Dear EchoBay Expert:

Dear Loyal Reader: As you have found, the fees you pay for a mortgage refinance loan vary greatly according to lender. In general, you should expect to pay an application fee, an appraisal fee, title search and title insurance fees, loan origination fees and points.

These are all very typical fees for mortgage refinance loans. But even these fees can vary greatly, especially the origination fees and points. With some lenders, your interest rate depends on the amount of the origination fee and points. If you are willing to pay higher fees, you can enjoy a lower interest rate.

It should be noted though that not all lenders charge these fees. In fact, the majority of online lenders charge less in fees than what you can get from your local bank. This is mainly because the competition is more intense online and there is less overhead involved.

The cost savings are passed on to you in the form of better interest rates and lower fees. All lenders must disclose their fees in a good faith estimate once you have applied for a loan. You can also ask for a disclosure of fees before applying for your loan.

Be sure to compare mortgage refinance loans based on all of the terms of the loan including interest rate and any penalties as well as fees.

Dear EchoBay Expert:

Dear Loyal Reader: You are definitely not hopeless but you should know that it will take a little more work on your part to get approved for a bad credit mortgage refinance loan. One thing that is in your favor is that you have already been approved before for a mortgage loan. If you have made timely payments on your original loan, it will also help your situation.

There are many lenders who specialize in bad credit loans whether it is for a car or for a home. The quickest way to find these lenders is to do a quick search online. By working with lenders who specialize in bad credit loans, you can make the process easier on yourself. Do expect to pay a higher interest rate than you would for a traditional mortgage refinance loan and you may also have to pay additional fees.

You can sometimes shave as much as ½ point from your mortgage loan interest rate if you agree for the payments to be automatically drafted from your checking account. This will help to ensure timely payments (as long as there is enough money in your account) and you can save on interest. Be sure to shop around for the best rates. Even though you have bad credit, you still have options!