simply not pay. If the mortgage mortgage refinancing company refuses to remove these fees, scratch that lender off your list.
You can learn more about mortgage refinancing while avoiding common homeowner mistakes by registering for a free mortgage tutorial.
Related Tags: mortgage refinance information, mortgage refinancing, best mortgage interest rate
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Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
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