If you’re in the process of mortgage refinancing there are a number of common mortgage mistakes that can lead to higher mortgage refinance rates or even having your application denied. When it comes to personal finances common sense is a good rule of thumb; however according to Dan Green there are a few “landmines” that can get you into trouble. Here’s an article from TheMortgageReport.com with some good advice to make sure your mortgage refinancing application is approved.
For all the talk of how tough it is to be “mortgage approved”, the basics of mortgages haven’t changed. Mortgage approvals are still the 3-legged stool of income, equity, and credit. Sometimes, though, it’s not getting approved that’s hard — it’s staying approved. You have to watch out for landmines.
Once your credit is squared away and that FICO score isn’t going to have a negative influence on your mortgage refinance rates you’re ready to shop mortgage quotes and fees. Many homeowners make the mistake of focusing on getting the lowest possible refinance rates at the expense of fees and wind up overpaying thousands of dollars for the new home loan. The reason mortgage lender fees are so important is that you’ll have to break even recouping your closing costs before you’ll benefit from mortgage refinancing. The less you pay for the loan origination fee and other closing costs the better off you’ll be after mortgage refinancing.
You can learn more about paying less for your mortgage refi while getting the best refinance rates available by checking out my free Underground Mortgage Videos.