How to Get the Best Daily Mortgage Rates

Are you searching for the lowest daily mortgage rates for your next home loan? Finding the lowest purchase and mortgage refinance rates from the best mortgage lenders isn’t difficult; however, avoiding unnecessary fees can be tricky. Here are several tips to help you get the lowest daily mortgage rates without paying unnecessary discount points or lender junk fees.

Shopping for the Lowest Daily Mortgage Rates

Most lenders like Amerisave publish daily mortgage rates online along with the Annual Percentage Rate (APR). Many homeowners rely on APR to compare daily mortgage rates across lenders; however, this is a common mistake that can cost you thousands of dollars. The reason Annual Percentage Rate is not going to give you apples-to-apples comparisons of different lenders is that it relies on a flawed calculation based on bad assumptions.

Beware Your Lender’s Annual Percentage Rate

Banks and mortgage lenders calculate APR by taking your loan size, factoring in prepaid items with closing costs and averaging the payoff over 30 years. Banks love to brag about their low APR mortgage loans. Home loans with the lowest APR will often show up first in the list of daily mortgage rates.

The problem with these “low APR” home loans is that they often have the highest out-of-pocket fees at closing. Here’s three assumptions lenders make rendering the Annual Percentage Rate all but useless:

  1. You will keep the mortgage for thirty years.
  2. You’ll never pay anything extra on the principal balance
  3. You’ll never sell or refinance your home again

One dirty trick lenders use to make their home loans more attractive is to load them up with discount points. If you compare two mortgage refinance rates, one with and one without points, the one with the points will have higher closing costs. Because this home loan’s interest rate is lower and spread out over thirty years, it will have a lower APR than the zero point mortgage.

If you’re choosing from a list of daily mortgage rates with the lowest APR you could be walking away with the highest closing costs.

This is what makes Annual Percentage Rate worthless unless you keep the same home loan for thirty years. Picking your next mortgage by APR will front-load your home loan with unnecessary fees.

How to Get the Lowest Daily Mortgage Rates

The best advice I can give you for finding the lowest purchase and refinance rates for your next home loan is to ignore APR completely. The better way to comparison shop is to look at interest rates compared to closing costs.

The more you pay at closing, including unnecessary discount points and junk fees, the more difficult it’s going to be recouping your out-of-pocket expenses. Mortgage rates are at near 60 year lows making discount points an unnecessary expense.

Don’t let a fast-talking loan officer dupe you into paying more than you need to at closing.

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You can learn more about getting the lowest daily mortgage rates without paying lender junk fees by checking out my free Underground Mortgage Videos.

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Finding The Lowest Daily Mortgage Rates

If you’re searching for the lowest daily mortgage rates there are several things you’ll want to know about the quotes you find online. You might be disappointed to find the daily mortgage rates you’re being quoted are higher than what lenders are advertising. Here are several tips to help you get the lowest daily mortgage rates without unnecessary markup or lender junk fees.

Daily Mortgage Rates Online

The rates lenders advertise make several assumptions about your credit and finances. They assume you have a credit score of 720 or better and a favorable loan-to-value ratio when publishing their daily mortgage rates. Your results will vary based on your FICO score and personal situation. Here’s a chart to illustrate how your credit affects daily mortgage rates when refinancing and the total amount you’re paying out for your home over time.

credit mortgage rate Finding The Lowest Daily Mortgage Rates

You can improve the daily mortgage rates lenders are quoting you by doing a little housekeeping with your credit reports before applying for mortgage refinancing. There are three credit agencies responsible for maintaining your credit reports and they’re not very good at sharing information and are prone to errors. These credit agencies (Equifax, Experian, and TransUnion) are required by law to give you a free copy of your credit report once per year. You can download your credit reports by visiting the website annualcreditreport.com.

Before you start shopping for mortgage refinancing it’s important to print out all three credit reports and carefully review them for mistakes. If you find errors in your credit you’ll need to dispute the mistakes with each credit bureau. Here is the contact information you need for disputing errors in your credit reports:

How to Dispute Credit Report Errors

Experian®

http://www.experian.com

To dispute information on your Experian Credit Report, you can contact Experian online.

Equifax®

To dispute information on your Equifax Credit Report, you can contact the bureau by postal mail:

Equifax Information Services, LLC
P.O. Box 740256
Atlanta, GA 30374-0256

Transunion®

To dispute information on your TransUnion Credit Report, you can contact the bureau by postal mail:

TransUnion Customer Relations
P.O. Box 1000
Chester, PA 19022

If you find mistakes in your credit reports you’ll want to allow enough time for the corrections to be made and reflected in your credit scores. This can take anywhere from sixty to ninety days depending on the credit bureau in question.

Once you’re sure your credit reports are correct there are other steps you can take to boost your credit scores before applying for mortgage refinancing. First, try to pay down the balances on your credit cards as much as possible but do not close the accounts. Second, avoid opening new accounts for at least ninety days before shopping for the lowest daily mortgage rates. These two tips alone can boost your credit score by as much as twenty points or more depending on your finances.

Mortgage Refinance Rate Shopping

When you’re ready to shop for daily mortgage rates what’s the best way to get started? Should you collect Good Faith Estimates from as many lenders as possible or concentrate your efforts on finding the right person to arrange your mortgage refinancing? Chances are your neighbors approached shopping for daily mortgage rates by collecting Good Faith Estimates into the wee hours of the morning, and while they may have gotten low refinance rates this way they paid unnecessary points and junk fees in the process.

The best strategy for finding the lowest daily mortgage rates is to find the right person to arrange your mortgage refi; find the right broker and you’ll also avoid paying points and unnecessary fees closing on your new home loan.

Click Here to Get Started

You can learn more about finding today’s lowest daily mortgage rates without paying unnecessary points or junk fees by checking out my free Underground Mortgage Videos.

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Here’s a quick sample to get you started finding the right person to arrange your next home loan without getting burned in the process.

Daily Mortgage Rates From Today’s Best Mortgage Lenders

If you’re trying to get the lowest daily mortgage rates for your next home loan you already know that interest rates change fast. What you might not know is that daily mortgage rates include hidden markup to create an unnecessary commission for the person arranging your home loan. This hidden markup of all daily mortgage rates drives up your payments by hundreds of dollars every month! Here are several of my best tips for getting the lowest daily mortgage rates that don’t include hidden markup intended to put your cash in someone else’s pocket.

Daily Mortgage Rates & Yield Spread Premium

Yield Spread Premium is a term most of your neighbors have never heard of and the reason they will overpay nearly sixteen billion dollars this year according to the HUD Secretary. What is Yield Spread Premium and how is stealing from unknowing homeowners? Simply put, it’s a kickback from the lender for overcharging you. Some people think that changes to RESPA laws in 2010 outlawed Yield Spread Premium; however, this this simply not true. The law only requires that mortgage brokers, not banks because they’re still exempt, disclose Yield Spread Premium alongside their origination fee.

Speaking of that mortgage loan origination fee, you’re already paying the person arranging your home loan a perfectly reasonable amount for their work. Any Yield Spread Premium they take for marking up their daily mortgage rates on top of this origination fee is not only unnecessary but also downright dirty.

Here’s an example to illustrate how this hidden markup of your daily mortgage rates affects your bottom line. Suppose you’re refinancing your home for $350,000. Your broker quotes you daily mortgage rates before locking of 6.5%. You’ll be required to pay an origination fee of 2.25%; however, the broker tells you there are no points required so this is good deal. The first thing you need to look at is that loan origination fee. 2.5% is highway robbery in this or any other economy. A reasonable amount to pay for the broker’s services is 1.0% and not a penny more. How about that hidden lender kickback I was telling you about?

Yield Spread Premium is a Kickback

What you don’t know about this home loan is that you could have had a mortgage rate of 5.75%. The broker marked it up to 6.5% to collect a kickback from the lender of 3% of your loan amount. That’s right, for every .25% that you unknowingly agree to overpay for daily mortgage rates the person arranging your home loan pockets 1% of your loan amount. That’s 3% on top of the 2.5% you’re already paying for the broker’s origination fee. However, remember the broker said there’s no points required so this is a really good deal for you. Most brokers have clever ways of hiding or explaining away their markup of your daily mortgage rates and get very defensive when you start questioning them about Yield Spread Premium.

What about your monthly payments? What does this hidden markup do to your bottom line in real dollars? At 6.5% your payment on a 30 year, fixed-rate home loan will be $2,212. If you had the daily mortgage rates you deserve at 5.75%, your payment would only be $2,042 per month. That’s a difference of $170 per month, a whopping $2,040 per year you’re overpaying because your broker ripped you off.

How to Get the Lowest Daily Mortgage Rates

You don’t have to stand for this unnecessary markup of your next home loan. Instead of comparison shopping Good Faith Estimates like your neighbors did, you can get wholesale mortgage rates simply by finding the right person to arrange your next home loan. Start by telling prospective brokers that you understand how Yield Spread Premium works and will not accept daily mortgage rates that include the markup. Offer to pay a flat fee of one percent for loan origination and you’ll be well on your way to saving thousands of dollars every year with a wholesale mortgage loan.

You can learn more about getting a wholesale mortgage without junk fees by checking out my free Underground Mortgage Refinancing Videos.
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Here’s a quick sample to get you started with tips that save the average homeowner $1200 every year…best of all the videos are totally free.

Mortgage Refinancing Expenses

There are many costs associated with refinancing your home mortgage and some can be avoided. The fees described below are the charges that you are most likely to encounter when refinancing.

Application Fee: This charge is imposed by your lender and covers the initial costs of processing your loan request and checking your credit report.

Title Search and Title Insurance: This charge will cover the cost of examining the public record to confirm ownership of the real estate. It also covers the cost of a policy, usually issued by a title insurance company, which insures the policy holder in a specific amount for any loss caused by discrepancies in the title to the property. Be sure to ask the company carrying the present policy if it can re-issue your policy at a re-issue rate. You could save up to 70 percent of what it would cost you for a new policy.

Lender’s Attorneys Review Fees: The lender will usually charge you for fees paid to the lawyer or company that conducts the closing for the lender. Settlements are conducted by lending institutions, title insurance companies, escrow companies, real estate brokers, and attorneys for the buyer and seller. In most situations, the person conducting the settlement is providing a service to the lender. You may also be required to pay for other legal services relating to your loan which are provided to the lender. You may want to retain your own attorney to represent you at all stages of the transaction including settlement.

Loan Origination Fees and Points: The origination fee is charged for the lenders work in evaluating and preparing your mortgage loan. Points are prepaid finance charges imposed by the lender at closing to increase the lenders yield beyond the stated interest rate on the mortgage note. One point equals one percent of the loan amount. For example, one point on a $75,000 loan would be $750. In some cases, the points you pay can be financed by adding them to the loan amount. The total number of points a lender charges will depend on market conditions and the interest rate to be charged.

Appraisal Fee: This fee pays for an appraisal which is a supportable and defensible estimate or opinion of the value of the property.

Prepayment Penalty: A prepayment penalty on your present mortgage could be the greatest deterrent to refinancing. The practice of charging money for an early pay-off of the existing mortgage loan varies by state, type of lender, and type of loan. Prepayment penalties are forbidden on various loans including loans from federally chartered credit unions, FHA and VA loans, and some other home-purchase loans. The mortgage documents for your existing loan will state if there is a penalty for prepayment. In some loans, you may be charged interest for the full month in which you prepay your loan.

Miscellaneous Fees: Depending on the type of loan you have and other factors, another major expense you might face is the fee for a VA loan guarantee, FHA mortgage insurance, or private mortgage insurance. There are a few other closing costs in addition to these.

To summarize refinancing costs: You should plan on paying an average of 3 to 6 percent of the outstanding principal in refinancing costs, plus any prepayment penalties and the costs of paying off any second mortgages that may exist. One way of saving on these costs is to check first with the lender who holds your current mortgage. The lender may be willing to waive some of them, especially if the work relating to the mortgage closing is still current. This could include the fees for the title search, surveys, inspections, and so on.

To learn more about reducing your costs involved when refinancing a mortgage sign up for my free video guide using the link below.

You can learn more about avoiding unnecessary fees when mortgage refinancing by registering for my Underground Mortgage Videos.

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Best Mortgage Deals

93205837 Best Mortgage Deals
If you’re searching the Internet for the best mortgage deals to purchase your home or refinance your existing mortgage loan there are several things you need to know about internet mortgage quotes. Unless you know how to find wholesale mortgage rates ALL of the mortgage quotes you find on the online include markup intended to create an unnecessary commission for someone. I say “unnecessary” because you’re already paying the person arranging your home loan an origination fee for their work; any commission they take from the lender comes at your expense in the form of a higher monthly payment. Here are several tips to help you find the best mortgage deals when shopping for a new home loan or refinancing your existing mortgage loan.

How to Find the Best Mortgage Deals

Shopping for the best mortgage deals isn’t like you think it should be. Collecting mortgage quotes from dozens of Internet mortgage sites will only get you a list of the worst mortgage offers available. How do you get the best mortgage deals for your next home loan? Start by finding the right person to arrange your mortgage loan. That’s right, you’re not shopping for a loan offer; you’re shopping for the right mortgage broker to get you the best mortgage deals…one that won’t steal your shirt in the process.

Why shop for a person instead of a home loan? The reason has to do with the way mortgage lenders reward loan originators for marking up mortgage rates on the loans they close. Did you know that mortgage lenders reward mortgage companies and brokers that lock and close home loans with higher than necessary mortgage rates with a commission? This is borderline criminal since the person arranging your home loan works for you…not the lender. You’re paying the loan origination fee so there is no reason your mortgage broker should be taking a kickback from the mortgage lender for ripping you off. That’s right…most mortgage companies and brokers blatantly rip of their customers with this unnecessary markup of your mortgage rate. Things have gotten so bad that the Secretary of Housing and Urban Development recently stated this mortgage rip-off will be responsible for fleecing Americans out of Sixteen Billion Dollars this year alone.

How to Avoid Unnecessary Markup of Your Mortgage Rate

I’ve already told you that shopping for the best mortgage deals means finding an honest, hardworking mortgage broker to arrange your next home loan. You might be reading this thinking: “I can avoid all this mortgage nonsense by refinancing with bank…” Truth be told, banks don’t markup mortgage rates the way other mortgage companies rip off their customers; however, bank mortgage rates are still marked up to create “extra” profit for the bank. Banks don’t fund mortgages like wholesale lenders…your bank funds your home loan with the bank’s money and then turns around and sells the loan to investors on the secondary market for a premium.

This “premium” is called Service Release Premium and is the reason banks don’t offer their customers the best mortgage deals. If you need another reason to stay away from your bank when it comes to your mortgage loan did you know that banks are exempt from the Real Estate Settlement Procedures Act and are not required to disclose their profit margins on your home loan or just how much they’ve marked up your mortgage rate. Why would you take out a home loan from a lender that doesn’t have to play by the same rules as other mortgage lenders?
Getting the best mortgage deals means paying a flat origination fee for your next home loan without this hidden markup of your mortgage rate. Mortgage rates that do not include this unnecessary markup are called Par Mortgage Rates. “Par” means you don’t have to pay a premium in the form of discount points to qualify AND does not create this unnecessary commission called Yield Spread Premium for the mortgage broker.

Yield Spread Premium Definition

Yield Spread Premium is the unnecessary commission created when your mortgage broker locks and closes your home loan with a higher than necessary mortgage rate. For every .25% that the mortgage broker overcharges you the mortgage lender pays them one point (1%) of your loan amount. Remember this is paid in addition to the loan origination fees that your mortgage broker is probably already overcharging you. What’s a reasonable amount to pay for the loan origination fee on your home loan? One percent is a perfectly reasonable amount to pay and not a penny more…mortgage brokers have plenty of other ways to inflate their commission at your expense. There are a number of fees you need to keep an eye out for on your HUD-1 Settlement Statement like mortgage lock fees and mortgage broker courier fees. These are mortgage junk fees invented to boost the broker’s commission and avoiding junk fees like these is the subject of my Underground Mortgage Videos.

How to Find an Honest Mortgage Broker

Honest mortgage brokers aren’t hard to find. Start by looking for small, self-employed mortgage brokers and tell them that you understand how Yield Spread Premium works and do not want any home loan that includes this markup. Tell them you are willing to pay a flat one percent loan origination fee for their services. Self-employed mortgage brokers are usually best because they don’t have the overhead and don’t have expensive sales staff pushing their overpriced mortgage loans on unsuspecting homeowners. Oh and that mortgage broker with the company hummer with their face and/or logo splattered all over it…well, you guessed it…they’re ripping people off.

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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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