Mortgage refinancing is confusing. Believe me, I know. But that’s how loan officers and the industry want you to feel. The more confused you are, the easier it is for them to take advantage of you. So get the education necessary to deal with these folks from a position of power. The old adage knowledge is power was never more true than in the refinancing process.
Mortgage Refinancing, Refinancing Tips
Original post by rkblake
What is refinancing really? After 15 years in this industry it still baffles me how many misperceptions folks have when it comes to refinancing their mortgage.
Refinancing is replacing the financing on a home you already own. Unfortunately, American home owners are really confused or misinformed about refinancing. When you refinance, you go through the whole qualifying process again. The same comprehensive “financial colonic” you went through when you bought the house. You may have quit your job and became self-employed, or got separated or divorced, or lost value in your home, or hammered your credit scores with too much debt, are all examples of changes which require the industry put a microscope on you again to refinance your home mortgage. (more…)
Mortgage Refinancing, mortgage shopping, Mortgage Tips, No Cost Mortgages, Refinancing Tips
Original post by rkblake
More Evidence Revelas the Yield Spread Premium Lie Is Real!
So as you may know my pet peeve of the mortgage industry is Yield Spread Premium (YSP) overcharging.
What is YSP overcharging?
It is how the mortgage industry makes big ‘hidden” bucks by lying to borrowers about mortgage rates…closing 90% of all loans at rates higher than required.
traps, tricks, bait n switch, Home Buying Tips, Refinancing Tips, scams, Scams, Tricks, Traps, Yield Spread Premium
Original post by rkblake