If you are in the process of refinancing your home loan you might consider using a mortgage refinancing broker to help you find the best loan offer. Mortgage brokers are an excellent resource for locating competitive mortgage refinancing offers as long as you understand how retail mortgage loans work. Brokers often significantly mark up the interest rates on loan offers; if you are able to recognize this markup you refinancing mortgage easily avoid paying it. Here are several tips to save you money when mortgage refinancing with a broker.
The Mortgage Refinancing Market
The retail mortgage market is made up of mortgage companies and brokers that refer borrowers to wholesale lenders for a commission. There are also banks and broker- banks that write their own mortgages; however, due to loopholes in mortgage refinancing disclosure laws that protect homeowners in the United States, you should never refinance your mortgage with a bank or broker-bank. For the purpose of this discussion we will focus on mortgage refinancing with mortgage brokers which act as third party vendors for wholesale mortgage lenders.
Mortgage Refinancing With a Broker
Mortgage brokers that do not close on home loans in their own names are excellent time-saving resources for mortgage refinancing. This is especially true for special needs borrowers, like homeowners with mortgage refinancing credit. The first question you should ask every broker you consider is Do you close on the loan in your own name? If the answer to this question is Yes or the mortgage refinancing broker refuses to answer, you know that you are dealing with a broker-bank and should scratch this person off your list. Never refinance your mortgage with a bank or a bank pretending to be a mortgage broker.
What to Tell Your Broker When Mortgage Refinancing
When you have found a broker that you are certain is not a bank masquerading as a mortgage broker, tell the broker you will pay mortgage refinancing origination fees and closing costs, but will not pay Yield Spread Premium (YSP) of any kind. YSP is the markup mortgage brokers tack onto the interest rate your wholesale mortgage refinancing lender qualified you for. Mortgage brokers do this to receive an additional bonus for overcharging you.
Additional Resources for Mortgage Refinancing Information
You can learn more about mortgage refinancing with a broker, including common mistakes to avoid by registering for a free mortgage refinancing guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com
ไม่มีความคิดเห็น:
แสดงความคิดเห็น