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Mortgage Loan Your Mortgage Lender and Their Dirty Little Secrets
(presented by www.refinance-refinance.net - mortgage lenders)



By Louie Latour

If you are in the market for a mortgage or a home equity loan, you need to do your homework before signing on the dotted line. There are a number of common mortgage mistakes that can cost you thousands. Many mortgage lenders rely on you making mistakes so they can charge you more.
There are a number of gimmicks mortgage lenders use to trick unsuspecting homeowners into paying more.

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Here are tips to help you avoid being taken advantage of by your mortgage broker or lender.

Prepayment Penalties

A prepayment penalty is a fee your lender charges if you refinance the mortgage or sell your home. This penalty usually only applies for the first five years of the mortgage; however, some lenders try and slip more stringent conditions in their loan contracts. The actual penalty varies by lender; however, you may be required to pay as much as six months interest on 85% of the original loan balance if you refinance or sell before the penalty expires.

Don

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This entry was posted on Thursday, April 27th, 2006 at 3:16 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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