FINDING MORTGAGE INFO

September 16, 2008
Michael Sheehan

Physician's Money Digest, March15 2003, Volume 10, Issue 5

It's hard to find average feeswhen it comes to mortgage closingcosts, which makes it hard to compareoffers from competing lenders.A mortgage that comes with alower interest rate may also comewith hefty charges tacked on at closing,including the attorney fees, inspectioncosts, and administrativecharges. One way around this problemis to ask all lenders to quote onthe basis of a no-fee mortgage.Many lenders will oblige, adding afraction of a point to the interestrate to make up the costs. As aresult, you only have to comparerates. This is an especially good ideaif you think you'll be moving on orrefinancing within 5 to 7 years; anylonger and the higher rate will startcosting you more in interest.