Get Pre-APPROVED (pre-qualified means NOTHING) by a Lender (bank, Savings & Loan, Credit Union, whatever). Then use a MORTGAGE BROKER for your actual loan.
Lenders won't give you as high an initial loan amount for The Fixer-Upper because the property is not worth as much. The highest mortgage you're likely to get will be in teh 80% range. 70% or even 60% is common.
Currently the maximum loan is $307,000 (2002) through Freddie Mac or Fannie Mae.
Refinance costs are typically between 2% and 5% of the mortgage, but lenders are increasingly willing to roll the typical refinance costs into the loan with a slightly higher interest rate.
Lender fees include charges for loan origination, underwriting, document preparation and establishing an escrow account, as well as points, if any. Be on the lookout for “funding and review fees,” “payment processing fees,” “doc prep fees” or “administrative fees” – these could be so-called junk fees that the lender may be willing to reduce or eliminate at your request.