Not all mortgage fees are justified

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Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, June 18, 2006. DEAR BOB: Which home mortgage fees are proper for a lender to charge borrowers? I recall you said some fees are unnecessary junk or garbage fees to avoid --Stephen O. DEAR STEPHEN: Mortgage lenders are constantly working 24 hours a day, seven days a week, to create new names for unnecessary junk or garbage fees to impose on innocent borrowers who have no clue when they are being ripped off. However, there are many honest mortgage lenders who won't try to impose unexpected last-minute fees. Purchase Bob Bruss reports online. I suggest you start shopping among at least a half-dozen mortgage lenders for a so-called "no cost, no fee" home loan. In today's mortgage market with rising interest rates, I recommend obtaining a fixed-rate mortgage. However, if you are certain you won't keep your home more than five years, then an adjusta...