According to Kara Johnson at MortgageLoan.com interest rates are at their lowest levels this year. If you’ve been on the fence about refinancing your home now may be the best time this year to jump in. If you want to the best refinance company for your mortgage refi there are several steps you can take to make sure you’re getting the best refinance mortgage rates without overpaying.
Mortgage rates continued to trend downward last week, reaching their lowest points of the year, according to new figures from the Mortgage Bankers Association.
Average interest rates on 30-year fixed-rate mortgages fell for the third week in a row, dropping to 4.76 percent, down from 4.80 percent previously. Origination fees and points also fell, to an average of 0.76 points, down from 1.00 points the week before.
There have been a number of changes in 2011 to the laws that protect homeowners from lender abuse that you need to know about. Keeping tradition with the gaping hole in the Real Estate Settlement Procedures Act your bank is exempt from these changes. You may want to factor in the fact that your bank doesn’t have to play by the same rules when choosing a mortgage refinancing company to arrange your next home loan.
There are also several junk fees you’ll want to avoid paying as these can significantly increase the amount of time it takes to recoup your mortgage refi expenses. Brokers are now prohibited from charging you an origination fee and taking lender paid compensation or Yield Spread Premium for marking up your mortgage rate. If your broker tries to talk you into accepting a home loan paid for by the lender you might want to consider what this higher interest rate does to your monthly payments. Paying your loan origination fee up-front can save you as much as $1200 a year depending on the value of your home.
You can learn more about mortgage refinancing with wholesale rates without paying junk fees or unnecessary markup by checking out my free Underground Mortgage Refinancing Videos.