Mortgage Refinancing – Tell Your Mortgage Company to Take Out the Garbage

If you are in the process of mortgage refinancing, negotiating with your Mortgage Company or broker can save you thousands of dollars. There are a number of Junk fees you should simply not agree to pay when mortgage refinancing; mortgage companies and brokers try and cleverly disguise these fees in your loan contract. Here are several tips to help you avoid overpaying for your next mortgage loan. What Are Mortgage Refinancing Junk Fees?

Mortgage lenders are not prevented by law from charging you Junk fees when mortgage refinancing, only required to disclose their Junk fees. What are these so called garbage, Junk fees? For the most part they are settlement charges that greatly exaggerate costs incurred by the mortgage company when originating your loan. Here are several examples of many of the junk fees charged by unscrupulous mortgage companies and brokers.

• Electronic Appraisal Fee: $350 that actually costs $3

• Credit Score: $65 when it actually costs $9

• Document Delivery or Courier Fee: $75 when it actually cost $16

• Administrative Fees: $500 when these fees are already covered by Origination Points

If you want your mortgage company to play fair when mortgage refinancing, you must insist they take out the Junk when it comes to your mortgage fees. Pay close attention to all the fees listed on your Good Faith Estimate and HUD-1 statement. Question your mortgage company about the validity of their fees and if a particular service is actually necessary. Question every item found on these documents and whenever possible, negotiate to have the fee removed.

You can learn more “Win Smart/Win Ugly” strategies for mortgage refinancing while avoiding costly mistakes by registering for a free mortgage tutorial.
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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

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