According to Mortgage News Daily mortgage rates are stuck at their lowest levels of the year. If you’re considering mortgage refinancing and want to take advantage of the best refinance rates this year, there is no better time than the present. Before you jump in with your mortgage refi it is important to know about several common mortgage mistakes that can end up costing you thousands of dollars and turn that sweet interest rate into a sour deal.
Since reaching the best levels of the year on Friday of last week, rates have been unable to improve further. That isn’t a bad thing because they haven’t exactly worsened either. Consumer rate quotes have instead held closely to the best levels of the year. It reminds us quite a bit of early March, when closing costs stagnated for several days after rapidly improving.
It’s important to have a firm understanding of the fees you’ll encounter with your mortgage refi to avoid common mortgage mistakes.
One of the most common mortgage mistakes homeowners make has to do with the loan origination fee. Many smooth talking brokers will tell you it’s better to let the lender pay the origination fee for you and not forking over the cash at closing; however, what the broker isn’t telling you is what letting the lender pay this fee is doing to your monthly payment amount.
You can learn more about avoiding lender junk fees and other common mortgage mistakes by checking out my free Underground Mortgage Refinancing Videos.