Mortgage Comparison Sites have reprinted below a quick article that talks about how to go about re-financing comparison shopping to get a good deal and avoid costly mistakes.

It tells you about several things you should look out for when approaching mortgage refinancing brokers.Mortgage Refinancing Comparison Shopping: How to Shop for the Best Mortgage Offer

Mortgage Refinancing Comparison Shopping: How to Shop for the Best Mortgage Offer
By Louie Latour

Comparison shopping when mortgage refinancing can save you thousands of dollars in unnecessary interest and junk fees. It is important to know what to look for when shopping for a mortgage, doing your homework before you apply will help you spot a good deal when you find one. Here are several tips to help you comparison shop and avoid costly mistakes when mortgage refinancing.

When you comparison shop for mortgage lender, the Annual Percentage Rate is a good starting point for making a comparison; however, it does not give you enough information to make an informed decision as to which mortgage loans are best. In order to make the best comparison of mortgage offers you need to request a copy of the Good Faith Estimate from each lender and do a line-by-line comparison of each loan offer.

Lenders are required to provide you a copy of the Good Faith Estimate within three days of receiving your application; however, this does not help you when comparison shopping. Most mortgage lenders will give you a copy just by asking. If a mortgage company or broker refuses to provide this document without your application, scratch them off your list. When comparison shopping for a mortgage loan there are also a few things you need to tell any prospective mortgage companies or brokers before submitting your application.

You need to tell each mortgage company or broker that you will pay no more than 1-1.5% of your loan amount for the origination fee. Make sure the mortgage company is not charging you more than $400 for the loan processing fee. The next thing you need to tell your mortgage company or broker is that you will pay reasonable closing costs but will not pay any retail markup of your mortgage interest rate.

This markup is called Yield Spread Premium will result in paying thousands of dollars in unnecessary mortgage interest every year. Ask the mortgage company to see the original interest rate guarantee from the wholesale lender. Comparing this guarantee with the written guarantee provided by your mortgage company will show you the markup. If your mortgage company or broker refuses to remove this retail markup of your interest rate, find another mortgage company that will

You can learn more “Win Smart/Win Ugly” strategies for mortgage refinancing, including costly mistakes to avoid by registering for a free mortgage tutorial.

To get your free mortgage tutorial visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing – What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com

Mortgage Refinancing

Article Source: http://EzineArticles.com/?expert=Louie_Latour
http://EzineArticles.com/?Mortgage-Refinancing-Comparison-Shopping:-How-to-Shop-for-the-Best-Mortgage-Offer&id=386639

Hopefully this article has provided a few useful tips of things you may not have considered to help you with mortgage refinancing comparisons.

Happy comparison shopping for your mortgage re-financing.