Mortgage News

The “No Closing Cost” and “Flat Fee” Mortgage Lies

Loan officers and mortgage companies don’t “waive” closing costs they “offset” them with yield spread premium. If you need a refresher on the biggest lie of all: Yield Spread Premium, click here.

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traps, tricks, Mortgage Lies, No Cost Mortgages, scams, Scams, Tricks, Traps, Yield Spread Premium

Original post by rkblake

What is Yield Spread Premium?

Yield spread premium (YSP) is “extra” profit slipped into virtually every loan (calculated as percentage of your loan amount) which is created only by the loan originator locking and closing your loan at a higher than market rate.

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traps, tricks, Mortgage Lies, scams, Scams, Tricks, Traps, Yield Spread Premium

Original post by rkblake