Refinancing Advice Rate Not Most Important Factor

by Gaylene
(Littleton, CO, USA)

Ask Kate: Refinancing Advice - The Rate Is Not The Most Important Factor If you are going to refinance the rate is not the MOST IMPORTANT factor. You better get a Good Faith Estimate and you better read it.


Do not pay an Application Fee, there are too many lenders around that do not charge this fee.

Negotiate the loan origination fee, this is not set in stone, if a lender wants your business he will talk about lowering it. This fee is where the loan officer and the house get paid, the higher it is the more income they get.

Do the math before you buy down your rate. Rolling points into a 30 year loan to save $10 or $15 dollars a month may not be a good idea. Always state that you want your rate to start at “par”.

You will not allow the loan officer to take “premium pricing” on the rate UNLESS ALL the overage money comes back to you to pay closing costs.

Make sure at closing that you stop and READ the HUD-1 statement of closing costs, this is the most important paper. Check the final rate, get all your credits and know what you are paying for.

Question anything you do not understand, you have 3 days to change your mind and get these answers.

Kate Answers: - The Rate Is Not The Most Important Factor

Hi Gaylene, Refreshing, timely, and pertinent refinancing advice.

Remember to bookmark Get Your Best Mortgage Rate to your favorites and visit often for up to date homeowner tips, news and refinancing advice. You can also invite friends to comment on this page or create a page of their own like you did.

Best Wishes,




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