If you are in the process of refinancing your mortgage you need to do your homework to avoid overpaying for your new mortgage. Doing your homework means learning the basics of how a mortgage loan works. Here is a primer on basic mortgage terminology.

Mortgage Lender Fees

All mortgage loans have lender fees. Lender fees include application fees, credit report fees, and appraisal fees, survey fees, other processing fees, and closing costs. Mortgage lenders also like to hide fees in the fine print of their loan contracts. Make sure you carefully review the good faith estimate provided by the lender as this will include all fees along with the Annual Percentage Rate for the loan.

Points

Many lenders charge points for the