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Once you receive offers, compare rates and fees. Often fees are where lenders make their money. Adding up interest and fees, and comparing that figure will give you true cost of loan.
Look For A Good Deal
Mortgage lenders increase their profits by pushing loans with high interest rates and points. Some lenders will push these types of loans even if they arenít best for you, so beware of fast-talking dealers. Be sure to read terms and look for hidden fees before you sign paperwork.
Online mortgage companies eliminate some of this risk by requiring mortgage lenders to state their terms online. Online quotes are also more competitive since lenders know you are probably shopping around to refinance your loan. Once you have an offer, print out terms for your records.
To view our list of recommended bad credit or subprime mortgage lenders online, visit this page: Recommended Bad Credit Home Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.