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Refinancing Your Mortgage? Tips for Reducing Loan Fees

If you are thinking about refinancing your home educate yourself so that you get the best deal possible. You'll want to examine all the products available to determine what will work best for you. Consider whether you want fixed-rate or variable-rate mortgage refinancing. Shop around for the best rate. Decide whether a conventional or non-conventional mortgage will work for you. Getting the best deal will also include looking at ways to reduce your loan fees.

It can be very confusing to figure out fees, so take your time and ask a lot of questions. "Right now, (consumers) have to make a lot of assumptions," says Stanley Rhodes, president of ABN AMRO Mortgage Group. "Frequently they're very confused and they can't make a valid comparison of the costs between one lender and the next." Whether you are looking to combine 1st and second mortgages together or just planning to do a standard home refinance, the trick is to shop around and compare.

Shop among at least six or so mortgage lenders for your refinance and look for those that have no cost, no fee offers. Get good faith estimates from each lender which should explain any closing costs for various scenarios. Ask a lot of questions of each lender. Remember that they are working for you and insist that you get accurate estimates of any closing costs and that they are firm. You might still have to pay legitimate fees to third-parties for services such as appraisals and credit reports. Just make sure that you ask and check that all loan charges are revealed in the good faith estimate.

Lenders will sometimes ask you to pay a loan fee of 1 or 2 percent of the amount borrowed (which is usually called points) in order to reduce the interest rate by. Choose a refinance with no points. Even though you generally receive at least one-eighth percent reduction, these fees don't make sense unless the loan amount is large and you plan to keep the house for at least ten years. It's better to take the no cost refinance with all the lender fees in the interest rate. In this way, an increase in interest rates can help eliminate fees. If you find a reputable lender and know what to shop for, you are sure to save some money.

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Nationwide Mortgages is leading the charge online with home refinancing mortgages that have opened the door for many Americans to lower their payments and save money. Our home refinancing department has pioneered new territory for 100% home refinancing. Our ability to secure loans for homeowners with bad credit has set us apart from our competition. Refinancing your home to 110% is very important for today's debt ridden society. Ask our home financing consultants how you can save money when you buy a home.

Even if you're not looking for a new home, moving forward with a refinance loan on your current 1st mortgage could save you money or put cash in your hands for various needs.

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