This post will show you how to reduce mortgage fees and get the best rate possible. I have been refinancing and taking out new mortgages since 2003. As a result, I’ve become an expert as squeezing as much value as possible out of every mortgage.
Fees are an inevitability. How do you expect anybody to make money without them? I have no problem paying a fee for services rendered. However, some of the fees we pay are often hidden, illogical, or excessive. I’m currently locked into a 5/1 jumbo ARM at a juicy 2.35% with 0 points and around $3,100 in fees, which is at least 0.15% lower than anywhere else I’ve found.
To reduce mortgage fees, let me first explain what mortgage fees entail. I’ll also explain the point system and the incentive based pricing system.