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RefiAdvisor Review

truth-about-no-cost-refinanceIf you’re looking for a RefiAdvisor review and want to know what the site is all about (and more importantly what’s in it for you) you’ve come to the right place. The Internet is a great resource for free mortgage advice; however, it’s important to know whom to trust. Here’s a no bs RefiAdvisor review that includes the answer to the most important question on your mind…what’s in it for me?

RefiAdvisor Review: Get the Inside Scoop

RefiAdvisor.com is a blog website (blogs are a kind of online journal) with the goal of helping people like you save money when refinancing your home loan. RefiAdvisor isn’t backed by any lender and will not try to sell you a home loan. In fact, nothing on the website is for sale. Why you ask, would anyone put so much time and effort into something like this? This site has become something of a hobby for me and is my way sticking it to the man for a mortgage lender that took advantage when refinancing my home. That’s why I’m not going to try to sell you anything on this site. You won’t find affiliate links for books or other crap you don’t want or need.

If you’re wondering about me, my name is Robert Regehr. I’m not a mortgage broker, personal finance guru, or anything remotely similar. I’m an everyday guy that set out to refinance my home loan and trusted the wrong person. I didn’t lose my home from this refi gone wrong; however, I found out later that I had paid almost three times more I should have when all was said and done. I took the “I’m a pretty smart guy” approach that many homeowners take when refinancing and learned the hard way that brokers and lenders stack the deck in their favor. They do this in a number of ways including unnecessary markup of your mortgage rate, lender junk fees, and overcharging the origination fee.

How to Save $1200 a Year on Your Home Loan

There are a number of free resources available on RefiAdvisor that include articles and tutorials on the blog and a series of instructional videos that walk you through the process of refinancing with wholesale mortgage rates. Where does this information come from? The content you find on the blog, and in the Underground Mortgage Refinancing Videos, was created with the help a friend of my family who is a retired mortgage broker. You can rest assured that the information you get here is based on sound financial advice from someone who has worked in the industry for over thirty years.

RefiAdvisor Review: What’s in it for You…

In part two of this RefiAdvisor review I’ll show you how these Underground Mortgage Refinancing Videos can help you with the example of my home refinancing gone horribly wrong. In early 2007 I had decided to refinance my home for $315,000. Rates were lower and I wasn’t particularly happy with the deal we got purchasing our home and wanted lower payments. We found a broker through a friend…figured a mutual acquaintance would be a safe bet. The broker was extremely charismatic and promised us the moon with our new home loan…much like a used car salesman in retrospect. The broker wanted to charge us 2% for loan origination and quoted a mortgage rate of 6.75%. The loan origination fee meant that we had to pay $6,300 at closing for the broker fee. Everything on the Good Faith Estimate looked reasonable; however, the broker insisted that we lock as soon as possible. If we locked now she could get around the lender’s “lock fee.”

Everything went very quickly once we locked and after closing and before I knew it we had a new mortgage loan. It was only later when examining the HUD-1 settlement statement that I learned how much we’d taken advantage of by this broker. (Your HUD-1 is the last word when it comes to fees where the Good Faith Estimate is a work of fiction) Section 800 had an entry for a “paid outside of closing” charge of $9,450. Which I learned the lender paid because the broker marked up our mortgage rate from 6.0% to 6.75% without telling us. This fee is known by the mortgage fat cats as Yield Spread Premium, and according to the Secretary of Housing and Urban development will cost homeowners in the US nearly sixteen billion dollars this year.

So our mortgage rate was .75% higher than it should have been…what’s the big deal? At 6.75% the payment on a thirty year, fixed-rate home loan was $2,043 per month. If we had the mortgage rate that we deserved at 6.0% our payment would have been $1,888. That’s a difference of $1,860 per year because we trusted the wrong broker! Not to mention that a reasonable fee for loan origination is one percent of the loan amount, not the two percent we were charged.

Underground Mortgage Refinancing Videos

This experience taught me that it is possible to get wholesale mortgage rates when refinancing your home loan and the difference to your bottom line is significant. Many brokers will tell you that you can’t get wholesale mortgage rates; anyone that tells you this is selling overpriced home loans!

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You can learn more about paying less for your next home loan by checking out my free Underground Mortgage Videos.

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{ 1 comment… add one }
  • Jason April 10, 2011, 5:53 pm

    This is a great site man. Keep up the good work! Let’s see some more articles!

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