Are you looking to compare mortgage refinance rates hoping to get the best deal for your next home loan? You’re probably wanting to make an apples-to-apples comparison of the various mortgage refi offers hoping to get the lowest refinance rates without paying junk fees. You might be attempting to compare mortgage refinance rates using a handful of Good Faith Estimates only to find there are no similarities on these documents from one lender to the next.
Compare Mortgage Refinance Rates
The problem with using Good Faith Estimates to compare mortgage refinance rates is that there are no standards for lenders to follow when it comes to preparing Good Faith Estimates. They’re required by law to give you one, they’re just not required to be honest or give you everything that should be on an estimate given in “good faith.” In fact, the Good Faith Estimate you get to compare mortgage refinance rates is little more than a marketing tool used by lenders to sell overpriced home loans.
So how can you make sure you don’t get taken to the cleaners on your next refi? It’s no secret that interest rates are at near historical lows so it’s not hard to get the best refinance rates in almost fifty years. The trick is to reduce your expenses, as that is where the most common mortgage mistakes are made.
Your Closing Costs Matter
Most homeowners don’t know that closing costs vary from one lender to the next and all the fees you pay are negotiable. The reason the fees you pay are more important than it is to compare mortgage refinance rates is that you’ll have to recoup these expenses before gaining any benefit from your lower monthly payment, assuming that lower payments is your goal when refinancing.
Rather than spinning your wheels trying to compare mortgage refinance rates to find the best lender it makes more sense to find the best person to arrange your mortgage refi. This may seem counter intuitive; however, finding a the right broker can get you access to wholesale mortgage rates without paying unnecessary fees or markup.
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You can learn more about finding the right person to arrange your mortgage refi without paying lender junk fees by checking out my free Underground Mortgage Videos.
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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.
