| Mortgage refinancing has the potential to save you | | | | the first favorable offer they are approved for. If you |
| money if you avoid overpaying for your new loan. | | | | neglect to shop around or focus only on mortgage |
| Mortgage companies and brokers are in the business | | | | rates you risk overpaying thousands of dollars in lender |
| to make money at your expense; they have clever | | | | fees, closing costs, and retail markup. Always |
| ways of disguising fees and markup to boost their | | | | negotiate with mortgage companies for lower fees |
| revenues. Here are several tips to help you avoid | | | | and insist on a mortgage rate with zero markup. This |
| paying unnecessary fees and interest rate markup | | | | markup is called Yield Spread Premium and paying it |
| when mortgage refinancing. | | | | results in paying thousands of dollars in unnecessary |
| Mortgage Refinancing Mistake #1: Not Checking Your | | | | mortgage interest in the early years of your mortgage |
| Credit First | | | | alone. |
| You get free credit reports once per year from all | | | | Mortgage Refinancing Mistake #3: Choosing the |
| three credit agencies; take advantage of this and | | | | Wrong Loan |
| check your credit records for errors before shopping | | | | There are different types of mortgage loans for every |
| for a new home mortgage refinance loan. Having | | | | financial situation; however, choosing the wrong type |
| mistakes or negative information such as bad debt or | | | | could result in overpaying thousands of dollars, even |
| judgments in your credit report will kill your credit score. | | | | losing your home. Mortgages come with different |
| Your credit score largely determines the interest rate | | | | interest rates types, repayment structures, and term |
| you will qualify and you need your score to be as high | | | | lengths depending on your needs. The degree of risk is |
| as possible. Dispute any errors found in your credit | | | | directly proportional to the type of mortgage you |
| reports and settle with your creditors to remove any | | | | choose. This is why doing your homework and |
| negative information. The money you'll save by | | | | researching mortgage offers will help you avoid a |
| qualifying for a lower interest rate makes this well | | | | financial disaster. |
| worth your time. | | | | You can learn more about choosing the right mortgage |
| Mortgage Refinancing Mistake #2: Not Shopping | | | | and avoiding costly homeowner mistakes by |
| Around | | | | registering for a free, six part mortgage video tutorial. |
| Many homeowners make the mistake of accepting | | | | |