rickjones posted on August 02, 2011 10:43
I recently refinanced my home loan, and did a consolidation to boot. This is the first re-fi I have ever done, and I have owned lots of real estate over my too-many years. It was a learning experience with some lessons that can be applied to the general real estate market.
First, if you are applying for a mortgage, get a firm handle on any fees that may be involved. I was unaware of the fact that a new title policy is required for a re-fi! I would have never guessed. BUT there are also other assorted fees that can add up to serious dollars, and you need to have them disclosed prior to signing up for the loan.
Make sure that you get a firm view of just how long it will take to close a loan. Underwriters seem to be holding up the process these days, and getting an accurate view from your lender is a must.
Make sure that the mortgage rep will fully explain your Good Faith Estimate to you. They are more complex than eve, with the new regulations.