Tips to Avoid a Rip-off on your Home Refinance

Refinancing your home is one of the best ways to lower your monthly payments, as long as you get the right deal. Keep these 4 tips in mind to avoid a refinance ripoff.

  1. Research interest rates. Since interest rates change daily, spend a few weeks looking at interest rates to get an idea of the range.
  2. Look at commissions and fees. Brokers have different ways to charge commission. Make sure your broker is only charging an upfront commission which is usually only 1 to 2 percent of the loan, or if their being paid by the lender and the fees are included.
  3. Negotiate. A broker’s commission is always negotiable, so always ask for a better price if you think the fees are too high.
  4. Watch the closing costs. While there is no way to avoid some closing costs, do not ignore them. While the closing costs will usually come out of the equity of your home, treat them as if you were paying them out of pocket.

For all of your home lending needs in the Irvine, California area, contact Avis Lending.

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