Online Mortgage Refinancing
Online mortgage companies can save you a lot of money when mortgage refinancing. Comparison shopping on the Internet is quick and easy; however, you need to keep an eye out for hidden fees. Here are several tips to help you avoid paying hidden “Computerized Loan Origination” fees when mortgage refinancing online.
Don’t get me wrong, there are excellent mortgage refinancing deals to be found on the Internet. There are also greedy mortgage companies looking to take advantage of you, literally at every corner. This is why careful comparison shopping is an essential part of mortgage refinancing using the Internet.
One of the most popular mortgage portals on the Internet is Lending Tree. Their website boasts that they have served over 20 million borrowers. How many of these borrowers do you think actually read the Licenses & Disclosures found at the bottom of Lending Tree’s website when mortgage refinancing? Not many, that’s for sure.
Read the fine print found in this mortgage refinancing disclosure and you’ll find Lending Tree is acting as an online mortgage broker. They claim that there is no fee for you the homeowner, and then turn around and disclose that you will pay up to $1,300 for using their service when closing on your mortgage. You can use the site for free, but apply for mortgage refinancing and you’re slapped with a $1,300 fee just for filling out a form on the Lending Tree website!
When you apply for a loan online, you can expect to find lenders eager to compete to give you their best loan deal possible. With just one easy online application you can have several refinance loan offers to choose from. Yes, searching online for the best home refinance rates can be a very smart choice!
