Are you chasing the lowest current home loan interest rate and want to avoid paying junk fees and unnecessary markup? Nearly all of the mortgage quotes you find online have been marked up unnecessarily to create profit for someone. Avoid this unwanted markup of your current home loan interest rate and you can save as much as $1200 per year or more on your next home mortgage loan. Here are several of my best tips to help you get the lowest current home loan interest rate without paying unwanted markup and junk fees.
Best Current Home Loan Interest Rate
Everyone claims to have the best current home loan interest rate for your next mortgage; however, most loan originators double, even triple their profit at your expense by marking up your current home loan interest rate and trying to slip junk fees past you. Once you avoid this unwanted markup when refinancing you can take advantage of the wholesale nature of mortgage loans and keep a lot of cash in your pocket after paying your home loan every month.
Wholesale Current Home Loan Interest Rate Offers
Most brokers will tell you that you that you can’t get wholesale rates because they’re simply not willing to give up their commission for closing loans with higher than necessary rates. Truth be told, you can refinance with a current home loan interest rate that hasn’t been marked up simply by paying a flat origination fee of one percent of your loan amount.
How can you get a wholesale current home loan interest rate for your next mortgage loan? You don’t have to be a financial guru to pull it off; you just need to find the right person to arrange your next mortgage. There are plenty of honest, hardworking brokers out there who are willing to give you this deal; you just need to find one.
Mortgage Yield Spread Premium
First of all, what is this unwanted markup I’m talking about? Mortgage Yield Spread Premium (YSP) is a fee paid by the lender to loan originators who lock and close home loans with a higher than necessary interest rate. Your loan originator knows the rate the lender approved you for; however, this person marks it up based on what they think you’ll pay to get an additional commission from your lender. Sound just like a used car salesman right? Some brokers are as bad if not worse than a used car salesman. (no offense to any used car salesmen that might be reading this)
How to Avoid the Mortgage Fat Cats
Avoiding people who want to take advantage of you is easier than you think. Local brokers are best because they have access and the ability to negotiate a wholesale interest rates where banks and large national chains simply do not offer wholesale mortgage rates to their customers.
You can learn more about getting a wholesale current home loan interest rate for yourself by checking out my free Underground Mortgage Refinancing Videos.
Here’s a sample of what you’ll get when you register for free access to my password protected member’s area. This video is about your lender’s dirty secret which according to the Secretary of Housing and Urban Development will cost homeowners sixteen billion dollars this year alone.