Have you been searching online for current home loan rates looking for the best deal for your next mortgage? Are you concerned about paying broker fees and lender junk fees? Did you know there is a hidden markup built into your current home loan that’s sapping away your cash away for no good reason? Here are several tips to help you avoid this hidden markup of current home loan rates while avoiding those pesky junk fees.
Finding Current Home Loan Rates
The Internet makes it easy to find current home loan rates; however, the problem with mortgage quotes you find online is that they all include hidden markup designed to make extra profits for the person arranging your home loan. The fee this person collects is called Yield Spread Premium and will be responsible for fleecing American homeowners out of more than sixteen billion dollars this year alone. How can avoid the hidden inflation of current home loan rates responsible for unnecessary Yield Spread Premium on your next home loan? Avoid this unnecessary markup and you’ll walk away with wholesale current home loan rates keeping thousands of dollars in your pocket every year.
Wholesale Current Home Loan Rates
How do you get a wholesale interest rate for your next home loan? You don’t have to be a personal finance guru or have connections to pull it off, you just have to find the right person to arrange your next home loan. So who is the right person you ask? First let me tell you who the wrong person is. The wrong person to quote you current home loan rates is your bank. Mortgage bankers are exempt from disclosure laws known as the Real Estate Settlement Procedures Act and are not required to disclose their markup or profit margin on your loan. Banks make the majority of their profits selling loans with higher than market interest rates to investors. You’ll never get a wholesale current home loan rate from your bank.
Mortgage Brokers Access Wholesale Home Loan Rates
If you want the lowest mortgage rates for your next home loan you need to have a broker to arrange it for you. Instead of accepting current home loan rates that have been marked up for someone else’s commission you can pay a flat loan origination fee of one percent of your loan amount at closing. Avoiding Yield Spread Premium when shopping for a new home loan allows you to take advantage of the wholesale nature of mortgage loans. You’ll save hundred dollars or more each month.
So how can you find the right mortgage broker for the job? Start by telling prospective brokers that you understand Yield Spread Premium and will not accept any mortgage that includes the markup. Offer to pay flat origination fee of one percent paying close attention to the broker fees listed on your HUD-1 statement and you’ll be on your way to getting wholesale current home loan rates for your next mortgage loan.
You can learn more about getting wholesale mortgage rates without junk fees by checking out my free Underground Mortgage Videos.
Here’s a sample of what you’ll get today…this short video explains more about how Yield Spread Premium drives up your mortgage payment unnecessarily.
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
