| Avoid Overpaying for Your Next Mortgage Loan (mortgage refinance)
|
| ACS provides free articles on credit counseling, debt consolidation loans and refinance mortgage. |
Avoid Overpaying for Your Next Mortgage Loan
[ Bookmark this page! ] [ get HTML Version ]
Home Mortgage Refinance Loan Services
Homeowners in the United States refinance their mortgage on average every four years. How can you decide if a home mortgage refinance loan right for you? Everyone's financial situation is different and choosing the wrong home mortgage refinance loan could result in overpaying thousands of dollars. Here are several tips to help you decide if mortgage refinancing is right for you.
I. How ... Read mortgage refinance article
How First Time Homebuyers Compare Mortgage Costs
Many first time homebuyers focus in on the interest rate and the APR when shopping for a loan. While these are indeed very important aspects of the loan, they may not even be the most important for a first time homebuyer. Comparing the Good Faith Estimate provided by the lender can help a first time homebuyer determine if they are really giving you a good deal or if they are trying to taking you t... Read mortgage refinance article
Avoid Overpaying for Your Next Mortgage Loan
Never heard of Yield Spread Premium? You're not alone; the majority of homeowners in the United States pay this unnecessary markup of their mortgage interest rate and never even know it. Here are several tips to help you avoid paying Yield Spread Premium and other costly mistakes when taking out your next mortgage loan.
What is Yield Spread Premium?
Yield Spread Premium is the retail markup of your mortgage interest rate by your Mortgage Company or broker. Mortgage loans are commodity products just like cars; just like the car dealership, your mortgage company tries to make additional profit by overcharging you for the loan. Here's an example of Yield Spread Premium in action when refinancing your mortgage loan.
Your mortgage company tells you that you've qualified for 6.75% mortgage loan for $250,000. They charge 1.5% in origination fees and a $400 processing fee; these are all fair charges in line with what you can reasonably expect to pay for mortgage refinancing. What the mortgage company isn't telling you is that you actually qualified for a 6.0% mortgage with the wholesale mortgage lender. The wholesale mortgage lender provided a written guarantee of this interest rate to your mortgage company. Your mortgage company marked up the interest rate to 6.57% because they wholesale lender pays them one point for each .25% they overcharge you.
Yield Spread Premium Results in Overypaying Thousands of Dollars
This retail markup of the mortgage interest rate is Yield Spread Premium. Your deceptive mortgage company received $7,500 for overcharging you on top of the $3,750 you paid for the loan origination. The additional .75% you agreed to pay amounts to thousands of dollars in unnecessary interest payments, and that's just in the early years of the loan! How can you avoid paying Yield Spread Premium when mortgage refinancing? You can learn how to avoid paying Yield Spread Premium and other costly mortgage mistakes by registering for a free mortgage tutorial.
Bookmark this page | Search this site | E-mail to a Friend
Post-Bankruptcy Mortgage Refinancing
When it comes to getting a mortgage refinance or other types of credit after bankruptcy, there are a lot of misconceptions. Here are a few of the most common post-bankruptcy mortgage refinancing myths specifically for Alaska residents.
Myth #1: You Can't Get Approved for a Mortgage Refinance After Bankruptcy
Because this is such a common myth, many people avoid bankruptcy out of fear that they will never get any type of credit again. The truth of the matter is that even after bankruptcy, you will continue to get offers for credit cards, auto loans, and yes, even mortgage refinances. There are many lenders out there who will be willing to work with you to get you the Alaska mortgage refinance loan you need.
Myth #2: You Can't Get a Good Rate on a Mortgage Refinance After Bankruptcy
While it is true that you may be asked to pay a higher rate on your Alaska mortgage refinance than someone with good credit, a bankruptcy may not affect your interest rate as much as you think it will. A recent survey of lenders showed that borrowers in Alaska who have a bankruptcy on their credit were asked to pay a rate that was only half a percentage point higher than someone with bad credit.
Myth #3: You Can't Get a Mortgage Refinance for at Least Two Years After a Bankruptcy
Only the strictest of lenders will make you wait two years after your bankruptcy has discharged. Other lenders will be willing to offer you an Alaska mortgage refinance during or immediately after your bankruptcy proceedings. You can take advantage of these offers, as well as the Alaska guidelines that allow you to get an extra large jumbo mortgage, to refinance your home and get cash back at closing. Any cash you receive can go towards paying off your bankruptcy debts and rebuilding your credit.
Top rated articles for mortgage refinance
1. Home Mortgage - How Important Is FICO
Some things in life are important. Some things in life are EXTREMELY important. Your FICO score is perhaps THE MOST important number in your life. It will eventually affect literally every aspect of y... Read mortgage refinance article
2. Private House Sales
UK estate agents are not a particularly loved bunch. There remains a belief that many abuse their position because people have no option but to deal with them when buying or selling property.
... Read mortgage refinance article
3. Heloc And Second Mortgage
As in first mortgages, there are a wide variety of programs to fit most every credit need. If you have perfect credit, there are many programs out there that will loan you up to 125% of your equity. Y... Read mortgage refinance article
4. The mortgage debt
Kent Reliance Building Society is the first to make the never-ending mortgage facility available in the UK. First we had the flexible mortgage, which gave us the ability to overpay, underpay or take ... Read mortgage refinance article
5. Refinance Your Car Loan
Paying your monthly bills can always put a hole in your pocket at certain times of the month, so it really pays to find new ways to save money. Mortgage payments and car payments are both bills that w... Read mortgage refinance article
6. Mortgage Refinancing - Beware the Vultures
If you are in the process of mortgage refinancing you need to be wary of overpaying for your loan. Mortgage vultures overcharge you and even structure their loans to promote foreclosure so they can ta... Read mortgage refinance article
7. Mortgage Refinancing Online Services
Online mortgage companies can save you a lot of money when mortgage refinancing. Comparison shopping on the Internet is quick and easy; however, you need to keep an eye out for hidden fees. Here are s... Read mortgage refinance article
8. Mortgage Refinancing Online
You've seen the commercials on TV: "Make Mortgage Lenders Compete and You Win." What the commercial isn't telling you is that you pay a hefty fee for getting those lenders to compete. This fee is call... Read mortgage refinance article
9. Mortgage Refinance Information
Mortgage refinancing can be a nerve wracking situation for any homeowner. It doesn't matter how much equity you have in your home or what your credit is like, whether or not you overpay for the loan d... Read mortgage refinance article
10. Balloon Home Equity Loans
Balloon implies balance and Balloon loans are those kinds of mortgage loans that produce low interest rate, and which are mostly beneficial to meet any future uncertainties.
Beware Of Varia... Read mortgage refinance article
Credit Counseling and Debt consolidation services in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi,
Avoid Overpaying for Your Next Mortgage Loan
Debt consolidation services in Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania,
Debt consolidation services in Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin and Wyoming.
Add website or submit URL link of your site to 1000 free directory