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    Added for You - Mortgage Refinancing – Questions You Need to Ask Potential Mortgage Lenders

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    If you are in the process of mortgage refinancing, careful comparison shopping will help you avoid 90% of the mistakes homeowners make. Lenders have clever ways of disguising their markup and junk fees; if you learn to recognize these, you can save yourself thousands of dollars when mortgage refinancing. Here is a list of several questions you need answered when comparison shopping for the best mortgage loan.

    I. What is the Guaranteed Interest Rate?

    Your mortgage company guarantees an interest rate for you based on your credit and the details of your mortgage application. What your mortgage company isn’t telling you is that the interest rate guarantee you receive is not the interest rate the wholesale lender qualified you for. Mortgage companies routinely mark up mortgage rates to boost their revenues. This markup of your mortgage interest rate by the retail mortgage company is called Yield Spread Premium and you can avoid paying it. Ask to see the interest rate guarantee from the wholesale lender and compare it to the written guarantee from your mortgage company.

    II. Will I be required to Pay Points on the Loan?

    Many lenders may require you to pay a certain number of points in order to qualify for a loan. Ask the mortgage lender if your mortgage approval depends on paying points. Points are usually paid in exchange for more favorable loan terms or a lower interest rate. If the lender does not require you to pay points to qualify for the loan, you might try negotiati

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    g. Here is a list of several questions you need answered when comparison shopping for the best mortgage loan.

    I. What is the Guaranteed Interest Rate?

    Your mortgage company guarantees an interest rate for you based on your credit and the details of your mortgage application. What your mortgage company isn’t telling you is that the interest rate guarantee you receive is not the interest rate the wholesale lender qualified you for. Mortgage companies routinely mark up mortgage rates to boost their revenues. This markup of your mortgage interest rate by the retail mortgage company is called Yield Spread Premium and you can avoid paying it. Ask to see the interest rate guarantee from the wholesale lender and compare it to the written guarantee from your mortgage company.

    II. Will I be required to Pay Points on the Loan?

    Many lenders may require you to pay a certain number of points in order to qualify for a loan. Ask the mortgage lender if your mortgage approval depends on paying points. Points are usually paid in exchange for more favorable loan terms or a lower interest rate. If the lender does not require you to pay points to qualify for the loan, you might try negotiat

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    age company isn’t telling you is that the interest rate guarantee you receive is not the interest rate the wholesale lender qualified you for. Mortgage companies routinely mark up mortgage rates to boost their revenues. This markup of your mortgage interest rate by the retail mortgage company is called Yield Spread Premium and you can avoid paying it. Ask to see the interest rate guarantee from the wholesale lender and compare it to the written guarantee from your mortgage company.

    II. Will I be required to Pay Points on the Loan?

    Many lenders may require you to pay a certain number of points in order to qualify for a loan. Ask the mortgage lender if your mortgage approval depends on paying points. Points are usually paid in exchange for more favorable loan terms or a lower interest rate. If the lender does not require you to pay points to qualify for the loan, you might try negotiat

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    Yield Spread Premium and you can avoid paying it. Ask to see the interest rate guarantee from the wholesale lender and compare it to the written guarantee from your mortgage company.

    II. Will I be required to Pay Points on the Loan?

    Many lenders may require you to pay a certain number of points in order to qualify for a loan. Ask the mortgage lender if your mortgage approval depends on paying points. Points are usually paid in exchange for more favorable loan terms or a lower interest rate. If the lender does not require you to pay points to qualify for the loan, you might try negotiat

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    ints in order to qualify for a loan. Ask the mortgage lender if your mortgage approval depends on paying points. Points are usually paid in exchange for more favorable loan terms or a lower interest rate. If the lender does not require you to pay points to qualify for the loan, you might try negotiating for a lower interest rate by paying a point or two if you plan on staying in your home.

    III. What is the Loan Processing Fee?

    One of the fees you will be required to pay when mortgage refinancing is the loan processing fee. If the figure the mortgage company quotes you is greater than $400 it is considered excessive. Ask the lender why they are charging you a higher amount.

    IV. Is There a Pre-Payment Penalty

    Mortgage lenders often include pre-payment penalties in their loan contracts to discourage refinancing. If you have good credit there is no reason to accept a mortgage that includes this penalty. Prepayment penalties can be expensive and could become a problem when you are ready to refinance again.

    You can learn more about comparison shopping for the best mortgage while avoiding costly mistakes by registering for a free mortgage tutorial.

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