Nebraska does not currently have any anti-predatory lending laws in effect. This means that it is extremely important that you be as cautious as possible when getting a Nebraska refinance loan. Not all lenders are bad, but there are some who are looking to take advantage of you in any way they can. The easiest way for them to do this is by charging you exorbitant rates and fees.

Administration and Document Fees

Many Nebraska loan lenders charge separate document preparation and administration fees. However, you don’t necessarily have to pay them. These fees should be covered by the mortgage origination fee. Always ask your lender to waive these charges upfront.

Title Insurance Costs

Lenders don’t always have quite as much pull when it comes to title insurance fees, which are normally set by third parties. Even so, you should do your best to wriggle out of them if you can. Title insurance companies can add as much as $300 to $400 to your Nebraska refinancing costs. You can avoid paying that much be demanding that title search fees and binder fees be included in your original insurance charge.

Credit Report Charges and Other Fees

When you apply for a Nebraska refinance loan, lenders pull a copy of your credit report. Some of these lenders will try to charge you outrageous credit report and courier fees. Don’t allow it. The most you should pay for these services is $40.

Monitoring Your Closing Costs

While refinancing can save you a great deal of money, your closing costs can eat up your savings quickly. To make sure you aren’t getting fleeced, you will need to pay very close attention to all of the fees mentioned above. If there are charges you don’t understand, make your lender explain them. Closing costs for Nebraska refinance loans currently average $2874. If you are paying more than that, be sure to ask why.

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