1. Choosing a home loan lender for the wrong reason (i.e., the lowest rate, your existing lender.) People choose home loan lenders for all the wrong reasons. Getting a low rate is important, but it’s not the only consideration. Lenders may offer the lowest rate but charge extra fees (loan fees, origination fees, copy fees) so that in the end you will pay more for the refinanced home loan even though your rate may be lower. The only way to protect yourself is to wait for the Good-Faith Estimate (GFE) which should list all the closing costs. Compare the GFE’s from a number of home loan lenders.
But comparing GFE’s is not the only story when you want to refinance your home. If time is important, you want to choose a mortgage company that is capable of acting quickly. Ask each company to give you their average closing time for loans similar to yours.
Ask around among your trusted friends. Find out who refinanced lately and ask them what they thought of the company. Do not assume that your existing home loan lender is any better than a new lender. Since most home loans are sold in the secondary market, everyone has to meet certain criteria, and your...
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