If you’re in the process of mortgage refinancing you might be overwhelmed with the number of documents lenders sling at you. Should you trust prospective lender’s Good Faith Estimates or is there a better way to shop for your new home loan? Here’s an article on MortgageLoan.com to help you cut through the BS in your closing documents and get the best deal on your next home loan:
The flood of documents to be signed at closing is one of the most confusing parts of the mortgage process. A typical borrower can expect to be presented with over two dozen documents to sign at a mortgage closing. How do you know what you’re signing? Like anything else, you need to prioritize. While some documents are critical and need to be carefully scrutinized, others are routine and can be quickly dispensed with. The question is, which are which?
I’ve never been a fan of the Good Faith Estimates mortgage lenders use to promote their overpriced home loans. The HUD-1 settlement statement is going to be the most important part of assessing your closing costs AND who the fees are being paid too. It also lists every third-party fee and is the best way to weed out lender junk fees.
The more you pay closing on your new home loan when mortgage refinancing, the longer it’s going to take to break even recouping these fees. You can learn more about avoiding unnecessary fees on your next home loan by checking out my free Underground Mortgage Videos.