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A Simple Way to Save Thousands on Your Mortgage Charges
How many times do you check you restaurant bill? If not often, I would advise you to do it more, especially when dining on your overseas vacations. Still, much more Americans check their restaurants bill, than the number of homebuyers, who check the charges for their mortgages.
There are two popular misconceptions about the mortgage surcharges. First - the charges are all the same because of the competition. Second - there is nothing we can do about it, so why bother?
They are both wrong. The charges vary, sometimes within the same company depending on who their customer is. And yes, you can reduce those charges substantially just by asking about them.
There us an old story about a waiter, who presents unreasonably high bill at the end of a meal. His customer asks very politely to see the itemization of the charges. He goes over the items with the waiter one by one. Salad, yes, we had salad. Steak, yes, we had it. What is 'successful' for $95? I don't remember ordering it. Shrugging his shoulders the waiter crosses the item out from the bill: "Most of the time I am successful with that one, but sometimes I am not".
You will be surprised how often this old joke is played on the unsuspecting customers at the mortgage closings. You can say: "But I always check the charges myself. There was nothing like that on my list".
Yeah, you think they would be stupid enough to put the charges in the open where you can check them? No, the charges are buried in the computations of the interest and principal payments. Those computations formulas are among the most closely guarded secrets of the lenders.
The lenders even have a special abbreviation for such charges, P.O.C., which stands for Paid Outside of Closing. Those charges can be for anything, from a finder's fee to your broker (or whoever referred you to them) to different sorts of mortgage insurance, which you are required to pay for, but it benefits the lender.
They will fight you tooth and nail, if you ask them to disclose that. Their most common answer to you would be: "Oh, we don't know the details ourselves. Our computer does the computations. It is our company's private information."
The only way for you to know exactly what the lenders are charging you is to compute the monthly payments independently. They are trying to make this task as difficult as possible for you. They use complicated allocations, where they often change the amounts that go to the interest and to the principal. Why? Because they don't want you to know.
So you might be thinking that after a few years your monthly payments have reduced your mortgage principal, when in reality the principal changed little and all the money went to cover interest payments and a lot of other funny charges, about which you never have been told.
How can you get this information? It can be yours for the asking. Of course you can start getting answers like: "It is not in our computer. We need to order an additional report for that. I don't have this information."
You can continue to deal with this people, if you wish. Just know that they are lying. And if they are lying to you now, what will prevent them to do the same later, when you are at their mercy as their customer.
MORE RESOURCES updated Wed. July / 24 / 2019
Refinance mortgage rates: 10 steps to get the best deal The Mortgage Reports
How do you get the best refinance mortgage rates? Plan ahead and have a strategy. Here's how to do it in today's low-rate mortgage marketplace.
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The 30-year fixed mortgage rate recently reached its lowest levels since September 2017.
Consider a Mortgage Refinance, Even If You Bought Recently NerdWallet
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Debt Consolidation with Mortgage Refinancing: How to Pay Off Debt with a Refinanced Mortgage - Zing! Blog by Quicken Loans
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6 Strategies To Make Your First Mortgage Refinance A Success CBN News
Mortgage rates may be rising but there's still room to refinance your home loan. Use these six ways to get the best deal on your first mortgage refinance.
Should you refinance your mortgage now? Clark.com - Clark Howard
Money expert Clark Howard has a simple rule for when to refinance your mortgage. See if it applies to you and how you can hit a "grand slam" if you do it.
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Average mortgage rates barely moved on Friday, as we predicted. However, the movement that did occur was different from what we expected. The average ...
This is how ridiculously low mortgage rates are now. A historical perspective - The Mortgage Reports
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How to get the best deal on your home mortgage refinance cleveland.com
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Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.
Mortgage rates today, July 18, 2019, plus lock recommendations The Mortgage Reports
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Refinance mortgage rate slides for Friday Bankrate.com
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Weekly mortgage rates fall further, but only refinance applications rise CNBC
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U.S Mortgage Rates – Rates Rise for Just the 3rd Time in 13-Weeks Yahoo Finance
Mortgage rates were on the rise once more, though they could come under pressure should tension in the Middle East rise further…
Refinance rates trend higher for Tuesday Bankrate.com
Multiple key refinance rates trended upward today. If you're in the market for a mortgage, see what that means for you.
Refinance rates tick lower for Tuesday Bankrate.com
Multiple closely watched refinance rates sunk lower today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both declined. Meanwhile ...
It's Your House, Only Cheaper — Why Homeowners Should Refinance Now to Save Big - PaperCity Magazine
It's Your House, Only Cheaper — Why Homeowners Should Refinance Now to Save Big PaperCity Magazine
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Liz Weston: Shop for refinance rates with no credit score dip for multiple inquiries OregonLive
Dear Liz: We're planning to refinance our mortgage and are concerned about generating multiple credit inquiries which would lower our excellent credit scores.
Mortgage rates today, July 15, 2019, plus lock recommendations The Mortgage Reports
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Fed interest rate cuts to usher in new era for home buyers The Mortgage Reports
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Mortgage rates dip for Monday Bankrate.com
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Over 8 million homeowners are leaving big money on the table by not refinancing The Coloradoan
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Mortgage rates sink to a 31-month low after Federal Reserve expresses uncertainty about the economy - The Washington Post
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Mortgage discounts | United Federation of Teachers United Federation of Teachers
The following discounts are paid advertising. The appearance of these ads does not imply any endorsement by or connection with the United Federation of ...
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Mortgage rates fell to 3.84% in mid-June according to Freddie Mac, but could they go lower? A lot lower? Even the lowest they've been in 50 years? Mortgage ...
The power of mortgage insurance — and which state's buyers use it most | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
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Mortgage insurance often gets a bad rap. But according to new data, it actually helped more than 1 million Americans either purchase a home or refinance their ...
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Mortgage rates were little-changed again today, despite moderate improvement in the broader bond market. Although it's MBS (the mortgage-backed securities ...
As mortgage rates plunge, should you refinance? Fox Business
Nearly 6 million people can now cut their mortgage payments with refinancing.
Mortgage rates today, June 25, 2019, plus lock recommendations The Mortgage Reports
Average mortgage rates held steady yesterday. A modest fall had looked more likely first thing. Still, their being unchanged was a real win for borrowers.
As rates drop, mortgage refinancing surges but home purchase loans remain tepid USA TODAY
Homeowners scramble to refinance mortgages as rates hit the lowest level in 17 months. But mortgage applications for home purchase rose just 0.5%.
Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan - MarketWatch
Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan MarketWatch
More people are pursuing refinances as mortgage rates have dropped.
Mortgage rates are falling—here's how to tell if you could save money by refinancing CNBC
As mortgage interest rates drop, homeowners could save hundreds per month by refinancing. However, it's not a smart financial decision for everyone.
5 Signs It's Time To Refinance Your Mortgage Forbes
You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ...
Nearly 6 million people can now cut their mortgage payments with refinancing Bankrate.com
The recent drop in rates means that 5.9 million people can potentially save money by refinancing their existing home loans and securing a lower rate -- two ...
When Mortgage Refinancing Makes Sense Seeking Alpha
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These are the best (and worst) reasons to refinance your mortgage Bankrate.com
Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ...
Mortgage refinancing spree becomes a race against the clock Bankrate.com
Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...
Dougherty Mortgage Closes Fannie Mae Loan for Hawks Landing Apartment Community in Kingsville, Texas - MultifamilyBiz.com
Dougherty Mortgage Closes Fannie Mae Loan for Hawks Landing Apartment Community in Kingsville, Texas MultifamilyBiz.com
KINGSVILLE, TX - Dougherty Mortgage recently closed a Fannie Mae loan for the acquisition financing of Hawks Landing, a 102-unit market rate multifamily ...
Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes Credible News
Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.
If You Ever Want To Retire, Here's The Best Way To Refinance Your Mortgage Forbes
The usual reasons to refinance are to reduce the monthly payment or to raise cash. The third option, which is under-appreciated, is to shorten the period of ...
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A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.
Mortgage Rates Drop Again -- Homeowners Can Save Hundreds Per Month By Refinancing Forbes
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Interest rates are near historic lows, and one particular VA loan refinance option that is easy to qualify for can enable homeowners to save thousands on their ...
Lend America exec to be sentenced in fraud case Newsday
A Long Island man who pleaded guilty to felony charges in the collapse of a $1-billion-a-year mortgage lender is scheduled to be sentenced in federal court ...
What to consider before determining whether to refinance your mortgage Washington Post
REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...
More, Hirt, and Henn of Mission Capital Advisors arrange
$15.2 million first mortgage refinance for The Box Factory - New York Real Estate Journal Online
More, Hirt, and Henn of Mission Capital Advisors arrange
$15.2 million first mortgage refinance for The Box Factory New York Real Estate Journal Online
Brooklyn, NY Mission Capital Advisors' debt and equity finance group has arranged $15.2 million of first-mortgage financing for The Box Factory, redeveloped ...
Homeowners refuse to tap into massive equity. Is that a mistake? The Mortgage Reports
Home equity is up and rates are down. But homeowners refuse to tap into equity for major financial goals like a college education or home improvements. Is that ...
Refinance mortgage rate moves higher for Wednesday Bankrate.com
Refinance rates were mixed, but one key rate were higher. See what that means for you if you're in the market for a mortgage.
Refinance mortgage rate moves higher for Friday Bankrate.com
Refinance rates were mixed, but one key rate were higher. If you haven't locked a refi yet, see how your future mortgage payments could be affected.
Saudi Real Estate Refinance, Deutsche Gulf Finance Ink Deal on Low Profits Mortgages - Asharq Al-awsat English
Saudi Real Estate Refinance, Deutsche Gulf Finance Ink Deal on Low Profits Mortgages Asharq Al-awsat English
The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Saudi Public Investment fund (PIF), signed Sunday a partnership agreement with ...
Freddie Mac CHOICERenovation construction / renovation loan: 2019 guidelines The Mortgage Reports
The CHOICERenovation (sometimes written “Choice Renovation”) mortgage from Freddie Mac gives borrowers a new option to buy and fix-up homes without ...
Mortgage refinance checklist: what you need to refinance your home The Mortgage Reports
This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ...
Cash-out mortgage refinancing: Here’s where homeowners are using it most Bankrate.com
Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...