Are you eyeing refinance mortgage rates waiting for the best time to take out a new home loan? You’ll want to be careful with the rate quotes lenders post, even Freddie Mac isn’t being completely honest with the mortgage rates being advertised. Here’s an article by Dan Green of the Mortgage Reports.com with several pointers for avoiding deceptive marketing when mortgage refinancing with lenders like Amerisave:
Freddie Mac says that mortgage rates fell to a new all-time low this week. A deeper look at the report tells a different story, though, highlighting the need to be careful about what you read, and how you read it.
Discount points are just one of the fees you’re going to encounter when mortgage refinancing. Lenders bury this fee in the fine print while advertising extremely low refinance mortgage rates. The problem with paying discount points to buy down your mortgage rates is that the fee increases your closing costs making it difficult, even impossible to recoup your out-of-pocket expenses from mortgage refinancing. If you never break even recouping closing costs then you’re actually losing money no matter how low your interest rate.
You can learn more about avoiding unnecessary lender fees and markup while getting today’s lowest refinance rates by checking out my free Underground Mortgage Refinancing Videos.