Mortgage Refinancing Information-Watch Out For Special Mortgage Deals

The majority of homeowners know to avoid unheard-of mortgage rates when refinancing their loans to avoid mortgage company bait-and-switch tactics. mortgage brokers often play a similar game with mortgage offers and qualifying features. Here are several tips to help you avoid being duped by a deceptive loan offers when mortgage refinancing.

If you are a homeowner with credit problems in your past, or are trying to finance an investment property, mortgage brokers will sometimes string you along without having a loan offer or even a lender in mind. Brokers often do this to get a loan application and some cash out of you while searching for a loan program that matches your needs. If you fall for trick like this, the broker could lead you on well after you’ve paid for appraisals, inspections, and application fees, only to switch programs when it’s too late for you to do anything.

Once you’ve agreed to a mortgage offer and locked in an interest rate, the broker will tell you the name of your wholesale lender. If the mortgage broker refuses to provide the name, telling you they cannot reveal the wholesale lenders name, your mortgage broker is simply lying to you and you should find another broker to work with.

If you’re working with a mortgage broker that has a mortgage loan that no one else has been able to offer you, don’t fall for it unless they are able to tell you the name of the wholesale mortgage lender and give you a solid quote for the mortgage. Falling for a mortgage broker that is simply leading you on while emptying you pockets will fees will only cost you a lot of money and hurt your pride.

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Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing, What You Need to Know," click here. This tutorial teaches strategies for finding the best mortgage and saving thousands of dollars in the process.

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Mortgage Broker Refinance Loan