If you are a homeowner with good credit and are refinancing your home with a conventional mortgage, the interest rate you receive along with the fees you pay should be your primary consideration when choosing a lender. Many homeowners accept the first favorable loan offer they receive; however, you can save yourself a pile of cash by carefully comparison shopping and negotiating for the best mortgage rate. Here are several tips to help you find the perfect mortgage when refinancing your home loan.
Most homeowners comparison shopping for a mortgage loan simply end up with the best of the worst mortgage offers available to them. Because they accept a retail mortgage rate instead of the one they qualified, these homeowners overpay thousands of dollars every year. How do you refinance with a wholesale mortgage rate? Homeowners who understand Yield Spread Premium can negotiate with their loan originator to keep the mortgage rate they were approved.
What is Yield Spread Premium? Your mortgage company or broker marks up the interest rate you qualified to get a bonus from the wholesale lender behind your loan. They do this because the lender pays one percent of your loan amount for each quarter percent you agree to overpay. Throw in origination fees, discount points, and closing costs and it’s very easy to waste thousands of dollars when refinancing.
The good news is that you can pay less when refinancing your home loan. Doing your homework before comparison shopping will help you avoid the costly mistakes other homeowners make with their mortgage loans. You can learn more about refinancing your mortgage while avoiding pitfalls like Yield Spread Premium with a free mortgage video tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinance - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
Get your free mortgage refinancing tutorial today at: http://www.refiadvisor.com
Mortgage Refinancing
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