Home Mortgage Refinance Loan You Are ALL Getting Cheated

Mortgage companies and brokers are just like car salesman and have very little respect for the buying public. Banks, brokers, internet portals, and mortgage companies alike all line their pockets at the homeowners expense, and thats only half of the story. Would you believe nearly everyone in the United States actually pays twice what they think theyre paying for his or her mortgage loan? Here are several tips to help you avoid paying too much for your home mortgage refinance loan.

If you think your home mortgage refinance loan is costing you $2,500, its really costing you $5,000 and in most cases more. Your loan originator will try and overcharge you for closing costs, and if you overpay for your mortgage rate it will cost you month after month for as long as you keep the loan. If you knew your mortgage would cost you an additional $10,000 to $20,000 in interest charges, would you agree to that loan? The problem is your mortgage company or broker does not want to give you a choice because every loan has this extra profit built in for the lender. The good news is that if you learn how mortgage originators overcharge homeowners, you can avoid paying unnecessary markup of your home mortgage refinance loan.

How do mortgage originators overcharge homeowners for their home mortgage refinance loans? When you take out a mortgage from a vendor like a mortgage company or broker, that loan representative is quoting you a retail mortgage interest rate instead of the rate you actually qualified for. This markup of the wholesale mortgage rate by your Mortgage Company or broker is called Yield Spread Premium and can cost you thousands of dollars each year.

Why do mortgage companies and brokers quote you retail mortgage rates? They do this to receive a bonus from the wholesale lender that approved your home mortgage refinance loan. Your mortgage company or broker knows the wholesale mortgage rate you were approved for, and for every .25% you agree to overpay, that Mortgage Company or broker is paid one percent of your loan amount. As you can see, this is not an incentive to keep your loan representative honest. In fact, the Secretary of Housing and Urban Development was recently quoted saying homeowners overpay $16 billion dollars each year in unnecessary mortgage interest.

How can you avoid paying Yield Spread Premium on your next home mortgage refinance loan? You can learn advanced strategies for mortgage refinancing, including costly mistakes to avoid by registering for a free, six part mortgage video tutorial.

To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com

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