Mortgage and Refinancing Information Channel:
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
Shopping for a Mortgage, Avoid Three Common Mistakes
Buying a home or refinancing one is perhaps the largest financial transaction you will ever make in your life, so you want to be sure to avoid any mistakes that may cost you in the long run.
When you are deciding on a mortgage, you certainly don't want to make your decision by flipping a coin.
You will have to do as much research as you possibly can, so that you will understand all of the jargon the people in the mortgage industry will throw at you.
Here are three common mistakes that people make when deciding on a mortgage.
1. Settling for a high interest rate.
When you are shopping around for a mortgage, one of the most important factors is the interest rate. The interest rate will ultimately decide how much money you will be spending at the closing table and how much you will be spending in charges over the life of the loan.
The difference between a percentage and half a percentage could mean thousands of dollars over the life of the loan.
So shop around, if you speak with four different loan officers, I can assure you, you will get four different rates, obviously you want to go with the one that is the lowest.
Don't be afraid to ask questions. Ask how the rate is determined. Sometimes loan officers can make a little extra commission by raising the rate a little bit.
2. Read your good faith estimate
When you decide on a mortgage and a lender, they will send you disclosure documents, they are required to send these by law. Inside of these documents you will find a good faith estimate. This is an accurate estimate of what you can expect your closing costs to be when you go to settlement.
Read every part of this document line for line and word for word. If there is anything on there that you don't understand, call your loan officer and go over it together.
Your loan officer will most likely want to mail you these documents. This is fine. However, if you can meet somewhere to go over it together, than all the better.
But read your good faith estimate very carefully before you sign it, this could save you anywhere from a couple of hundred dollars to a couple of thousand.
3. Don't be afraid to shop around
If at any time a lender or loan officer tells you not to deal with anyone else because it may be detrimental to the loan or to your credit, they are lying. If this happens, they are trying to scare you out of doing business with anyone else.
Feel free to shop around as much as you would like. Do as much research as you can before making a decision. So when you finally do make a decision on a mortgage, you can avoid the pitfalls that people so often make.
Jay Conners has more than fifteen years of experience in the banking and Mortgage Industry, He is the owner of http://www.jconners.com, a mortgage resource site, he is also the owner of http://www.callprospect.com, a mortgage lead company.
MORE RESOURCES updated Mon. March / 08 / 2021
Today's mortgage refinance rates — 30-year rates sit at the lowest seen in 13 days | March 5, 2021 - Fox Business
Today's mortgage and refinance rates: March 7, 2021 | Rates go down - Business Insider - Business Insider
Today's mortgage and refinance rates: March 7, 2021 | Rates go down - Business Insider Business Insider
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 - Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 Fox Business
Can refinancing a mortgage hurt my credit score? Fox Business
Best mortgage refinance lenders in 2021 Bankrate.com
Best cash-out refinance lenders in 2021 Bankrate.com
Is now still a good time to refinance a mortgage? The Philadelphia Inquirer
Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money - Q13 FOX (Seattle)
Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money Q13 FOX (Seattle)
Mortgage Recast: How to Reamortize and Save Money Credible News
What Are The Benefits Of Cash-Out Refinancing? Is It Worth It? The Mortgage Reports
Refinance Loans Propel Yet Another Increase In Home Mortgage Lending Activity During Fourth Quarter Of 2020 - PRNewswire
Refinance Loans Propel Yet Another Increase In Home Mortgage Lending Activity During Fourth Quarter Of 2020 PRNewswire
What Is a Mortgage and How Does It Work? | Mortgage 101 The Mortgage Reports
Can Closing Costs Change On The Closing Disclosure? The Mortgage Reports
How Long Does Underwriting Take? Is 'No News Good News'? The Mortgage Reports
The Lending Issue: Ready, Set, Close! Chicago Agent magazine
Top 5 mortgage refinance questions answered Fox Business
How to decide if you should refinance your mortgage Fox Business
Pros and cons of a cash-out mortgage refinance Fox Business
How to refinance your mortgage Fox Business
Mortgage refinance: Everything you need to know Fox Business
How do I get the most out of my mortgage refinance? Fox Business
What are the hidden costs of refinancing a mortgage? Fox Business
Who's exempt from the new mortgage refinance fee? Fox Business
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 - Forbes
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now - Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business
How to refinance your mortgage in 5 easy steps Fox Business
Mortgage refinance applications soar despite a new fee that increases the cost - Pittsburgh Post-Gazette
Mortgage refinance applications soar despite a new fee that increases the cost Pittsburgh Post-Gazette
The best mortgage refinance lenders of March 2021 Business Insider
Refinancing your mortgage? Don’t make this mistake Fox Business
4 ways to get lower mortgage refinance rates Fox Business
Despite low mortgage interest rates, homeowners should research the caveats before reﬁnancing - Seattle Times
Despite low mortgage interest rates, homeowners should research the caveats before reﬁnancing Seattle Times
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low - CNBC
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low CNBC
5 reasons to refinance your mortgage right now HousingWire
10 things to know before refinancing your mortgage Fox Business
How to Refinance Your Home | Home Lending Chase News & Stories
3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool
Complete Checklist of Mortgage Refinancing Requirements Credible News
10 tips for getting the best mortgage refinance rate, from checking your credit report to choosing the right lender - Business Insider
10 tips for getting the best mortgage refinance rate, from checking your credit report to choosing the right lender Business Insider
USDA Construction Loans | Buy Land & Build A Home With USDA The Mortgage Reports
Jumbo Mortgage Refinance Rates for March 2021 NextAdvisor