Auto-Loan-Financing.com has scoured the web to find the best financial articles to help peole repair bad credit or fix their
personal finances. Each article is written by leading finance or automotive industry experts.
Take time to check a new mortgage for errors
Mortgage refinancing is what people talk about at dinner parties, bragging about their new low interest rates.
In their rush to close, however, they may not examine the mortgage for errors. Business Week's Daniel Kadlec says the heavy refinancing business can cause bankers to make mistakes. Before signing, work with a mortgage broker or lawyer, or at least examine the papers diligently yourself before settlement day. Here are some things to look for.
* Make sure you get a HUD-1 final cost document before closing day. It is often delivered on signing day and you don't have a chance to look at it. Compare the closing costs with those in the good-faith estimate. If they differ greatly, ask for an explanation.
* Check the annual percentage rate (APR) that you'll pay when fees are factored in. If it's higher than what you were promised, the bank may have added new fees or raised the interest rate.
* Check the escrow payment. It should be based on the time between closing and the due date of property taxes. Some lenders plug in 12 months, requiring you to come up with more cash.
* When applying for the mortgage, ask for the "reissue" rate on title insurance. In a refi, chances are very slim that someone will have a claim on the property. The premium should reflect that, saving you $200 or more.
Article content is copyrighted by their respective authors. Auto-Loan-Financing.com makes no claim to ownership of the
articles. The Articles provided are solely for educational and informational purposes and do not constitute legal or financial
advice. Files, source code, page layout, and design contained herein are the intellectual property of Auto-Loan-Financing.com
and may not be reproduced without the express written consent from Auto-Loan-Financing.com.
The Articles provided are solely for educational and informational purposes and do not constitute legal or financial advice to
erase, fix, or repair bad credit.
