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  • Actual for You - Comparison Shopping for the Best Mortgage Rate When Refinancing

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    age lender that approves your application for refinancing at a specific mortgage rate. Your loan representative knows this interest rate; however, they mark it up because the wholesale lender pays them a bonus for overcharging you. For every quarter percent your mortgage r
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    Comparison shopping for the lowest mortgage interest rate is always a good idea when refinancing your mortgage; however, you need to make sure the rate quotes you get do not include retail markup. This retail markup of your mortgage interest rate is called Yield Spread Premium and will cost you thousands of dollars unnecessarily. Here are several tips to help you find the best mortgage rate when refinancing.

    The mortgage rate you are quoted when refinancing is not necessarily the mortgage rate you qualified. Interest rates are marked up by the person originating your mortgage to get a commission. Mortgage rates that include this markup are frequently called retail mortgage interest rates.

    Shopping for a new mortgage loan is much like shopping for an automobile. The car dealership buys the automobile from the wholesaler and quotes you a retail price that includes markup. If you know the bluebook value of the car you are purchasing, you know that the dealer paid and can negotiate for a better price. The same is true of mortgage loans.

    There is a wholesale mortgage lender that approves your application for refinancing at a specific mortgage rate. Your loan representative knows this interest rate; however, they mark it up because the wholesale lender pays them a bonus for overcharging you. For every quarter percent your mortgage r

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    ium and will cost you thousands of dollars unnecessarily. Here are several tips to help you find the best mortgage rate when refinancing.

    The mortgage rate you are quoted when refinancing is not necessarily the mortgage rate you qualified. Interest rates are marked up by the person originating your mortgage to get a commission. Mortgage rates that include this markup are frequently called retail mortgage interest rates.

    Shopping for a new mortgage loan is much like shopping for an automobile. The car dealership buys the automobile from the wholesaler and quotes you a retail price that includes markup. If you know the bluebook value of the car you are purchasing, you know that the dealer paid and can negotiate for a better price. The same is true of mortgage loans.

    There is a wholesale mortgage lender that approves your application for refinancing at a specific mortgage rate. Your loan representative knows this interest rate; however, they mark it up because the wholesale lender pays them a bonus for overcharging you. For every quarter percent your mortgage r

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    p by the person originating your mortgage to get a commission. Mortgage rates that include this markup are frequently called retail mortgage interest rates.

    Shopping for a new mortgage loan is much like shopping for an automobile. The car dealership buys the automobile from the wholesaler and quotes you a retail price that includes markup. If you know the bluebook value of the car you are purchasing, you know that the dealer paid and can negotiate for a better price. The same is true of mortgage loans.

    There is a wholesale mortgage lender that approves your application for refinancing at a specific mortgage rate. Your loan representative knows this interest rate; however, they mark it up because the wholesale lender pays them a bonus for overcharging you. For every quarter percent your mortgage r

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    le from the wholesaler and quotes you a retail price that includes markup. If you know the bluebook value of the car you are purchasing, you know that the dealer paid and can negotiate for a better price. The same is true of mortgage loans.

    There is a wholesale mortgage lender that approves your application for refinancing at a specific mortgage rate. Your loan representative knows this interest rate; however, they mark it up because the wholesale lender pays them a bonus for overcharging you. For every quarter percent your mortgage r

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    age lender that approves your application for refinancing at a specific mortgage rate. Your loan representative knows this interest rate; however, they mark it up because the wholesale lender pays them a bonus for overcharging you. For every quarter percent your mortgage rate is marked up the loan originator gets a bonus of one percent of your loan amount. This bonus is in addition to the origination fees you are already paying (most likely overpaying) for their services. Agree to pay Yield Spread Premium when refinancing your mortgage and you’ll pay double for the loan.

    The good news is that you can avoid paying this unnecessary markup of your mortgage rate. Homeowners who learn to recognize Yield Spread Premium can negotiate with the loan representative to pay reasonable origination fees and closing costs without the markup. You can learn more about refinancing without paying too much with a free mortgage tutorial.

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