Question by lili: what are junk fees I can avoid in a refinance?
I’m thinking of refinancing my mortgage. I owe $ 167,000. My cost will be around $ 4,700 with the impounds . What are the junk fees that I need to look out for? which ones can I avoid? Can you give me a specific list of those junk fees” and how can I avoid them? thank you , all your help is appreciated.
I have $ 1500 dls of broker fees. too much?
Answer by David M
Getting a “loan modification” from your current bank is the best way to go if possible. Try that. A lot of the fees disappear that way.
BTW, they are not “junk” fees. They are real fees.
Add your own answer in the comments!
Anything that cannot be simply explained upon request at the table is probably a junk fee. Before you sign anything, read the final signature page carefully. Ask about anything you don’t understand, and if something cannot be explained to your satisfaction, get up and leave.
The odds are if you take a stand, assuming it is on a true junk fee, your agent will gladly pay the fee rather than lose the entire commission.