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Making mistakes when refinancing your mortgage can cost you thousands of dollars. Most homeowners that overpay for their mortgages dont even realize the mistakes they make. How can you avoid making common mortgage mistakes? Take the time to do your homework and research mortgage lenders before you make mistakes that cost you thousands of dollars. Here are tips to help get you on the right track when refinancing your mortgage.

Many homeowners focus entirely on interest rates when shopping for a mortgage loan. Interest rates are important; however, if you overlook the rest of your mortgage for a great interest rate, how will you know what youre paying for fees and closing costs is fair? When you shop for a mortgage it is important to compare all aspects of the loans you consider, not just the interest rates.

Timing Interest Rates Doesnt Work

Interest rates are nearly impossible to predict. Anyone that tells you they can guarantee interest rates will rise or fall at certain times is selling something. Instead of spending your time trying to predict the market, spend your time researching and doing your homework. The Internet is an excellent tool for comparing loan offers and fees from dozens of lenders.

Compare More Than Interest Rates

Everyone obsesses over interest rates and you rarely hear anyone talking about lender fees and closing costs. When you shop for a new mortgage loan it is important to compare all aspects of the loans, including points, fees, and closing costs. The best way to do this is to request the Good Faith Estimate from each lender you are considering. Lenders are required to provide a written Good Faith Estimate after receiving your mortgage application; however, most will provide one to you if you ask. The Good Faith Estimate outlines every aspect of the loan and who the charges are being paid to, information you need to make an informed decision as to which mortgage offer is best.

Low Interest Rates Arent Always Best

The term length and amortization schedule along with the interest rates determines how much you will pay for financing. Choosing the right mortgage for your financial situation could save you thousands; choosing wrong could lead to a financial disaster. This is why it is important to do your homework and learn the basics of the different types of mortgage before deciding which loan is right for you. You can learn more about your mortgage options, including other mistakes to avoid by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "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 guidebook today at: http://www.refiadvisor.com

Refinance Mortgage Mistakes to Avoid