If you’re considering taking advantage of today’s low refinance mortgage rates from lenders like Amerisave, doing your homework first can save you thousands of dollars. According to the HUD Secretary, lack of mortgage knowledge is reason most Americans are overpaying for their home loans today. Here’s a list of recommended reading from MortgageLoan.com to make sure you don’t overpay a penny in mortgage refinance fees:
Since we’re all about mortgages and personal finance here, we thought we’d put together a list of some of the more popular mortgage-related books for consumers this year. You can give them to someone on your list who’s thinking about buying a home or refinancing a mortgage, or even pick up a couple for yourself. They cover a fairly broad swath, from financial advice to looking at the causes of the subprime mortgage crisis, that address various aspects of mortgages, real estate and debt.
These books also cover credit repair as the refinance mortgage rates you’re offered are based on your credit score and home equity. (Think loan-to-value ratio) If the mortgage rate quotes you’re getting are coming in higher than what lenders are advertising the likely culprit is your credit score.
Fees are another important consideration you won’t want to overlook. The closing costs you pay like the loan origination fee are extremely important because you’ll have to recoup these expenses before benefiting from your lower payment amount. Considering that the average homeowner in the United States refinances their home every 4-5 years, if you haven’t broken even recouping your out of pocket expenses from your last refi you’re going to be losing money no matter how low your refinance rates.
You can learn more about getting the lowest refinance mortgage rates without paying unnecessary lender fees by checking out my free Underground Mortgage Videos.