Google
 
Web www.refinance-refinance.net
« Home Equity Loans Are Great Tools for 100% Home Financing
Mortgages, Administrative Fees, and Saving Your Money »

Home Loans

Which Lenders Charge Junk Fees
(presented by www.refinance-refinance.net - mortgage lenders)



By Ben Afzal

Basics

Junk fees are excessive or unnecessary fees charged to a borrower as part of their mortgage loan closing costs.

You can tell if a mortgage lender charges junk fees in several ways.

When you gather competing offers from different lenders you may be able to spot some right up front.

These are the lenders that charge unusually high fees. This is usually when a mortgage broker or lender charges more than 1-2 points up front. A point is one percent of the value of the loan. Two points on a $500,000 loan is $10,000.

Keep in mind that loan offers are just offers, not a written guarantee of fees.

You may be offered an unusually lower offer up front only to see your fees increase when you go to sign the loan paperwork.

There are many well known national lenders that specialize in borrowers with bad credit. Surf the web to check out their reptutations. You are likely to find the most flagrant lenders criticized on more than one website.

Judging Lenders

Keep in mind that your actual loan offer will depend on the person within the mortgage brokerage or lender that you are working with. One person at a company may offer you deal while another person at the same company may offer another borrower a totally different deal for the same borrower. In this sense you will need to judge youe individual offer and not just the lender.

(Article continues below)

HOME LOANS ADVERTISEMENT

The lenders that are the most notorious for charging junk fees are the ones that work with people who have challenging credit. They can take advanatage of borrowers who are unsophisticated or on a tight deadline.

Protecting Yourself

Your best protection is being able to walk away from a bad loan. If you go to sign the loan paperwork and you are surprised you don’t have to sign. See if you can get a different deal from a different lender. You may be surprised how different your loan offer may be from a different lending source.

"sig">
>Get Mortgage Rates, 25+ Free Mortgage Calculators, Mortgage Quick Tips and Much More

Real Estate News and Advice

Refinancing Mortgage News

===========================================
For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
===========================================

This entry was posted on Wednesday, October 11th, 2006 at 2:07 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.

Comments are closed.