Refinancing With a Mortgage Broker - How to Negotiate for the Perfect Loan

Mortgage brokers can be an excellent resource for refinancing your mortgage if you watch your back. Mortgage brokers have a habit of marking up your interest rates to boost their profits after charging you origination fees for their services. Here are several tips to help you avoid overpaying when refinancing with a mortgage broker.

Mortgage brokers have access to mortgage offers that you might not find by shopping on your own, especially if you are a homeowner with tarnished credit. Negotiating with prospective mortgage brokers before entering into an agreement will help you avoid overpaying. The best way to shop for a mortgage broker is to be upfront about the fees you will not pay when refinancing your mortgage loan; here is what you need to know when negotiating with a mortgage broker.

If youre not already familiar with the fees you pay when refinancing your mortgage, there are two in particular you need to focus on. The first is your origination fees. Origination fees, often called origination points, are a fee pay to the mortgage broker for their part in originating your loan. Reasonable origination fees are between 1-1.5% of your loan amount. Tell your broker you will pay a reasonable free for the origination not higher than this amount.

The next fee isnt really a fee, but the markup of your interest rate by the mortgage broker for a profit. Mortgage brokers receive a bonus from the wholesale lender for every .25% they get you to pay over the mortgage rate you qualify. This markup of your interest rate by the mortgage broker is called Yield Spread Premium and if you agree to pay it you will pay thousands of dollars in unnecessary mortgage interest. Tell your mortgage broker you will pay all necessary third party settlement charges but will not pay any markup of your mortgage rate by their company.

When youve found a mortgage broker that agrees to these two conditions for your loan youll be on your way to avoiding many of the costly mistakes other homeowners make with their mortgages. You can learn more about your mortgage refinancing options, including other costly mistakes to avoid with a free mortgage 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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