arrow

Got a Home in Virginia?
Get Your Best Mortgage From Just 2.25%

The Hidden Cost of Mortgage Refinance

by


If you’re considering a mortgage refi to take advantage of the best refinance rates in nearly fifty years, there are several things you need to know to avoid paying unnecessary fees. The test of how good of a deal you’re getting on your refi isn’t determined by the interest rate but by the fees you pay at closing. Here’s an article from LearnVest.com that covers the basics of mortgage refinance:

» Mortgage Lender Spotlight «

Each month we showcase exclusive offers from top lenders
that can save you thousands of dollars on your next home loan.

A refinance can change the basic terms of the mortgage–for example, it can convert a 30-year fixed loan to a 15-year fixed one. Most refinances, however, are attempts by consumers to save money as interest rates fall.

http://www.learnvest.com/money-tuneup/the-basics-of-refinancing-your-mortgage/

One of the most common mortgage mistakes is neglecting to shop based on fees and closing costs. The fees you pay when closing on your mortgage refi vary from one lender and broker to the next and are negotiable. The more you comparison-shop and negotiate when mortgage refinancing the quicker you’ll recoup your expenses from the lower payment amount.

There are mortgage junk fees to consider when choosing a broker and lender for your next home loan. For example, rate lock fees, application fees, broker courier fees and loan processing fees do nothing for you but increase the amount of time it’s going to take you to break even on the new home loan.

You can learn more about avoiding the hidden cost mortgage refinancing including unnecessary fees and markup by checking out my free Underground Mortgage Videos.

People Who Read This, Also Read:



{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: