Refinance Mortgage Rates Online [mortgageapproved.blogspot.com]
If you're in the process of refinancing your home mortgage loan there are several things you need to know about the mortgage rate quotes you receive. Nearly all mortgage quotes have markup built into them to give the person arranging your loan a commission. If you want the lowest possible mortgage rate and payment amount you must avoid this commission based markup of your loan. Here are several tips to help you find the lowest possible refinance mortgage rates.
Mortgage Brokers vs. Banks
Should you use a mortgage broker to arrange your new home loan or refinance with your bank? First of all, banks are exempt from the Real Estate Settlement Procedures Act in the United States and you'll never get Par refinance mortgage rates taking out a home loan from your bank. Second, mortgage brokers alone have access to par refinance mortgage rates but most will not give you this rate since they build their commission into your quote.
What are par refinance mortgage rates you ask? Simply put par mortgage rates do not require you to pay points to qualify and do not create a commission for the broker in the form of Yield Spread Premium.
This commission known as Yield Spread Premium is the number one reason people overpay for their home loans. Avoid this commission based markup and you'll save thousands of dollars every year that you keep the loan.Finding The Right Mortgage Broker
Getting par refinance mortgage rates isn't as difficult as you think; you don't have to be a financial guru or be "connected" to find the right mortgage broker. Look for brokers that are self-employed and working out of their homes. These brokers do not employ expensive sales staff, work from posh office spaces or drive company hummer's plastered with their company logo.
As a result they don't have the overhead of these other mortgage brokers and are going to be far more likely to negotiate the deal you're looking for. Remember you're looking for par mortgage rates that you can only find from a self-employed mortgage broker.Beware Mortgage Junk Fees
There are a number of junk fees in addition to Yield Spread Premium that you need to beware of. The first is a mortgage rate lock fee. There are no mortgage lenders out there that charge a fee for locking in your mortgage rate. If your broker charges you a rate lock fee this is a sign you are dealing with a dishonest mortgage broker and should find someone else to arrange your loan. Other common junk fees include broker courier fees and loan processing fees.
More Refinance Mortgage Rates Online TopicsQuestion by Rich B: What's a good mortgage refinance rate right now? Looking at refinancing a home loan. I have over 25% equity in my home and an excellent credit score. Currently paying 6.5% on a 30-yr fixed and I know I can do better. What rates are out there in the market right now? Looking for fixed 15 years minimum or adjustable 5 years or more. Best answer for What's a good mortgage refinance rate right now?:
Answer by Ozeki
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Answer by gardengal
I just qualified with b of a at 4.875 with 1.5 points for a 30-year I have 40% equity and poor credit
Answer by Bedford S
My credit union is offering 4.375% with 2.125 points on 15 year fixed mortgage. Five year adjustable is 4.625 with 2.125 point. These are the standard quotes for home value at less than 417,000. Lower rates are available with payment of more points. About everyone is eligible for credit union membership thru job, family, community or association. Don't forget to check out the one you are eligible for. For bank quotes go to bankrate.com
Answer by Ed Atun
Try to hold out for 4.5% fixed for a 15 year loan. There is always the possibility of a 3.5% rate if the economy does not recover by summer..
