If you are in the process of mortgage refinancing and want to avoid overpaying for your new loan, careful comparison shopping and doing your homework will help you avoid 90% of the mistakes homeowners make. Mortgage brokers and loan representatives are more interested in making a six-figure salary at your expense than helping you find the best loan for your situation. Here are several tips to help you steer clear of used car salesmen in the mortgage business and avoid paying too much when mortgage refinancing.
I'm not here to throw stones at mortgage brokers and loan representatives; however, there are mortgage brokers and representatives out there that would cheat your mother out of her Social Security check. In order to get the best terms, interest rates, and mortgage offers possible you have to shop for mortgage refinancing prepared. To do this you need to learn not only the terminology, but tricks of the mortgage trade. Ask the right questions of the right mortgage company and you'll save thousands of dollars when mortgage refinancing.
Beware Bad Mortgage Refinancing Advice
There is an overwhelming amount of well-intentioned bad mortgage advice available. Relying on referrals from friends, family members, or realtors isn't always the best strategy for doing your homework. Are any of these people offering you advice financial experts? How do you know that the mortgage company they recommend can be trusted not to take advantage of you?
The best way to ensure that you are not taken advantage of when mortgage refinancing is to spend the time doing your own research and comparison shop form a variety of mortgage companies. You'll need to learn how mortgage loans are originated and what you need to do to avoid paying Yield Spread Premium on your mortgage. You can learn all this, including costly mistakes you need to avoid, with a free six-part mortgage video tutorial.
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