Tip #1.  It turns out that quite a few people are unaware of overages when it comes to getting a mortgage loan.  Overages occur when rates and/or points are more than a lender originally posted. 

For example, say your lender quoted you loan at a six percent interest rate and one point. However, the market quivered a little, and the lender got you to agree to 6.15% and 1.25 . In this case, the overage would be the extra quarter point and the additional .15% interest, which the lender and mortgage broker would pocket.

Ask your lender upfront about his company’s overage policy, that him or her you know rates fluctuate daily.  Most of them are ethical enough to tell you if rates have changed from the originally posted ones and will pass them on, but a few do not.

Tip #2–FHA streamline loans.  If you have an FHA-insured loan, and many people do, did you know you could refinance to today’s low rates at very little cost? Its called streamlining, and FHA has been doing it for years.  If you refinance your current balance, you don’t even have to get an appraisal.  Check out this link: http://www.fha.com/fha_article.cfm?id=27

There are several ways to find out if you have an FHA loan. The easiest is to call the lender who sold you the loan and ask. Another way is to look at your loan documents. On the HUD-1 closing statement, there will be a line item showing an FHA case number.

Then call your mortgage professional. If you don’t have one, e-mail me and I’ll send several referrals.

If you're upside down and think you can't refinance, think again. Lenders and servicers have started extending refinance packages to current upside down customers who wouldn't otherwise qualify,