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If you are in the market for a new mortgage loan, you can carefully compare thousands of dollars if it is really about. Many financial advisors will tell you to use the annual percentage rate, or APR to compare, but the effective annual interest rate is simply not enough information to make an informed decision about which loan is best. Here are some tips to help you comparison shop with the good faith estimate.

The Good Faith Estimate is a government document describes rules that the estimated cost of mortgage refinancing offers check. All issues can be found on your mortgage refinance Good Faith Estimate overview of the expected origination fees, points, escrow fees, appraisal fees and title fees for the insurance costs of your loan. Mortgage lenders are required to provide you with the good faith estimate of a truth in lending statement within three days after receipt of your application for mortgage refinancing, but this does not help with the actual compare.

The good news is that most companies and mortgage brokers will give you a copy of the good faith estimate by simply. In this way you can collect Good Faith Estimates for each mortgage offer you consider, and a line by line comparison with the mortgage refinancing. It is important to recognize that the good faith estimate is only an estimate, the actual number on your settlement statement could change. Mortgage companies often try to "one slip past you," therefore it is important that the solution statement on the good faith estimate and ask for an explanation of the changes.

What should be for the good faith estimate? First, find the lending fee. The rise should not exceed 1-1.5% of the loan amount. Next you will find for the loan processing fee. Your loan processing fee should never be more than $ 400, and if there are loans to a third party processor, to find their company. Finally, make sure that you do not pay yield spread premium rate on your mortgage. What is Yield Spread Premium? This is the retail markup of your mortgage interest rate and after the Secretary of Housing and Urban Development homeowner costs in the United States $ 16 billion U.S. dollars each year in unnecessary mortgage interest.

How can I avoid when yield spread premium mortgage refinancing? You can learn these and other expensive mortgage refinancing mistakes to avoid by registering for a free, six-part video tutorial.

To get your free six sub mortgage refinancing tutorial, visit RefiAdvisor.com with the link below.

Louie Latour specializes in homeowners how to avoid costly mortgage mistakes and predatory lenders. To your hands on this free video tutorial: "Mortgage Refinancing - What You Need To Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com

Good faith estimate