In today’s world it seems as if nothing comes without an extra charge applied. From sales tax to bank service charges, you spend a lot of extra money, most of which you can never get back. There are some situations, however, in which you can get back the money you spend on these extra charges – it is possible to reclaim your mortgage exit administration fee (MEAF) if you have switched or repaid your mortgage within the last year.

In recent years, MEAF costs have increased from an average around £60 to costing as much as £300. In order to stay competitive with the market, many lenders have increased their fees and, because of a clause in many lending contracts, they are able to do so without the borrower’s consent.

Reclaiming your MEAF can be surprisingly easy, in many cases all that is required is a simple phone call. Many companies are currently offering refunds for the difference between the actual cost and the MEAF amount stated in the original contract. Simply call your lender and tell them you would like to reclaim your old mortgage exit fee. Even if you do not have the details of how much you were charged versus what your contract stated you should be able to receive a refund. If asked for the reason for your call, simply tell your lender that the regulator, the FSA says you were overcharged. Do not settle for paying the extra charges your lender tries to stick you with and then looking for payday loans to pay it back – become aware of your rights and reclaim the money that is owed to you from your MEAF.

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It is always wise to avoid agreements that do not appear to have any negative aspects because they invariably have but are hidden. For loans that have 15 year fixed mortgage rates, the same amount of interest is maintained throughout the life of the loan. This is always a good thing for those people that do not like surprises. My wife and I looked into the loans available with 15 year fixed mortgage rates when we were searching for a home for sale.

Even though it was important for us to pay off our loan at the earliest possible opportunity, we did not want high, unrealistic monthly payments which we would have trouble maintaining. As well as thinking about loans of 15 years, we also considered fixed rate mortgages that lasted 30 years as well. Because we did not want to have a mortgage close to retirement, we hoped we would be able to afford a shorter 15 year fixed rate mortgage. We thought about it long and hard and despite the pressure we decided to go with the 30 year loan plan. Many factors were taken into account when reaching this decision. Finding out my wife was having a baby made making the choice so much easier! The contribution my wife made to the monthly finances would be unreliable since she intended to raise our child at home. Unfortunately, a higher monthly payment was the downside for loans with a 15 year fixed mortgage rate. We could see the financial problem of getting in too deep even though there were benefits to a shorter loan period. The 30 year loan repayments were considerably lower than the 15 year figures.

Being able to make additional lump sum payments during the year means the outstanding loan reduces faster. Those few extra payments also help reduce the number of years you have to pay the loan over. This is well worth it in the long term but it does require some discipline. Our desire for a 15 year fixed rate mortgage was second place to our more immediate needs. Anyway, everything worked out fine despite our hesitancy.

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You’ve heard it’s tough getting a mortgage loan today, and that’s true. You can get approved for financing and obtain a mortgage by using various formulas and strategies. You just have to follow the same guidelines that the mortgage brokers will use to determine your creditworthiness to decide whether it’s time to apply for a mortgage. Even if you are turned down, what you learn from the experience will eventually help you qualify later. And, as the credit market eases in panic, you may even find yourself in a great position to buy a low-priced, quality, home with just the right qualifications the lenders are looking for in a borrower.

If you haven’t checked your credit reports in years, do so before you apply for a house loan. Equifax, TransUnion, and Experian are the main credit bureaus that you need to get credit reports from. Each credit bureau will have different results, so you should get a copy of each. Before you apply for a home mortgage, check all your credit reports to make sure there is nothing that could affect your loan outcome negatively.

After you get your credit report, look at it carefully and if there are any mistakes, you should dispute them right away. You won’t get your actual FICO score when you get a free credit report, for that you have to pay. This is something that you should pay for since the FICO score the lenders require you to have is above 720. You will have a better chance of obtaining a low interest rate and good mortgage terms if this number is higher.

Low income families can look into educating agencies to help them get educated in the home buying process. You will want to check out if you are eligible to participate in any home mortgage and ownership classes to help you resolve issues way ahead of time. You can check with The Department of Housing and Urban Development (HUD) and your state’s Housing Finance Agency for easy resources to find helpful programs. Making sure not to be defrauded, always check your local yellow pages and be sure to check it is a reliable program with your state agencies. These programs also look at your particular situation including your income level, your credit score, and your reasons for wanting to own a home.

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