Mortgage Broker Refinancing Beware Banks and Broker Banks

Home Loans

Mortgage Broker Refinancing Beware Banks and Broker Banks
(presented by www.refinance-refinance.net - mortgage lenders)

By Louie Latour

If you are in the process of mortgage refinancing online, there are several types of lenders you need to avoid. These lenders are exempt from disclosure laws that protect homeowners from abusive lending practices. Here are several tips to help you spot abusive lenders and avoid overpaying when mortgage refinancing.

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Before choosing an online company for mortgage refinancing, make sure you read all of the fine print found in their licenses and disclosure statements. One problem with many mortgage refinancing websites is that they have no disclosure statements whatsoever. These websites operate as Broker Banks, and are not required to disclose any of their markup under the Real Estate Settlement Procedures Act.

Banks are exempt from disclosure laws because the banking lobby paid congress millions of dollars when this legislation was being drafted. When the Real Estate Settlement Procedures Act became law, your bank was exempt. Banks have become increasing unpopular as homeowners began to find out how banks were overcharging them, and as a result, Broker Banks were born. What

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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This entry was posted on Wednesday, January 3rd, 2007 at 7:05 pm 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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