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Mortgage Refinancing Articles
Mortgage YSP
Yield Spread Premium or YSP is a fee paid by mortgage lenders for closing your home loan with a higher than necessary mortgage rate. Lenders pay this fee (kickback) because they know that home loans with higher than market interest rates bring them premium profits when your home loan is sold to investors on the secondary market. The problem with this hidden markup is that it costs you thousands of dollars per year unnecessarily; avoid it and you’ll get wholesale mortgage rates for your next home loan and keep more of your hard-earned cash. Here’s what you need to know to get started doing just that…
January 31, 2008
Are you considering taking out a new mortgage to refinance you existing loan and want the lowest possible mortgage rate? Did you know that wholesale mortgage are available to the average homeowner who knows how to get them and can save thousands of dollars? Here are several tips to show you how rates are quoted [...]
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January 14, 2008
If you’re in the process of refinancing your mortgage with a broker, the answer to this question is important if you want to avoid paying too much for your new home loan. The compensation your broker receives for originating your mortgage is not only based on the fee you pay but includes a kickback from [...]
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January 9, 2008
If you are in the process of refinancing your mortgage you might encounter POC charges. POC stands for “Paid Outside of Closing” and is a fee paid to your mortgage broker. Why does your broker receive this money and should you be concerned about how it affects your mortgage rate? Here are several tips to [...]
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January 3, 2008
If you are considering refinancing your mortgage with a nationwide home mortgage loan company, there are several things you need to know about the junk fees you’ll be paying. Nationwide mortgage companies like Countrywide are notorious for overcharging and taking advantage of their borrowers. Here are several tips to help you avoid paying too much [...]
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December 3, 2007
The mortgage quotes you receive when shopping for a new lender do not give you the actual interest rate you qualify when refinancing. The rate quotes you get are “retail” mortgage quotes that include unnecessary commission based markup. Here are several tips to help you understand how mortgage rates are quoted so you can refinance [...]
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My name is Robert Regehr and I’m a personal finance blogger with a chip on my shoulder for banks and mortgage brokers that take advantage of my friends and neighbors.
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