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    a good faith estimate within 3 days of the loan application. Compare these carefully from multiple sources. Make sure the estimates are thorough so that you are comparing the same items across different offers. If a mortgage broker leaves of
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    Refinance mistakes can cost you thousands, even tens of thousands of dollars. Here are some quick tips to help you out:

    1. Wrong time frame

    Don’t do a refinance under time pressure. Always be sure you can walk away from a refinance if you are surprised by last minute (usually more expensive) changes to the loan you were expecting. These kinds of shenanigans happen. Sometimes people sign up for a bad deal because they need the money quickly, but could have avoided this with a little planning.

    It is harder to walk away from a loan when it is a purchase loan. Make sure the broker or lender verifies in writing the final interest rate that was locked in, so there are no surprises.

    2. Pay too much closing costs

    Closing costs can vary greatly between borrowers and between mortgage brokers. A point is 1% of the loan size. If someone charges you 2 points on a $600,000 loan, that is $12,000.

    Make sure you get a good faith estimate within 3 days of the loan application. Compare these carefully from multiple sources. Make sure the estimates are thorough so that you are comparing the same items across different offers. If a mortgage broker leaves off

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    refinance if you are surprised by last minute (usually more expensive) changes to the loan you were expecting. These kinds of shenanigans happen. Sometimes people sign up for a bad deal because they need the money quickly, but could have avoided this with a little planning.

    It is harder to walk away from a loan when it is a purchase loan. Make sure the broker or lender verifies in writing the final interest rate that was locked in, so there are no surprises.

    2. Pay too much closing costs

    Closing costs can vary greatly between borrowers and between mortgage brokers. A point is 1% of the loan size. If someone charges you 2 points on a $600,000 loan, that is $12,000.

    Make sure you get a good faith estimate within 3 days of the loan application. Compare these carefully from multiple sources. Make sure the estimates are thorough so that you are comparing the same items across different offers. If a mortgage broker leaves of

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    oided this with a little planning.

    It is harder to walk away from a loan when it is a purchase loan. Make sure the broker or lender verifies in writing the final interest rate that was locked in, so there are no surprises.

    2. Pay too much closing costs

    Closing costs can vary greatly between borrowers and between mortgage brokers. A point is 1% of the loan size. If someone charges you 2 points on a $600,000 loan, that is $12,000.

    Make sure you get a good faith estimate within 3 days of the loan application. Compare these carefully from multiple sources. Make sure the estimates are thorough so that you are comparing the same items across different offers. If a mortgage broker leaves of

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    Pay too much closing costs

    Closing costs can vary greatly between borrowers and between mortgage brokers. A point is 1% of the loan size. If someone charges you 2 points on a $600,000 loan, that is $12,000.

    Make sure you get a good faith estimate within 3 days of the loan application. Compare these carefully from multiple sources. Make sure the estimates are thorough so that you are comparing the same items across different offers. If a mortgage broker leaves of

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    a good faith estimate within 3 days of the loan application. Compare these carefully from multiple sources. Make sure the estimates are thorough so that you are comparing the same items across different offers. If a mortgage broker leaves off certain costs, such as property taxes or prepaid items, then their offer may seem much cheaper when it actually won’t be. Also make sure the quotes are for the same type of loan (30 year fixed, 5 year interest only, etc.) so you are comparing the same loan types. Otherwise you are comparing apples and oranges.

    3. Not locking your interest rate properly

    Your mortgage broker “locks in” your final interest rate with the lender. You can request a copy of this rate-lock prior to having to sign the loan documents. That way you know which interest rate to expect, and you won’t be hit by any last minute surprises.

    4. Wrong loan type

    There are many different loan options out there. Make sure these are explained to you thoroughly. This is your chance to get free advice from multiple sources. For some people a 30 year fixed loan is appropriate, and for some people an interest-only loan with lower payments may be better.

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