Refinancing Your Home Loan With a Mortgage Broker

Mortgage brokers can be excellent resources for securing a new mortgage loan especially if you have an unusual financial situation or poor credit. Most mortgage brokers are more concerned with pulling down a six figure salary than they are with helping you find the right mortgage loan; unsuspecting homeowners can overpay thousands of dollars working with the wrong mortgage broker. Here are several tips to help you find the right kind of broker when mortgage refinancing.

Mortgage brokers are third party individuals that resell loans for wholesale lenders. Its important to understand that mortgage loans are commodity products just like your kitchen appliances. There is retail market where mortgage companies and brokers resell loans to the public and wholesale lenders that approve these loans.

The compensation your mortgage broker receives comes from two sources. Youll pay an origination fee at closing for their part in arranging your loan and the lender pays a commission based on the interest rate you agree to pay. Should you concern yourself with lender paid compensation? After all, if the lenders paying the fee its not coming out of your pocket right? Wrong!

Lender paid compensation is paid to your mortgage broker for marking up your interest rate. When the lender approves your loan you qualified for a specific wholesale mortgage rate that the lender provides your broker in writing. Your mortgage broker turns around and marks it up because the lender pays them one percent of your loan amount for every quarter percent you overpay. Do you think your mortgage broker is going to tell you theyre doing this? Mortgage brokers are required to disclose this markup; however, the details are buried deep in your loan paperwork.

This markup by your mortgage broker for a commission is called Yield Spread Premium and according to the Secretary of Housing and Urban Development accounts for nearly sixteen billion dollars a year in unnecessary finance charges. Fortunately for you, homeowners who lean to recognize Yield Spread Premium can avoid paying it and save thousands of dollars every year. You can learn more about recognizing Yield Spread Premium when refinancing your mortgage with a free mortgage toolkit.

To get your FREE Mortgage Refinancing Video Toolkit, 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 Mortgage Tutorial, which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.

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

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