If you’re shopping for the lowest refinance rates you might have noticed that quotes from Chase are completely out-of-whack. In fact, the Wall Street Journal is reporting that Refinance Rates at Chase are half a point higher than the national average. Half a point might not seem like much; however, this could have a significant impact on your mortgage payment based on the amount you’re borrowing for your home loan. Here’s the article on the Wall Street Journal with a possible explanation for price gouging at JP Morgan Chase:
J.P Morgan Chase is posting a 30-year mortgage rate at 4.875%, about half a percentage point above the national average as surveyed by the Mortgage Bankers Association.
Many homeowners do minimal rate shopping when mortgage refinancing and if you sign with Chase simply because you’ve always done business there you could be overpaying hundreds of dollars every month. In fact, some of the most common mortgage mistakes come not from shopping for the best refinance rates but blindly accepting origination fees and closing costs without negotiating.
Did you know that all the fees you pay on your mortgage refinance are negotiable and vary widely from one lender to the next? A little old-fashioned haggling with your loan originator when mortgage refinancing could literally save you thousands of dollars.
You can learn more about haggling for your best mortgage refinance every while avoiding unnecessary fees by checking out my free Underground Mortgage Videos.