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Mortgage Refinancing Help

Mortgage Refinancing Help: Accounting

Many companies in this industry will do what ever they can to get away with charging you as much as they possibly can. Some of the ways they do this is not disclosing all the third party fees involved in a loan such as title insurance, appraisals, pre-paid tax and insurance escrows etc. It is important that you ask the loan officer you're speaking with about third party fees. If you don't they may not tell you and give you a good faith estimate that sounds fair, but at closing you'll find out that you have to pay a couple of thousand dollars more in fees you were unaware of. A good loan officer at a reputable company should have no problem disclosing all fees that pertain to your loan and should also make sure you understand what the fees are for.

 

 
           
Mortgage Refinancing Help : Business: Small Business: Finance : Accounting (161)

 

 

 

Mortgage Refinancing TipFees are a hidden cost of many mortgage loans. By law, lenders must disclose fees within three days of a loan application. Fees can go by many names like - document prep fees, courier fees, administrative fees, and more.



Mortgage Refinancing Help: Accounting ()

See also:


 
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Mortgage Refinancing TipCalculate the financial benefit of refinancing in one, two, or three years. Does the benefit compare with your plans for staying in your home?
 

Mortgage Refinancing TipIf you have a mortgage, you should keep an eye on rates-especially if you have an adjustable rate mortgage. Getting locked in at a lower, fixed rate can save you hundreds, possibly even thousands, of dollars over the life of your loan.
 

Mortgage Refinancing TipThese days most people request a Good Faith Estimate (GFE), but have no clue what to look for on the GFE. Make sure you request a GFE that has ALL fees estimated and disclosed. This includes: origination points, processing, lender, appraisal, title, escrow... ALL FEES... especially the Yield Spread Premium or YSP.
 

Mortgage Refinancing TipThe majority of your mortgage payment goes toward paying interest. To save an astounding amount of money over the long term, choose a mortgage loan with a lower rate and a shorter payback term. A 15-year mortgage may be just what the financial planner ordered. This type of loan carries a larger monthly payment; but if your budget can withstand the jolt, you can save big bucks over the long haul.
 

   

   


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