Wednesday, June 10, 2009

Refinance Mortgage: Avoid Paying Too Much in Lender Fees

If you are in the process of taking out a new mortgage or refinancing your existing mortgage, you don’t want to overpay for the financing. Comparison shopping will help you avoid mortgage lenders with excessive fees; here are several tips to help you find the right mortgage loan without overpaying.

Mortgage lenders often disguise unnecessarily high fees in the closing costs you are required to pay to secure your mortgage. Many homeowners overlook these excessive fees because they focus solely on interest rates. To protect yourself from excessive lender fees you need to do your homework and shop from a variety of mortgage lenders and brokers. When you compare mortgage offers in this manner it becomes very easy to spot excessive lender fees.

If you are a homeowner with a poor credit rating it is especially important to compare lender fees. Bad credit mortgage lenders are notorious for overcharging when it comes to lender fees. If you find a lender that is using pressure sales tactics or asks you to sign blank or incomplete documents, find another lender to work with. This is a common practice for predatory mortgage lenders. You can learn more about comparison shopping for the best mortgage without paying too much to the lender by registering for a free mortgage guidebook.

By Louie Latour

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