Home Mortgage rate quote

Home Mortgage Loans for DummiesIf you’re looking for home mortgages to purchase your home or to refinance your existing mortgage there are several things you need to know about home mortgage rate quotes to avoid paying too much. 2010 has seen some changes to the Real Estate Settlement Procedures Act; however, these changes are still too little too late when it comes to protecting homeowners from abusive lending practices. Here are several of my best mortgage tips to help you get a wholesale mortgage rate for your home mortgages while avoiding unnecessary junk fees and save as much as $1200 per year.

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Everyone wants the lowest mortgage rates for their home loans and the Internet makes it very easy to shop for mortgage rate quotes. One thing that you might not know about those mortgage rate quotes you find on the Internet and get from your local mortgage companies is that they’ve all been marked up to create a commission for the person arranging your home loan. What’s wrong with that you might ask, I mean mortgage brokers gotta eat too right? That’s why you pay an origination fee for the mortgage broker or company arranging your home loan. Origination fees paid out of pocket don’t drive your mortgage payment up, taking cash out of your pocket for no good reason. Do you really want to pay that person’s commission over and over every month that you keep your home loan?

Beware Yield Spread Premium

Driving your mortgage payment up unnecessarily is what taking a higher mortgage rate to pay the broker commission does. One of the changes for 2010 in the Real Estate Settlement Procedures Act is that mortgage brokers have to include Yield Spread Premium with their loan origination fee in your loan documents. This fee for markup of your mortgage rate has always been on the HUD-1 statement; however, shady mortgage brokers explain it away by telling you that because the fee is coming out of the lender’s pocket they don’t need to worry about it. There is nothing in the law now that prevents loan originators from doing this so it’s pretty much business as usual for dishonest mortgage brokers.

Fixed Rate Mortgage @ 3.75% Locally

2010-07-08 14:07:58 by Mortgage_Expert504

Conventional rates are at an all time low!
We have the best rates and lowest fees in Louisiana!
30yr Fixed Mortgage Rate 4.375%
15yr Fixed Mortgage Rate 3.75%
We also do FHA loans up to 97.75% of the value of your home!
We can also offer Reverse Mortgages where we pay off your current mortgage and you will never have to make another payment, and in some cases even get cash out of your home!
(Must be at least 62yrs old to qualify for a reverse mortgage)
Please call or email me directly to get your free quote with no obligation and no application fee

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  • Avatar e e in california How do lenders come up with the interest rates for mortgages?
    Feb 14, 2008 by e e in california | Posted in Renting & Real Estate

    I want to know how banks set the interest rates for mortgages. All I know is that they move up and down with the fed funds rate and discount rate (Correct me if I am wrong). Does anyone know all factors that play into the rates that lenders come with? Is there a way to calculate or give more or less weight to any one of them? Thank you.

    • They don t move in concert with the fed rate or discount rate. If you as an investor, want to buy bonds or stocks, one concern you have have for any long term financial commitment is worrying about how future inflation may destroy the value of your future payback. So if you think there will be a lot of inflation over the next several years you will want a larger return on your investment. People that invest in long term mortgages are no different. They worry about inflation. The reduction in the Fed rate seems to cause them to worry that we are possibly going to re-stimulate our inflation rate …