Jun 09
Refinancing Your Home Loan with a Mortgage Broker in California
If you are considering refinancing your home with a mortgage broker in California, there are several things you need to know to avoid overpaying. Mortgage brokers are paid by commission and usually do not have your best interest at heart. You can still save money refinancing your California mortgage with a broker; you simply need to know how to negotiate for the best deal. Here are several tips to help save you money when refinancing your home loan with a California mortgage broker.
California mortgage brokers are compensated for their work in two ways. You will pay an origination fee, often called origination points for their part in arranging your loan. On top of your origination fee the mortgage broker can receive a bonus from the lender for marking up your mortgage rate. This markup is rarely disclosed and is called Yield Spread Premium. If you unknowingly consent to paying Yield Spread Premium when refinancing your California mortgage, youll pay thousands of dollars to your lender unnecessarily every year. The high cost of real estate in California magnifies the problem and avoiding Yield Spread Premium needs to be your number one priority for the new loan.
How does this spread work? Yield Spread Premium is simply the difference between the mortgage rate you qualified and the rate you close. Your California mortgage broker receives a bonus of one percent of your loan amount for each quarter percent they convince you to overpay. Much like a used car salesman, mortgage brokers line their pockets at your expense. How can you avoid paying this unnecessary markup of your California mortgage rate? You can learn this and other costly pitfalls to avoid with a free mortgage refinancing 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
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