Everyone else in the marketplace (mortgage companies & brokers) is a retail vendor that sells mortgage products for wholesale lenders. While it’s true refinancing your mortgage with a bank is convenient, banks have a dirty little secret when it comes to mortgage loans. Fannie Mae publishes the weekly yield on their website with their press releases. If you choose mortgage refinancing with your bank you are guaranteed to pay too much for that loan. This means the bank can literally charge you whatever they like and no one is the wiser. After closing your bank will turn around and sell your loan on the secondary market for a profit. • Bank Loans are Convenient • Bankers are Less Likely to Use Pressure Sales Tactics • You May Already Have a Relationship with Your Banker. This means your bank is not required to disclose any of their fees or markup of your mortgage rate beyond the Annual Percentage Rate (APR) required by separate Truth in Lending legislation. Another problem with banks is that your banker will be much less likely to negotiate for terms and interest rates because of the loophole. Banks exploit the loopholes in RESPA to make their loans seem more affordable with the fees and closing costs; however, they hit you with undisclosed SRP markup on your interest rate. After closing your bank will turn around and sell your loan on the secondary market for a profit. Fortunately for you, there is a way to spot it. To get your FREE Mortgage Refinancing DVD, visit RefiAdvisor.com using the link below. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com. • Bank Loans are Convenient • Bankers are Less Likely to Use Pressure Sales Tactics • You May Already Have a Relationship with Your Banker. This is the retail markup of your mortgage interest rate when you borrow from a wholesale lender. Your Bank may seem like a convenient way of refinancing your mortgage loan; however, Banks have secret when it comes to disclosing information about their fees and markup. Banks fall into a special category of mortgage lenders and routinely charge Service Release Premium (SRP) for their loans. If you are in the process of refinancing your home loan with your bank, you will overpay for your new loan no matter where you bank. In addition to having fewer choices, your bank is much less likely to negotiate over interest rates and fees. They will swear to you that the interest rate is not marked up in any way and even show you the bank’s rate sheets. You can learn more about refinancing your mortgage without paying too much by registering for a free mortgage toolkit. Your Bank may seem like a convenient way of refinancing your mortgage loan; however, Banks have secret when it comes to disclosing information about their fees and markup. This notice of foreclosure warns or informs the owner that his house or business property will be put up for a public auction at the end of ninety days, after which, the property will become real-estate owned. Fannie Mae publishes the weekly yield on their website with their press releases. This means the bank can literally charge you whatever they like and no one is the wiser. They will swear to you that the interest rate is not marked up in any way and even show you the bank’s rate sheets. You can compare your bank’s inflated mortgage interest to the weekly yield on Fannie Mae’s website to get an idea of the markup. To get your free mortgage guidebook visit RefiAdvisor.com using the link below. Your bank is not legally required to disclose anything beyond the Annual Percentage Rate of your mortgage. You can learn more about refinancing your mortgage while avoiding costly mistakes with a free mortgage tutorial. Most bank employees have never heard of Service Release Premium and have very little knowledge about the mortgage industry as a whole. To get your hands on this "Mortgage Refinancing Toolkit," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
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