If you’re in the process of mortgage refinancing there are a number of common mortgage mistakes that can cost you thousands of dollars. There’s more to your refi than just getting the lowest refinance rates; ignoring your credit score and fees could result in paying much more than necessary. Here are several tips before you refi from thetruthaboutmortgage.com to help you pay less for your next home loan:
Mortgage rates are super low again and so you may be considering a refinance to snag some of the savings. But before you apply, be sure you do your homework to make sure it makes sense financially, and to see if you’re actually able to do it.
The area most people overpay for their mortgage refi are the loan origination fee and closing costs. Did you know that these fees are negotiable and vary from one lender and broker to the next? Just a little good old-fashioned haggling could save you hundreds, even a thousand dollars or more on your next home loan.
When you’re shopping for low refinance rates keep in mind that the quotes you get are based on your credit score. If the mortgage rates you’re being quoted are higher than the interest rates you’re seeing advertised you should check your credit reports for errors and take steps to improve your score.
You can learn more about improving your credit score before refinancing without paying unnecessary markup or fees by checking out my free Underground Mortgage Videos.