If you’re in the market for a new home loan and want the best refinance rates without paying junk fees shopping around can save you thousands of dollars if you go about it correctly. I’ve said for some time now that the Good Faith Estimate is little more than a marketing tool for banks and lenders to pitch their overpriced home loans and now it seems others agree.
According to a recent survey from ING Direct, the document that has been designed–and redesigned several times–to help homebuyers estimate the costs associated with their mortgage, apparently isn’t accomplishing what it set out to do. Fifty six percent of those surveyed admitted that they didn’t use the document for its original purpose: to compare mortgage offers.
http://blog.hsh.com/index.php/2011/05/the-gfe-is-a-waste-of-time/
If you want the best refinance rates while avoiding common mortgage mistakes it’s important to shop around and do your homework; however, instead of comparing Good Faith Estimates trying to find an offer with the lowest interest rates and fees you’ll do better shopping for the right person to arrange your next home loan. It is possible to find a broker willing to arrange your mortgage refi for a flat fee of one percent without marking up your mortgage rate or charging junk fees, you just have to find the right broker for the job.
You can learn more about finding the right mortgage broker to arrange your next home loan without paying junk fees or unnecessary markup. You can get free strategies for refinancing without overpaying and save thousands of dollars on your next home loan by checking out my free Underground Mortgage Refinancing 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.
