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Mortgage Rate Refinance [Your Secret To Successful Refinancing] Part 5

Know what you want from your home mortgage refinance before contacting a lender. A broker already understands you want the best deal. After all, who would ask for the mediocre interest rate of the day. Now for the catch. continued...

#6 When it comes to expense, a written Good Faith Estimate is your best indicator. If you are comparing programs such as a 30 year fixed rate mortgage to a 15 year fixed rate mortgage, you need a Good Faith Estimate for each mortgage rate refinance product.

Ask for a GFE before loan application and prior to ordering your credit report. Even though being an initial estimate, important details regarding interest rate, costs, fees, and payments will be disclosed on a Good Faith Estimate.

Requiring a GFE is the best way to compare loan products as well as evaluating home mortgage refinance lenders.

Now for the last secret, one we all have wondered about one time or another.

See you with that final secret tomorrow, Kate

P.S. To read my article in full, visit my Free Real Estate And Mortgage Articles

Posted by Kate Ford Mortgage Translator on 01/18/2009 05:48 AM

Comments (2)

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2 Comments on Mortgage Rate Refinance [Your Secret To Successful Refinancing] Part 5

JAN

Kate, what if any recourse does the client have if the good faith estimate is grossly wrong come closing time?

argh, I just lost my whole comment. Let's see if I can re-create my thoughts...

In the case of apparent gross misrepresentation:

1-Call the lender to see if a program alteration caused the change in fees, for ex, credit problems developed, rates increased, opting for less down payment, borrowing more etc. Either way, though, a new GFE should have in most cases been issued due to those changes.

2-Next step, ask for a supervisor if not making headway with loan representative.

3-As a last resort, consider changing to a new lender.

4-No one should ever feel boxed into closing with unacceptable mortgage terms.

Hope that helps, Kate

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