| You've seen the commercials on television: "When | | | | bottom of the page you'll see a link called "Licenses |
| mortgage lenders compete..." Should you use a | | | | & Disclosures." About halfway down the page in |
| website like this to refinance your mortgage? These | | | | the middle of all the legal mumbo jumbo you'll find |
| sites can be a good resource for refinancing if you | | | | disclosure of the fee they receive for selling your |
| read the fine print. Here are several tips to help you | | | | contact and financial information. This particular |
| avoid being stung with a "Computerized Loan | | | | "lending" website receives a fee of $1,300 for their part |
| Origination Fee" when refinancing your home loan. | | | | in "arranging" your new mortgage loan. |
| You might be surprised to learn that the majority of | | | | You might be asking yourself "If the lender pays the |
| mortgage sites on the Internet have absolutely nothing | | | | fee, what's the problem?" The problem with these so |
| to do with mortgage loans. These companies put up a | | | | called "Computerized Origination Fees" is that the |
| website with a contact form for harvesting information, | | | | charge is passed on to you on your Good Faith |
| advertise on television and sell the information they | | | | Estimate. This is money that you'll be required to pay |
| collect to every mortgage lender willing to purchase it. | | | | at closing because you put your name and address in |
| The problem comes from a handful of these well | | | | the contact from of the wrong mortgage website. The |
| known sites that receive "Computerized Loan | | | | bottom line: always read the terms and conditions |
| Origination Fees" from the lenders that purchase your | | | | before you fill out a contact form on any mortgage |
| information. Here's what you need to know about this | | | | site. |
| fee. | | | | You can learn more about refinancing your mortgage |
| Take a look at the website of the well known | | | | while avoiding costly mistakes like computerized loan |
| mortgage company that advertises on television that | | | | origination fees with a free mortgage tutorial. |
| they'll get lenders competing for your business. At the | | | | |