Beware Of Home Mortgage Refinance Rip-OffsBy Debbie Wilson
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Refinancing a home mortgage can indeed save you a great deal of money and help you consolidate debt. However, before you jump at the first low-interest rate loan, beware of mortgage rip-offs, including administration fees, title insurance costs, and credit report charges.
Mortgage Document And Administration FeesMany mortgage lenders today charge separately for document preparation and administrative fees. However, the mortgage origination fee should cover all these refinancing costs. To ensure this doesn't happen to your, ask your bank or mortgage lender to waive these charges up front.
Title Insurance CostsTitle insurance companies may add as much as $300 to your home mortgage refinancing closing costs for ancillary charges, such as title search and binder fees. Be persistent upon demanding these be included in your original insurance charge. A typical insurance charge may be as high as $6,000, depending upon where you live.
Credit Report ChargesCredit reports and courier fees can tack on as much as $200 to your home mortgage refinance loan. To make sure this doesn't happen to you, negotiate to no more than the going rate before signing up with a lender. Credit reports should only cost between $6 - 12 and approximately $20 for courier fees.
Don't get caught misinformed and taken advantage of. Next time you're ready to embark upon home mortgage refinancing, get the facts, know your rights, and speak up. By firming up all hidden mortgage costs and fee upfront, you won't get stuck with a mortgage rip-off on the back end.
About the Author
Debbie Wilson owns and operates a lakeside resort. Her previous experience includes profitability consulting for a national healthcare company. Debbie holds a B.A. in Business Management with a minor in Physical Education.
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