Mortgage Refinancing Three Questions to Ask Your Loan Representative

Mortgage refinancing can save you a lot of money if you go about it correctly. In order to avoid overpaying for you new loan you need to research mortgage companies and ask the right questions. Here are three questions you need to ask your mortgage loan representative when mortgage refinancing to avoid overpaying for your next mortgage loan.

I. Do You Close in the Name of The Wholesale Mortgage Lender?

The answer you are looking for from your mortgage representative is Yes. If your loan representative tells you that they close in the name of their own company, you are dealing with a Broker-Bank. Mortgage Broker-Banks are exempt from disclosure laws that protect you from predatory lending practices and you should never take out a mortgage loan from a company that does not have to play by the rules.

II. Will You Add Yield Spread Premium To My Mortgage Rate?

Yield Spread Premium is the retail markup of your mortgage interest rate by the Mortgage Company or broker. Mortgage originators do this because the more you agree to pay, the more they are compensated from the wholesale mortgage lender. Tell your loan representative that you will pay a reasonable origination fee for their services, but will not pay any markup of your mortgage interest rate by their company.

III. How Long Will it Take to Lock in My Mortgage Interest Rate?

Dont let your loan representative tell you when to lock in your mortgage interest rate. Tell your loan representative that you will decide when to lock once youre satisfied that mortgage company will not mark up your interest rate. Make sure you get the mortgage rate lock in writing and ask to see the rate lock from the wholesale mortgage lender. Comparing the two interest rate locks will show you any Yield Spread Premium charged by your Mortgage Company or broker.

You can learn more tips for mortgage refinancing while avoiding costly homeowner mistakes by registering for a free, six-part video tutorial.

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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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