|
Mortgage Refinancing - Mortgage Refinancing: How the Fannie Mae Weekly Yield can Help You Comparison Shop Mortgage refinancing without knowing Fannie Mae’s weekly yield is like buying a used car without knowing the Blue Book value. If you need to avoid overpaying at the time mortgage refinancing, finding the weekly yield should be the first stop on your to-do list. Here is what you need to know regarding Fannie Mae’s weekly yield including how it might help you avoid overpaying thousands of dollars at the time mortgage refinancing. Fannie Mae including Freddie Mac are quasi-government, for profit organizations that regulate mortgage lending in the United States. Before shopping for a mortgage loan it is important to check wholesale mortgage interest rates to obtain a benchmark of what you might expect to pay. The interest rate you qualify for depends on your credit; if you have excellent credit there is absolutely no reason your interest rate absolutely cannot be very close to those posted on Fannie Mae’s website. If you have poor credit it is much more difficult to tell if the mortgage rate being quoted to you is fair. How might you check Fannie Mae’s Weekly Yield? Fannie Mae posts the weekly yield in a news release on their website. Point your web browser to fanniemae.com/newsreleases including look for the most recent posting titled “Fannie Mae Weekly Yield.” Keep in mind that the mortgage rates you find here are 1 week old; however, the data is still useful at the time determining if the mortgage rate quoted by your loan representative is in line with prevailing mortgage interest rates. Most pertaining to the time your loan representative’s quote could be higher than Fannie Mae’s Weekly Yield because mortgage companies including brokers mark up your mortgage rate to boost their profits. Tell your loan representative that you’ve been watching the Fannie Mae Weekly Yield including ask for a particular explanation as to why your mortgage rate is higher. Remember, shopping for a mortgage is just like buying a used car. If you know the Blue Book value pertaining to the car you have leverage at the time negotiating with the car dealership. When negotiating with your loan representative it is important to tell that user that you could not pay any markup of your mortgage interest rate by their company. Tell your loan representative that you could pay reasonable origination fees for your loan (no more than 1.5% for a home you could occupy) including a reasonable loan processing fee (no more than $400), but could not pay any markup of your mortgage interest rate. the markup is called Yield Spread Premium including if you unknowingly agree to pay it you could pay thousands of dollars in unnecessary mortgage interest. You might learn more regarding your mortgage refinancing options, including costly mistakes to avoid with a free, six-part mortgage refinancing video tutorial.
Click here to get Refinanced >> |