Bad Credit Home Loan Refinance - How To Avoid Excess or Hidden Fees

by: Leslie Collins - 5/2007

"Shopping multiple bad credit lenders allows natural competition among lenders/brokers which can eliminate excess or hidden fees"...

Bad Credit Borrowers Best Defense Against Hidden Fees

Shop Mortgage Loans - This is probably your best defense. Since brokers use tactics like yield spread premium (YSP) to increase the interest rate above and beyond the interest rate you actually qualify for, they can just as easily eliminate it in order to keep you as a customer. And they'll do it if they know your shopping. That is, if you are actively comparing quotes, the broker will more than likely give you a rate closer to what you actually qualify for with the lender who is funding the loan. Get Multiple Mortgage Quotes - It's worth it to apply with multiple lenders - you won't be sorry. Start with online lenders, you'ld be amazed at how simple the process is. Multiple inquiries won't hurt your credit score either if all the applications are done within 45 days. Contact at least 3 lenders - Give them an honest overview of your financial situation and they should be able to give you a good guestimate interest rate range, right there on the phone. Ask what their origination fee is and where it's disclosed. It should be one of the first line items on your Good Faith Estimate, typically 1%-2% of the loan amount. Usually they'll waive the application fee until you actually commit to working with the lender - until then use the multilpe quotes as a competitive tool to weed out excessive origination fees or YSP

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