According to a recent survey by Zillow.com, 55% of homeowners in the United States surveyed don’t have a grasp of the basics of mortgage refinancing. If you’re thinking about taking advantage of this year’s best refinance rates before going forward with your mortgage refi it helps to have a firm grasp of the basics. Here’s an article on MortgageLoan.com that covers the top six mortgage truths you need to know:
Considering that a mortgage is likely the largest financial investment that you will make in your lifetime—it makes sense to get educated on the topic before you take the plunge. Here are six of the top topics that stumped survey takers along with some helpful information to ensure that you fill in any potential knowledge gaps
Number one on this list is that closing costs and fees vary from one lender to the next and that these fees are negotiable. One of the most common mortgage mistakes is not scrutinizing lender fees, especially when refinance mortgage rates are as low as they are now.
There are many junk fees that you’ll want to avoid paying; fees like mortgage rate lock fees, broker courier fees, application fees and processing fees do nothing for you but lengthen the amount of time it takes to recoup your closing costs from the lower payment after refinancing.
You can learn more about refinancing your home with today’s best refinance rates without unnecessary markup or lender junk fees by checking out my free Underground Mortgage Refinancing Videos.