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.

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Mortgage Broker Refinancing