December 25th, 2010 | 
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Refinancing your mortgage online can be a quick and easy way to get a new mortgage loan. There are a number of problems with online mortgage companies, mainly the number of people helping themselves to your money along the way. Here are several tips to help you minimize your costs when refinancing online.
Enter The Computerized Loan Origination Fee
There are literally hundreds if not thousands of mortgage sites on the Internet that have absolutely nothing to do with mortgage loans. These are even big name sites that advertise on television. What do these sites do? They collect your personal information and sell it to mortgage lenders and brokers in exchange for a “Computerized Loan Origination Fee.”
How much will this fee cost you; maybe a hundred dollars? In the case of one well known “mortgage site” this fee is $1,200! That’s right, all you did was fill out your name and address in their form and your mortgage lender will add $1,200 to your Good Faith Estimate and pay it to this “middleman” website. How can you avoid paying these ridiculous fees?
Always look for the Licenses & Disclosure statements on any mortgage website before you provide your personal information. If you find a mortgage site that does not have a Licenses & Disclosure statement you should move on to the next lender. Mortgage sites that do not have disclosure statements are a special category of lender known as “Broker Banks” and are exempt from disclosure laws provided by the Real Estate Settlement Procedures Act. Why consider a mortgage lender that doesn’t have to play by the rules? You can learn more about refinancing your mortgage loan online, including costly mistakes to avoid with a free mortgage tutorial.
Posted in Mortgages | 
Tags: Loan Mortgage, Loan Origination Fees, Middleman, Mortgage Brokers, Mortgage Lender, Mortgage Loan, New Mortgage, Refinancing Mortgage