If you’re thinking about a mortgage refinance loan there is no time like the present to take advantage of the best refinance rates in fifty years. While getting today’s low mortgage rates is easy for most, the trick is avoiding unnecessary fees and markup. According to MortgageLoan.com these three mortgage refinance myths cost homeowners thousands of dollars unnecessarily:
While it seems like everyone is easily refinancing their home loans these days, refinance can actually be a muddy river to navigate. The more you know about the process ahead of time, the easier your journey will be. Discover the truth behind these three myths ahead of time to make sure that you don’t hit any hidden obstacles:
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The test of how good of a deal you’re getting on your mortgage refi is the amount you pay for the loan origination fee and closing costs. The reason mortgage refinance fees are so important is that you’ll have to recoup these expenses before gaining any benefit from your new home loan. The more you pay to close when refinancing, the longer it’s going to take you to break even.
One of the more common mortgage mistakes when refinancing is not negotiating lender closing costs and the broker’s fee. Most homeowners don’t realize these fees are negotiable and usually all you need to do is ask to pay lower amounts.
You can learn more about getting the best mortgage refinance rates for your next home loan without paying unnecessary fees or markup by checking out my free Underground Mortgage Videos.
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
