What exactly is the “best” lender when refinancing your mortgage? Ask five different homeowners what makes a good lender and you’ll surely get five different answers. If you’re in the market to refinance your mortgage the best lender is the one that gives you the lowest interest rate and fees for your situation. How do you make sure that you get the lowest rate when refinancing? Find a mortgage company that doesn’t charge you Yield Spread Premium when refinancing and you’ll be ahead of 97% of homeowners out there.
Never heard of Yield Spread Premium? This markup of your mortgage interest rate only serves to give your loan originator a fat bonus check. You’re already paying a perfectly reasonable origination fee for this person’s work; however, your interest rate is marked up for a second commission. Yield Spread Premium is added to your interest rate because the wholesale lender behind your loan pays 1.0% of your mortgage amount for every .25% you agree to overpay. That’s a lot of money and a perfectly legal incentive for ripping you off.
Despite the ridiculous truth about this markup and the raging debates in Congress, most homeowners have never heard of and happily pay Yield Spread Premium when refinancing their mortgages. The good news for you is that by learning to recognize Yield Spread Premium you can avoid paying too much when refinancing your mortgage. You can learn more about avoiding Yield Spread Premium when refinancing with a free mortgage toolkit.
To get your FREE Mortgage Refinancing Video Toolkit, 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 "Mortgage Refinancing Toolkit," 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
Arizona Refinance Mortgage Rate
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