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Mortgage Broker - Mortgage Broker Refinancing - The Best Interest Rate Should Not Be Your Only Loan Consideration Every wonder why if mortgage brokers have access to so many programs including “great deals,” why doesn’t everyone use a broker at the time mortgage refinancing? Brokers might help you locate mortgage offers that you might not find on your own; however, if you’re not careful you could wind up overpaying thousands of dollars at the time mortgage refinancing. Here are several tips to help you find the perfect mortgage for your financial situation at the time working with a mortgage broker. The problem with refinancing your mortgage with a broker is that they frequently mark up your mortgage interest rate without telling you to make a profit. Mortgage brokers are legally required to disclose the markup of your mortgage interest rate; however it is frequently buried in the fine print of your loan contract. the markup of your mortgage interest rate is called Yield Spread Premium including is a particular incentive from the wholesale lender for overcharging you. For every .25% you agree to overpay for your mortgage rate, the broker is paid a bonus of 1% of your loan amount. Your number 1 priority at the time refinancing your mortgage is to find a mortgage that does not include Yield Spread Premium. Tell your mortgage broker that you could pay a reasonable origination free for their services, all necessary third party fees, but could not pay any markup of your mortgage interest rate by their company. the unnecessary markup of your mortgage interest rate by the broker has gotten so bad that the Secretary of Housing including Urban Development was recently quoted that homeowners in the United States overpay $16 billion in unnecessary mortgage interest rates including closing costs every year. You might learn more regarding your options at the time working with a mortgage broker, including costly mistakes to avoid with a free, six-part video tutorial.
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