| If you are in the process of refinancing your home | | | | Many homeowners refinancing their mortgages focus |
| mortgage loan, there are a number of mistakes that | | | | only on finding the best interest rate. If you focus solely |
| will rob you of your potential savings. Before you sign | | | | on interest rates you will overlook a number of lender |
| a loan contract it is important to do your homework | | | | fees and closing costs and could overpay thousands |
| and research mortgage offers to find the most | | | | of dollars in fees. Excessive fees are also the sign of |
| competitive loan. Here are 3 common mistakes to help | | | | predatory mortgage lenders that structure their loans |
| you avoid botching your new mortgage loan. | | | | to take advantage of their borrowers. These |
| I. Picking the Wrong Mortgage Type | | | | predatory mortgage lenders often structure their loans |
| There are a variety of mortgage types, all tailored for | | | | to promote foreclosure. If you fall behind because of |
| a particular financial situation. Choosing the wrong type | | | | the way your loan is structured, the lender will |
| of mortgage would be a mistake that could even cost | | | | foreclose and take your property. |
| your home. Mortgages fall into two basics types with | | | | III. Lose Your Home at Foreclosure |
| many varieties of each type. The basic types of | | | | No one wants to lose their home; however, mortgage |
| mortgage loans are those with fixed interest rates and | | | | foreclosures are at an all time high in the United States. |
| those with variable interest rates. Each type of | | | | Much of this is due to the practices of a select few |
| mortgage has its advantages and disadvantages | | | | predatory mortgage lenders. The techniques predatory |
| depending on the financial situation in question. You can | | | | mortgage lenders use against you can actually work in |
| learn more about choosing the right mortgage type for | | | | your favor if you understand how to borrow. To learn |
| your financial situation by registering for a free | | | | more about structuring your mortgage to lower your |
| mortgage guidebook. | | | | risk of foreclosure, register for a free mortgage |
| II. Beware Excessive Fees | | | | guidebook. |