If you’re searching for the best rated mortgage companies for you refi there are several things you need to know about interest rate shopping that will save you thousands of dollars.
You might be shopping for the best companies to refinance with; however, this approach doesn’t help you avoid paying unnecessary fees. Here are several tips before you refi to help you find the best rated mortgage companies without paying lender junk fees or markup.
I Need to Find the Best Mortgage Rate
This is the approach most homeowners take when shopping for a home loan. They’ll get a list of the top 5 home refinancing banks, compare Good Faith Estimates and end up choosing a large company like Amerisave Mortgage. Not that there’s anything wrong with this approach; however, if you want today’s best refinance rates without paying junk fees there are more steps you can take.
Mortgage sites on the Internet are a dime a dozen and they all claim to have the best advice on refinancing your home. If you want the best rated mortgage companies for your mortgage refinance it makes sense to focus on finding the right person to arrange your next home loan.
Why You Should Concentrate on Finding the Right Broker
Shopping for a mortgage broker may seem counter-intuitive to many homeowners. The approach most of your neighbors take to their mortgage refinance is to collect Good Faith Estimates from that list of the top 5 home refinancing banks and try to compare interest rates and closing costs, hoping to find the best offer. The problem with this approach is that banks and other lenders are required to give you a Good Faith Estimate; however, there’s no standard for them to prepare this document. In fact, there’s nothing in the law specifying which fees they’re required to include. The Good Faith Estimate has become little more than a marketing tool for many lenders which is why it is the subject of mortgage reform for lawmakers in Washington.
This is why mortgage rate shopping will never get you the best deal for your refi. Concentrate on hiring the right broker to arrange your home loan and they’ll find you the best rated mortgage companies for your refi while avoiding unnecessary fees at closing.
Common Mortgage Mistakes
One of the most common mortgage mistakes made by your neighbors is not negotiating lender fees and closing costs. Almost all the fees you pay closing on your mortgage refi are negotiable and can even be waived, not just by the top rated mortgage companies. All you have to do is ask the lender; although it helps to have the right kind of broker in your corner when it comes to negotiating fees away.
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You can learn more about getting the best mortgage companies to refinance with while avoiding junk fees and markup my checking out my free Underground Mortgage Refinance Videos.
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