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Refinancing Rate - Fha Refinance - Tucson Refinance 366

Simply compare bank rates to those offered by a wholesale mortgage broker and you will quickly understand why bank originated mortgage loans are a bad idea. Your bank knows what mortgage rates their competitors in the wholesale market are closing loans at; however, they are counting on the fact that most homeowners don't understand mortgage rates to overcharge their customers. Fannie Mae publishes the weekly yield on their website with their press releases. Most bank employees have never heard of Service Release Premium and have very little knowledge about the mortgage industry as a whole. Banks make the most profit by closing mortgage loans with above market interest rates. Because your Bank is exempt from the Real Estate Settlement Procedures Act that requires mortgage lenders to disclose this markup, the only ones that know how much they are overcharging you is the Bank. Simply compare bank rates to those offered by a wholesale mortgage broker and you will quickly understand why bank originated mortgage loans are a bad idea. Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. You can compare your bank’s inflated mortgage interest to the weekly yield on Fannie Mae’s website to get an idea of the markup. Every bank does this and because of the loophole in RESPA legislation and no bank will ever disclose how much they have inflated your mortgage interest rate. Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. The secondary market is where investors buy and sell mortgage debt for a profit. If you speak to a bank employee about mortgage rates the employees will all swear the interest rates are not marked up and will even show you the rate sheets. Banks fall into a special category of mortgage lenders and routinely charge Service Release Premium (SRP) for their loans. Your bank is not legally required to disclose anything beyond the Annual Percentage Rate of your mortgage. Do you really trust your banker not to take advantage of you?. The bottom line is that your bank will not be less expensive than other options; your bank will always overcharge you for the mortgage loan. Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. They will swear to you that the interest rate is not marked up in any way and even show you the bank’s rate sheets. If you are considering mortgage refinancing with your bank there are several things you need to know to avoid making an expensive mistake. Bank mortgage loans are often called “correspondent loans” because after the banker completes your mortgage that bank will immediately turn around and sell it on the secondary market. Because traditional mortgage companies and brokers have access to wholesale mortgage interest rates and are more likely to negotiate over markup and fees, you should never take out a mortgage loan from your Bank. Because your bank is exempt from the Real Estate Settlement Procedures Act they will never disclose or admit to this markup. When you apply for a loan form the bank, you are required to put up a pledge for security for the loan. You can learn more about your mortgage options, including costly mistakes to avoid by registering for a free mortgage refinancing video tutorial. Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. Do you really trust your banker not to take advantage of you?. Simply compare bank rates to those offered by a wholesale mortgage broker and you will quickly understand why bank originated mortgage loans are a bad idea. But you need not be an expert at real estate laws.

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