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<h1>Mortgage Refinance Information &#8211; How to Choose the Best Mortgage Lender</h1>

If you are in the process of refinancing your mortgage, choosing
the right mortgage lender will save you loads of money and future
headache. Choosing the wrong lender could cost you your home. This
is why researching mortgage refinance information is the most
important aspect of refinancing your mortgage. Here are several
tips to help you choose the best lender when refinancing your
mortgage.
I. Mortgage Loans are Like Toasters &#8211; Mortgage Refinance
Information
Mortgage loans are commodities just like toasters and plasma
televisions. There is a retail market where the average Tom, Dick,
and Mary gets their mortgage and a secondary market where that very
loan is sold to various institutional investors. If you treat your
mortgage like a toaster purchase you will save yourself thousands
of dollars in the process and avoid a number of costly
mistakes.
II. Retail Mortgage Lenders Want to Overcharge You &#8211;
Mortgage Refinance Information
When you contact a mortgage company or broker they have one goal
for selling you a mortgage. That goal is to charge you as much as
you are willing to pay for the loan. Remember that toaster? The
toaster is only worth what someone is willing to pay, or overpay
for it. The same is true with a mortgage loan. When you apply for a
mortgage with your local mortgage company, they will provide you
with a quote from a wholesale mortgage lender. The quote you
receive is not the quote the wholesale lender gave them; the
mortgage company will always mark the interest rate up without
telling you. This markup from the retail broker or mortgage company
is called Yield Spread Premium and will cost the unsuspecting
homeowner thousands of dollars.
III. Never Trust a Bank &#8211; Mortgage Refinance
Information
Banks don&#8217;t charge Yield Spread Premium; they have their
own name for it. Banks call this markup Service Release Premium or
SRP. The fact that it has a different name isn&#8217;t why you
should never trust a mortgage banker; in fact, mortgage bankers
have earned themselves a special place in Dante&#8217;s Inferno for
all the people they&#8217;ve ripped off over the years. There are
laws in the United States that protect homeowners from the abuses
of mortgage lenders and what are called &#8220;Predatory Lending
Practices.&#8221; This bit of legislation is called the Real Estate
Procedures Settlement Act, or simply RESPA.
When RESPA was making its way through the Senate and the House
of Representatives, the banking industry lobbied heavily to be
excluded from any disclosure legislation. Bankers spent millions of
dollars wooing your representatives; when all was said and done and
RESPA became law, banks were exempt. This means a mortgage banker
can charge you whatever they like, call the charges whatever they
like, and no one is the wiser. Banks have been ripping off
unsuspecting homeowners for years, this is how they make their
profits. No one but the banks knows the extent of it because banks
are not required to disclose their fees or profit margins. Never,
under any circumstances, take out a mortgage loan from a bank.
IV. Additional Sources of Mortgage Refinance Information
You can learn more about refinancing your mortgage and avoiding
costly homeowner mistakes including paying YSP on your loan by
registering for a free mortgage refinance information
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
costly mortgage mistakes and predatory lenders. For a free copy of
"
<a target="_New" href="http://www.refiadvisor.com">Mortgage
Refinance Information</a> - What You Need to Know," which teaches
strategies to find the best mortgage and save thousands of dollars
in the process, visit Refiadvisor.com.
Claim your free mortgage refinance information guide today at: 
<a target="_new" href="http://www.refiadvisor.com">http://www.refiadvisor.com</a>

<a target="_New" href="http://www.refiadvisor.com">Mortgage
Refinance Information</a>

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