Refinancing Mortgage Rate

Are you considering refinancing your mortgage loan? If so, your refinancing mortgage rate is of primary concern when choosing a lender. Most homeowners dont understand how the rate quotes they receive are marked up to give their mortgage broker a commission. Here are several tips to help you find the best mortgage rate when refinancing.

It all Starts With a Wholesale Lender

Choosing a wholesale lender for your next mortgage will allow you to take advantage of wholesale mortgage rates, something youll never be able to do with a bank. The problem is that the average homeowner cannot access wholesale mortgage rates directly; members of the pubic must rely on mortgage brokers for access to wholesale mortgage rates.

Your mortgage broker is basically a salesperson that sells loans for wholesale mortgage lenders. Mortgage brokers are compensated by charging origination fees for their services; however, they also take kickbacks from lenders for charging above market interest rates. Heres an example of a typical brokered refinancing transaction with unnecessary interest rate markup.

Suzie is a typical homeowner. Shes decided to refinance her $300,000 mortgage and take cash back from her home equity to pay off her credit cards. Suzie is worried about getting a good deal on her mortgage rate and her broker has convinced her that a thirty year fixed rate mortgage at seven percent is the right loan for her. Suzie thinks shes getting a good deal because the broker is only charging her one percent for the origination fee. What Suzie doesnt know is that the wholesale lender approved her for 6.25%.

Suzies mortgage broker marked up her interest rate .75% because the lender pays a kickback of one percent for every quarter percent Suzie overpays. In this example the broker receives three percent from the lender and one percent from Suzie. Thats $12,000 for lying to Suzie and a few hours work. Suzie is now stuck paying above market mortgage rates because she doesnt understand how her mortgage broker is compensated.

Luckily for your, homeowners who understand how mortgage brokers make their money can avoid paying this ridiculous markup of their mortgage interest rates.

To Continue Reading This Article Click Here: Refinancing Mortgage Rate

To get your FREE Mortgage Refinancing Video Toolkit, 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 "Mortgage Refinancing Toolkit," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.

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

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