Beware Of Junk Fees With Online Mortgage Brokers

Beware Of Junk Fees With Online Mortgage Brokers
Refinancing your home is​ a​ big decision .​
When done for the​ right reasons,​ with the​ assistance of​ a​ reputable mortgage broker,​ refinancing your home can be a​ great way to​ save money and even put cash in​ your pocket .​
Many people utilize online mortgage brokers to​ handle their home refinance needs .​
Using online refinancing options can result in​ a​ savings of​ time and money,​ assuming that the​ company you​ select to​ handle your needs is​ a​ reputable one.
Even though there are many reputable mortgage companies doing business online,​ there are also a​ number of​ companies who seek to​ take advantage of​ consumers with junk fees .​
If you​ find yourself dealing with a​ company that starts adding on​ fees that weren’t disclosed in​ the​ beginning,​ you​ may be dealing with an​ organization that isn’t reputable .​
Such companies often charge consumers fees that the​ consumers should never have to​ pay,​
Examples of​ Junk Fees
Some websites that allow consumers to​ fill out one form so that a​ number of​ lenders can bid on​ the​ opportunity to​ provide your loan actually charge a​ fee to​ fill out their contact form and use their services.
Some companies will add on​ computerized origination fees,​ claiming that such fees cover the​ costs of​ allowing you​ to​ use their websites to​ apply for refinancing .​
This junk fee is​ the​ equivalent of​ a​ grocery store charging you​ a​ cover charge when you​ walk in​ the​ door to​ cover the​ costs of​ using their store to​ find groceries to​ buy.
Other junk fees to​ watch for include application fees,​ charges to​ lock in​ an​ interest rate,​ and courier fees.
Protecting Yourself From Junk Fees
Don’t rule out working with an​ online mortgage broker just because some of​ them are not reputable .​
Asking people you​ trust for referrals of​ reputable online lenders can be a​ good way of​ finding a​ reputable broker .​
As a​ consumer,​ you​ need to​ be informed about your rights and you​ need to​ ask the​ right questions when selecting a​ mortgage company.
When dealing with an​ online mortgage broker,​ read the​ Licensing & Disclosure statement on​ the​ company’s website .​
All fees should be disclosed in​ that statement .​
It is​ also a​ good idea to​ ask the​ representative with whom you​ are working to​ disclose all fees to​ you.
If an​ online mortgage broker is​ asking you​ to​ pay a​ fee that seems like a​ junk fee,​ ask a​ local mortgage broker if​ the​ fee is​ reasonable or​ not .​
If a​ company charges a​ fee just to​ fill out a​ form on​ its website,​ you​ should keep looking for another lender.
When selecting an​ online lender,​ ask for references .​
Learn everything you​ can about the​ company’s background so that you​ can be certain you​ are not working with a​ shady organization.
When you​ find a​ good broker,​ by letting other people know about him or​ her,​ you​ can play a​ role in​ helping to​ reduce shady online lenders by spreading the​ word about the​ reputable lender that you​ found .​
When you​ refer your colleagues to​ reputable online lenders,​ you​ are playing a​ role in​ making the​ online lending industry better and safer for consumers.

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