Forbes recently ranked their list of top mortgage companies. Surprisingly, they’re nearly all banks. As you know from watching my mortgage tutorial, banks are exempt from the Real Estate Settlement Procedures Act and do not have your best interests at heart when refinancing your mortgage. Banks routinely add Service Release Premium to their mortgage interest rates and are not required to disclose this markup. If you refinance your mortgage with a Bank the only ones who will know how much your mortgage interest rate has been marked up is your Bank.
Here’s the Forbes list of top five mortgage lenders in the United States.
1. Citigroup
2. Bank of America
3. Wells Fargo Bank
4. Wachovia Bank
5. BB&T Bank
Take this list from Forbes with a grain of salt. The best mortgage company for you is the one that delivers your mortgage when you need it without unnecessarily marking up your mortgage interest rate and provides you with favorable terms on the loan. If you’re not already comparison shopping for lenders and brokers that agree not to charge you Yield Spread Premium on you’re mortgage rate, you’re already paying too much. Yield Spread Premium is the markup of your mortgage interest rate by the broker or mortgage company and if you agree to pay it you will pay thousands of dollars in unnecessary finance charges.
You can learn more about finding the perfect mortgage with my free mortgage video tutorial.
Mortgage Refinancing
