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<h1>Refinance Mortgage Broker: How to Negotiate with Your Mortgage Broker for the Best Home Loan</h1>

If you are refinancing your mortgage and are considering using a
mortgage broker, it is important that you negotiate with your
broker for the best loan. Mortgage negotiation intimidates most
homeowners; however, when it comes to screening mortgage brokers,
the process is very simple. Here are several questions you will
need answered when shopping for a mortgage broker that will help
you avoid overpaying for your home loan.
Mortgage brokers are a typically a third party that places
borrowers with a mortgage lender for a commission. There are
several advantages to using a mortgage broker to find your next
mortgage loan. Brokers can save you time and money if used with
caution. Here are questions to ask your broker before entering into
an agreement.
&#8226; I&#8217;m shopping for a mortgage broker, one with
access to a variety of wholesale lenders that close in the
lender&#8217;s name. Is this how you work?
This is important to determine if the broker is actually a
broker and not a broker-bank. Broker-banks are exempt from RESPA
legislation that protects homeowners from predatory lenders and
will overcharge you for the mortgage every time. You only want to
work with a mortgage broker that does not close in their own
name.
&#8226; Do the quotes come from the wholesale lender&#8217;s
rate sheets or are you issued a company rate sheet?
This is important because you want your interest rate lock to
come from the wholesale lender and not the broker. If the broker
locks from a company rate sheet you will get stuck with a higher
interest rate because the brokerage company pads the interest rates
in order to receive additional commission from the wholesale
lender. Make sure the interest rate guarantee you receive comes
from the wholesale lender, and not the mortgage company.
&#8226; Tell your broker that you will pay 1 to 1.5 points for
origination fees and processing fees and no more. Tell the broker
you will not pay Yield Spread Premium (YSP). Tell the broker you
will pay the necessary third party charges, but will not pay any
broker markup.
YSP is the markup the broker adds to your interest rate in order
to receive a bonus from the wholesale lender. Mortgage brokers
cleverly disguise this markup in their loan documents and
Broker-Banks are not required to disclose this markup at all due to
a loophole in RESPA legislation.
&#8226; Ask your broker to see the original lock confirmation
from the wholesale lender and the lock agreement from the
broker&#8217;s mortgage company. Insist on seeing the HUD documents
and the Good Faith Estimate prior to your closing date.
If the broker agrees to these terms you have found a good
mortgage broker for your home loan. You can learn more about your
mortgage options including common mistakes to avoid by registering
for a free mortgage guidebook.

<div>Author Info 
To get your free mortgage guidebook visit RefiAdvisor.com using
the link below.
Louie Latour specializes in showing homeowners how to avoid
common mortgage mistakes and predatory lenders. For a free copy of
"
<a target="_new" href="http://www.refiadvisor.com">Mortgage
Refinancing: What You Need to Know</a>," which teaches strategies
to find the best mortgage and save thousands of dollars in the
process, visit Refiadvisor.com.
Claim your free guidebook today at: 
<a target="_new" href="http://www.refiadvisor.com">http://www.refiadvisor.com</a>

<a href="http://www.refiadvisor.com/pblog/">Refinance Mortgage
Broker</a>

</div>

Article Source: <a href="http://www.innoarticles.com" title="Your #1 Source For Quality Articles">InnoArticles.com</a>
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