If you’re searching for information on how to refinance mortgage loans without overpaying the lender at closing, you’re bound to find a lot of bad advice online. Falling for the wrong advice could cost you thousands of dollars in unnecessary fees or even result in missing out on thousands of dollars in savings. Here are several tips before you refi on how to refinance mortgage loans in today’s market without overpaying.
How to Refinance Mortgage Loans Online
The internet is a great tool for comparing loan offers from lenders like Amerisave and Wells Fargo Refinance; however, you’re not really getting an apples-to-apples comparison of fees from different lenders. The problem with shopping for the lowest refinance mortgage rates using the Good Faith Estimate is that there are no standards holding lenders accountable for the fees found in their Good Faith Estimates so this document has become little more than a marketing tool used to sell overpriced home loans.
The best strategy for mortgage refinancing without overpaying is to focus your energy on finding the right person to arrange your next home loan and not get hung up on comparing fees. Finding the best mortgage companies for your next home loan is as simple as finding an honest broker. Sure you’ll have to pay a loan origination fee for their services; however, this is cheaper in the long run than opting for one of those no fee refinance offers.
How to Get the Lowest Refinance Rates
If you’re rate shopping you might be disappointed to find that the quotes you’re getting are higher than what lenders are advertising. Most likely this is because advertised mortgage refinance rates typically assume you have a credit score of 820 or better; your actual results will vary based on your credit score and the equity in your home. (loan-to-value ratio)
You can improve your refinance mortgage rates by ensuring your credit reports are correct before applying for a new home loan. You can get started by visiting the website AnnualCreditReport.com to print out all there of your credit reports. If you find mistakes in your credit reports you’ll need to dispute the errors. At the moment Experian is the only credit reporting agency that allows you to do this online. TransUnion and Equifax still require you to write a letter to dispute errors in your credit file.
How to Find the Right Mortgage Broker
There are a couple of things you can do to separate dishonest brokers from someone you’d like to work with. I usually recommend working with a local, self-employed mortgage brokers and not industry giants. Offer to pay the broker a reasonable fee for loan origination of one percent. Keep an eye out for anything that resembles a rate lock fee as this is usually a sure sign that you’re dealing with a dishonest mortgage broker.
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You can learn more about mortgage refinancing with the lowest rates while avoiding unnecessary fees and markup by checking out my free Underground Mortgage Videos.
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