Refi Mortgage Loan: Avoiding a Mortgage You Will Regret

Refinancing your mortgage can save you money, if you arent taken advantage of by your new lender. Most mortgage lenders operate an honest business; however, there are a number of mortgage lenders that place profits before honesty. These dirty lenders will cost you thousands of dollars in excessive fees and could even take your home. Here are several signs to help you recognize a dishonest mortgage lender or broker.

Homeownership is an expensive endeavor. For most people their homes are the single largest purchase they make. Managing your finances is stressful enough when it comes to mortgage loans; if you refinance with a dishonest lender your dream of homeownership can quickly become a mortgage nightmare.

Beware Prepayment Penalties

One way to spot a dishonest or predatory lender is by their use of prepayment penalties. Dishonest lenders include excessive and unrealistic penalties in their loan contracts. The penalty serves to discourage you from refinancing the loan.

Beware Arbitration Clauses

Never accept a mortgage contract that includes an arbitration clause. Arbitration means that you agree not to take any form of legal action against the lender. If a problem with your loan arises, you will be forced to settle the dispute with a third party arbitrator, forfeiting many of your legal rights. Lenders do this because they know the arbitration clause allows them to side-step many of the laws protecting homeowners.

Excessive Fees & Interest Rates

Advantageous mortgage lenders are notorious for charging excessive fees and interest rates. The best way to avoid paying too much for your new mortgage is to comparison shop from a variety of lenders and brokers. Comparison shopping will allow you to recognize fair fees and rates for a borrower in your financial situation; when you do this it will be easy to spot lender that are overcharging their customers.

You can learn more about your mortgage refi options, including common homeowner mistakes to avoid by registering for a free mortgage eBook.

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

Louie Latour specializes in showing homeowners how to avoid common 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 guidebook today at: http://www.refiadvisor.com

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