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Refinance Scams - A Few Things To Watch Out For When Refinancing Your Mortgage


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									                                            Presented by Daniel Toriola

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         Refinance Scams - A Few Things To Watch Out For When Refinancing Your Mortgage
                                                            By CL Haehl

   Refinancing your mortgage is a big decision, and one that shouldn't be made blindly. Here are a
few things to watch out for when refinancing your mortgage.

Beware of a broker that is reluctant or refuses to disclose their YSP, or "yield spread premium". That
term refers to the amount of money the lender is giving to the broker in exchange for charging you a
higher interest rate or enacting a longer or more severe pre-payment penalty. Statistically, unsolicited
refinance offers have a much higher likelihood of coming from "predatory" lenders.

Be careful--all Good Faith Estimates are just that; estimates. They are all subject to change.

RESPA (Real Estate Settlement Procedures Act, a federal consuming protecting statue first enacted in
1974) prohibits any settlement service provider from giving or receiving anything of value for the
referral of business in connection with a mortgage or charging fees or markups when no additional
services has been provided. Mention "RESPA" to your lender, ask for a list of fees (they cannot charge
you $25 for a credit report that cost them $8.50, for example), and be candid about shopping
elsewhere if you feel slighted. At the same time, blindly shopping around may keep the broker from
going the extra mile for you if something goes wrong and he/she feels that you haven't placed faith in

Trust your gut. If something about your refinance transaction consistently feels wrong, there's a good
chance it is. Many lenders will gloss over the fact that you have a "Right of Recession" where you have
from the day the loan closes until midnight three days later to cancel the deal, and you cannot be fined
for that termination (except for losing any out of pocket expenses, such as an appraisal). That being
said, almost everyone feels some sort of "buyer's remorse" soon after closing a major financial
transaction, even if that transaction is in your best interest.

http://www.mortgagesanity.com/2007/02/06/mtg-lenders/ - We maintain a list of reputable lenders
online and update the list regularly.

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Things Your Mortgage Company Or Bank Either Don't Know - OR WON'T TELL YOU!
                                                                                                                   Page 1
                                               Presented by Daniel Toriola

                           Advantages Of Refinancing Your FHA Home Mortgage Loan
                                                              By L. Sampson

 When interest rates fall, it is a good time refinance your house. You can even refinance if you want to
do some debt consolidation. Taking advantage of the programs offered by the government, in the form
of FHA home mortgage loan refinances, can be a great way to have a streamlined process, and to
save some money. And if you already have an FHA loan, it is easier than ever for you to refinance it.

Here are some of the advantages of refinancing your FHA home mortgage loan:

· Programs that reduce your interest rate at no cost

· Options that allow refinancing your FHA home mortgage loan at no cost

· The credit qualifications and the income qualifications are more lenient than other lender

· It is not difficult to switch from an ARM to a fixed rate loan.

· There is no hassle in lengthening or shortening the term of your loan.

· Refinancing your FHA home mortgage loan can allow you to consolidate first and second mortgages.

· You can also take advantage of “cash out refinance” options to consolidate your bills.

· The closing costs are regulated by the FHA, and are often lower than the costs associated with other

· Even if you have had a bankruptcy or foreclosure, you can still take advantage of refinancing your
FHA home mortgage loan. However, you do have to wait at least two years for a bankruptcy and three
years for a foreclosure.

· You can get financing for up to 97% of your home’s value

One of the great things about an FHA refinance loan is that some of these features are available even
to those who do not already have an FHA loan. Even though if you are refinancing your FHA home
mortgage loan you will have a more streamlined process, you do not have to actually have an FHA
home loan to take advantage of the refinance. You may have a little more difficult time, but you can still
refinance with an FHA home loan.

Visit http://www.refinancesmarts.com for more information about VA and FHA Home Mortgage

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                                                Presented by Daniel Toriola

Related eBooks:

Advantages Of Refinancing Your FHA Home Mortgage Loan
Getting 100% Mortgage Refinancing With Bad Or Poor Credit
When it is Financially Beneficial to Refinance a Mortgage
Refinancing Your Home Even With Bad Credit
To Refinance...or Not, That Is The Question???

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