Cindy’s Other Blog

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.

Finding the best refinancing rate is possible when you apply for a mortgage loan online. You don’t have to settle for terms you don’t like. By filling out one online loan application you can get competitive quotes from National and local mortgage lenders.

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!

Much of the time spent on processing loans comes from the handling of stacks of messy paperwork. With the use of electronic mortgage forms, the processing time can be cut in half or less. Because loan officers can process loans more efficiently, a savings of $250 to $550 per refinance home mortgage loan is possible.