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Refinance Mortgage: Shopping for the Best Mortgage Offer Can Save You Thousands
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By Louie Latour

Many homeowners make the mistake of accepting a mortgage loan from the first lender that qualifies them. These homeowners typically overpay for their mortgages on everything from interest rates, lender fees, points and closing costs. Overpaying for these expenses can cost you thousands of dollars when you close, even more over the life of the mortgage. Here are tips to help you shop smartly and choose the best mortgage for your financial situation.

It pays to shop for the most competitive mortgage offers. To do this, you need to shop from a variety of lenders, including banks, online mortgage lenders, and mortgage brokers. The Internet is an excellent tool for evaluating mortgage offers. Many homeowners think using the Annual Percentage Rate lenders publish with their offers is enough to pick the better loan. The Annual Percentage Rate is a good starting point for evaluating loan offers; however, it does not give enough information about the loan offers you are considering.

In order to make the best comparison, you need to use the Good Faith Estimate to evaluate all costs, fees, and penalties associated with a mortgage offer. Mortgage lenders are required to provide you this document within three days of receiving your application; however, most lenders will provide you a Good Faith Estimate upon request. If a lender refuses to provide you this document you should ask yourself what they are hiding and seek a mortgage elsewhere.

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Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing: What You Need to Know,” wh!
ich teac
hes strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

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Louie Latour - EzineArticles Expert Author

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This entry was posted on Saturday, September 23rd, 2006 at 6:47 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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