Mortgage Refinancing Confidential – Tips to Help You Avoid Overpaying for Your Next Home Loan

mortgage refinancing can be an extremely confusing process for many homeowners. Learning the language and reading the fine print on your loan contract is not a task relished by many. Unfortunately, homeowners who neglect this important step in mortgage refinancing often fall for practices such as misleading rate quotes, deceptive marketing, and the bait and switch. Here are several tips to help you avoid overpaying when mortgage refinancing.

I’m not here to throw stones at mortgage companies; however, the majority of loan representatives and brokers today are only concerned will pulling in a six-figure salary. These people would sooner steal your grandmother’s Social Security check than help her. With that being said it’s up to you to outwit those that would take advantage of you when mortgage refinancing.

mortgage brokers and loan representatives close in excess of 80 to 100 loans per year. The average homeowner refinances their mortgage every five to seven years. mortgage companies and brokers are very good at what they do and have clever ways of disguising their junk fees and markup. Don’t make the mistake of relying on a mortgage broker to tell you what’s best for your financial situation. Doing your homework and carefully comparing loan offers from a variety of mortgage companies and brokers will ensure that you don’t settle for a good mortgage, but find the perfect mortgage for your situation.

When doing your homework, keep in mind that there is a lot of bad advice on the Internet, advice that can cost you thousands of dollars. Several examples of bad advice that you’re likely to encounter include:

+ Only refinance your mortgage if you qualify for a mortgage rate two percent lower than you’re currently paying.

+ If you have a low credit score (620 and below), you will have to refinance your mortgage with a sub-prime mortgage lender.

+ The government controls the mortgage interest rate you qualify for when mortgage refinancing.

+ You can’t refinance your mortgage loan with a bankruptcy until a certain amount of time has passed (anywhere from two to seven years).

Arm yourself with good information when mortgage refinancing and you will avoid 90% of the costly mistakes homeowners make. You can learn more about your mortgage refinancing options, including costly mistakes to avoid with a free, six-part 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 for finding the best mortgage and saving 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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Mortgage Refinancing Information – Paying Points May Not Lower Your Mortgage Interest Rate

Paying points when mortgage refinancing can save you money if you plan on keeping your home long enough to recoup the expense. Sometimes mortgage lenders charge points and do not lower your mortgage interest rate at all. Here are several tips to help you avoid wasting money on points that give you no benefit when mortgage refinancing.

points, more specifically “discount points” are prepaid mortgage interest paid in exchange for lowering your mortgage interest rate. One point is one percent of your mortgage amount paid by you at closing and typically reduces your mortgage interest rate by .25 percent. mortgage lenders frequent charge homeowners whatever they like and get away with it because very few homeowners actually read the fine print found in their loan contracts.

How can you tell if your mortgage company is being honest with you about the points you are paying? Ask your loan representative for various quotes with different point and mortgage rate combinations. For each ¼ percent change in the mortgage interest rate you should only be required to pay one point. If you don’t see the interest rate going down accordingly ask your loan representative to explain the fee.

Deciding if paying points is beneficial to you is simple to calculate. Simply divide the amount you will pay by the amount you save on your monthly payment and you will have the number of months it will take to recoup your expense. Generally speaking, the longer you plan on keeping the mortgage, the more sense it makes to pay discount points at closing. You can learn more about your mortgage options, including expensive mistakes to avoid with a free mortgage refinancing 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 for finding the best mortgage and saving 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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Mortgage Broker Refinancing-The Broker Might Be Hiding Your Wholesale Lender From You

If you are working with a mortgage broker when refinancing your mortgage, that person may be holding the name of your mortgage lender from you. mortgage brokers want to keep the lender’s name under wraps until it’s too late for you to jump ship and contact the lender directly. When working with mortgage broker it is important to keep an eye on everything the broker does to avoid overpaying; here are several tips to help you when mortgage refinancing with a broker.

mortgage brokers are often afraid that if their customers find out the name of the lender behind a particular loan offer, that person will bypass the broker and go directly to that lender. This sounds silly but mortgage brokers make their money from the origination fees you pay and by marking up your mortgage interest rate. If you want to save money when refinancing your mortgage, using a mortgage broker can be an excellent resource if you watch that person like a hawk.

Once you’ve locked in your interest rate and your mortgage broker has agreed not to mark up your mortgage interest rate with Yield Spread Premium, you have a right to know who the wholesale lender is. If your broker tells you that they cannot tell you the name of the lender, that person is lying to you. At this point you should ask yourself if the broker you are working with is trustworthy and decide if you need to take your business somewhere else.

Once your mortgage broker has locked in your mortgage rate at the percentage you agreed, ask to see the rate lock from the wholesale lender. If your mortgage broker told you they will not mark up your mortgage interest rate with Yield Spread Premium, the interest rate from the wholesale lender should the same as the guarantee you received from your mortgage broker. Avoiding Yield Spread Premium with your interest rate needs to be your number one priority for your new mortgage loan.

You can learn more about mortgage refinancing with a broker without overpaying, including costly mistakes to avoid with a free, six-part 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 for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.

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

Mortgage Broker Refinancing

Mortgage Refinancing Information-Watch Out For Special Mortgage Deals

The majority of homeowners know to avoid unheard-of mortgage rates when refinancing their loans to avoid mortgage company bait-and-switch tactics. mortgage brokers often play a similar game with mortgage offers and qualifying features. Here are several tips to help you avoid being duped by a deceptive loan offers when mortgage refinancing.

If you are a homeowner with credit problems in your past, or are trying to finance an investment property, mortgage brokers will sometimes string you along without having a loan offer or even a lender in mind. Brokers often do this to get a loan application and some cash out of you while searching for a loan program that matches your needs. If you fall for trick like this, the broker could lead you on well after you’ve paid for appraisals, inspections, and application fees, only to switch programs when it’s too late for you to do anything.

Once you’ve agreed to a mortgage offer and locked in an interest rate, the broker will tell you the name of your wholesale lender. If the mortgage broker refuses to provide the name, telling you they cannot reveal the wholesale lenders name, your mortgage broker is simply lying to you and you should find another broker to work with.

If you’re working with a mortgage broker that has a mortgage loan that no one else has been able to offer you, don’t fall for it unless they are able to tell you the name of the wholesale mortgage lender and give you a solid quote for the mortgage. Falling for a mortgage broker that is simply leading you on while emptying you pockets will fees will only cost you a lot of money and hurt your pride.

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," click here. This tutorial teaches strategies for finding the best mortgage and saving thousands of dollars in the process.

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

Mortgage Broker Refinance Loan

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 and “great deals,” why doesn’t everyone use a broker when mortgage refinancing? brokers can 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 when mortgage refinancing. Here are several tips to help you find the perfect mortgage for your financial situation when 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 this markup of your mortgage interest rate; however it is frequently buried in the fine print of your loan contract. This markup of your mortgage interest rate is called Yield Spread Premium and is an 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 one priority when refinancing your mortgage is to find a mortgage that does not include Yield Spread Premium. Tell your mortgage broker that you will pay a reasonable origination free for their services, all necessary third party fees, but will not pay any markup of your mortgage interest rate by their company. This unnecessary markup of your mortgage interest rate by the broker has gotten so bad that the Secretary of Housing and Urban Development was recently quoted that homeowners in the United States overpay $16 billion in unnecessary mortgage interest rates and closing costs every year.

You can learn more about your options when working with a mortgage broker, including costly mistakes to avoid with a free, six-part 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 for finding the best mortgage and saving 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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